South Africans face increasing financial pressure, with 65% finding every month financially difficult in 2026, up from 61% in 2025, according to the second annual Money & Me survey. This research by JustMoney, which attracted more than 5,400 responses in July and August 2026, reveals that only 10% feel confident about their income. A significant 43% say they need to borrow money before the month-end.
RAs used to cover budget shortfalls
Financial pressure is spilling over into retirement savings. Among respondents with a retirement annuity (RA), the share who have made a two-pot withdrawal rose from 56% in 2025 to 62% in 2026, climbing to 69% among those taking home R10,000 to R35,000 a month. This comes despite a positive shift in retirement saving overall, with the share of respondents without an RA falling from 41% last year to 32% in 2026. The largest share of withdrawals was less than R5,000, suggesting that retirement savings are increasingly used to manage cash flow pressures.
Savings deficits
Fewer than one in five respondents could cover a R10,000 emergency from savings. Even among respondents earning more than R35,000 a month, 57% could not cover such an emergency, showing that income alone does not guarantee financial resilience. Family responsibilities are also taking a rising toll. The percentage of respondents supporting four or more people rose from 43% in 2025 to 46% in 2026. These responsibilities make saving difficult: people with four or more dependents are only 7% likely to save 10% or more of their income each month.
Safety nets
As expected, the highest earners hold a wider range of insurance products than lower earners. Among all respondents, funeral cover is the most popular, held by 67%. Some 41% pay for two or more policies, mainly to support other family members. Several small funeral policies bought separately are usually more expensive than one comprehensive policy, so this could create additional financial pressure.
Hidden cost of credit
For those who need to borrow, the share of both men and women turning to informal lenders has increased, from 20% to 24% among women, and 21% to 23% among men. Women remain more likely than men to borrow from family or friends, while men are more likely to approach banks and other formal lenders. In 2026, 63% of men said they would borrow from a formal lender, compared with 53% of women.
Notably, the proportion who spend more than 40% of their take-home pay on debt repayments rose sharply from 38% in 2025 to 51% in 2026. This highlights the difficulties many face in understanding the financial implications of taking on credit. More than a third of respondents (37%) did not know the interest rate charged on their largest loan, leaving them vulnerable to high interest charges that outpace their payments and trap them in debt.
Budget constraints
Respondents reported that their household budgets come under the most pressure in January and December. Given R1,000, 69% of respondents would spend this on groceries, and 69% would choose where to shop based on special offers. Cash use is declining: the percentage of respondents using no cash at all rose from 16% in 2025 to 23% in 2026.
Looking for extra income
Side hustles remain important, although their prevalence dropped slightly from 36% in 2025 to 33% in 2026. Buying and selling online remains the most popular option. About 70% of respondents without a side hustle would like to start one, but aren’t sure how to begin. Many turn to gambling to improve their finances, with 54% saying they gamble or play the lottery regularly in the hope of winning.
Persistent threat of scams
Scams remain the norm. In the 2026 survey, 47% reported having lost money to a scam, compared to 50% in 2025. Social media remains the main scam channel, with people aged over 55 particularly vulnerable. This segment reports the lowest level of trust, yet they are 10% more likely to lose money to a scam (57% of over-55s reported being victims, versus 47% overall).
Financial confidence
Psychologist Andrea Kellerman, who analysed the psychological aspects of the survey, says the findings highlight the importance of addressing the emotional elements of money management. “When financial pressure becomes chronic, it changes not only what people do with money, but how in control they feel. Ongoing financial strain shifts people from planning to survival mode. Scarcity reduces perceived choice, and poor financial decisions are often a coping mechanism. Present needs overpower future considerations.”
The survey found that women’s financial confidence remains roughly half that of men’s, and they are more likely to worry about their income. These findings point to the need to understand the pressures shaping women’s financial experiences, rather than assuming a lack of ability.
Women may be highly adept at managing households, stretching limited resources, and carrying daily financial responsibilities, while feeling less confident with formal financial products, investment decisions, or financial terminology. The issue is therefore not simply financial knowledge; it is financial agency. Strengthening confidence and control means helping women feel entitled to ask questions, negotiate, compare, make decisions, and lead financially.
Practical guidance
South Africans want to improve their financial situation but don’t always know where to start. Here are a few recommendations based on the survey findings:
- Pause before you pay. Implement a strict 24-hour cooling-off rule before any non-essential purchase. A delay will enable logic, rather than impulse, to drive your decision. Ask yourself whether the expense solves a long-term need or masks a short-term feeling.
- Build your financial confidence through reputable online educational platforms. Overcome financial anxiety by engaging with free, bite-sized digital courses and tools that simulate real-world choices.
- Protect retirement funds from cash flow pressures. Treat your retirement pot as off-limits. Aim to grow a separate, easily accessible savings cushion of at least R2,000 to avoid dipping into your long-term wealth to cover short-term cash flow crunches.
- Pay off your highest-interest loan. Using your statements, identify your most expensive debt. Focus on settling this account in the shortest possible time to prevent interest charges from outpacing your payments.
- Stop gambling your growth. Trading your time rather than risking your cash is a better way to inject extra income into your budget. Choose an idea that requires no initial cost, such as decluttering your home to sell unused items on digital marketplaces. This eliminates the fear of losing money – and you can focus on learning the ropes of running a small digital business.
- Combine multiple insurance policies into a single family plan. Paying for several separate funeral policies to cover different family members can be costly. Consolidate these, and redirect the savings towards other critical financial protection.
- Use digital tracking to survive December and January spending. Cashless spending can make money feel invisible, so set strict spending limits before the holiday season. Plan your December shopping around store specials and track every card swipe to avoid a January cash crisis.
The findings are a clear reminder that financial pressure has long-term consequences when short-term needs take priority. We need to help South Africans make better-informed, confident choices, so that today’s pressures do not come at the expense of tomorrow’s opportunities.
