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FNB insights show that the current financial situation of the average middle-income consumer is similar to the levels it recorded in February 2020 before the national lockdown was implemented.
He said this could be attributed to the sustained reduction in interest rates and the relaxation of lockdown levels.
“The lockdown has been the most difficult experience for consumers, both emotionally and financially,” said FNB Retail and Private Banking CEO Raj Makanjee.
“However, the recovery in income and improved cash flow among middle-income consumers augurs well for the economy, as middle-class consumers have significant purchasing power.”
“The timely adjustment of interest rates has been essential to protect consumers who are servicing debt in the face of serious financial difficulties.”
FNB said that the average income of those who work in SMEs with fewer than 10 employees was the most affected by the closure.
He said that roughly half of the employees of these SMEs have seen a drop of at least 15% in their median income, while this is only the case for one in five people employed in companies with at least 1,000 employees.
Continued Effort Needed to Help South Africans
FNB said that while overall revenue recovery trends are encouraging, it is aware that many still face difficulties due to the effect of the national shutdown.
Therefore, it continues to make its resources and platforms available to its clients to help them manage their money effectively.
“Specific spending solutions are evaluated on our clients’ credit, essentials and lifestyle expenses for each client to determine how we can best help them. Additionally, we are helping clients align their spending with the things that are important to them in order to achieve their financial goals, ”said Makanjee.
“Additionally, our eBucks Rewards continue to provide real help and timely relief to customers during this period. We have also expanded our eBucks benefits for seniors to offer additional support to our senior customers. “
“In the coming weeks, we hope to introduce more platform-based tools to give customers even more control over their budgets,” said Makanjee.
Now Read: In-Store Payments Show South Africa’s Economy Recovering
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