Vox pop: Learn from Gordhan, locals tell Gigaba on downgrade

Cape Town – South Africa's recent downgrade to junk investment status by rating agencies has had a serious impact on the rand and the economy as a whole.

On top of that, a fuel price increase looms with petrol forecast to go up by 55 cents a litre next month and economist have warned that the country is entering a technical recession. 

Fin24 hit the streets to gauge how South Africans feel about the current economic situation, and to find out how they think the downgrade will impact their personal finances.

Although the effects have not yet been felt, price hikes are one of the biggest fears among those interviewed by Fin24. South Africans recognise the long-term impact of the downgrade on their living expenses and are considering cutting back on their expenditure patterns.

Transparency and "good leadership" remain key options in boosting economic growth going forward, and South Africans gave new Finance Minister Malusi Gigaba the advice to be mindful of the impact his decisions will have on the rest of the country. 

WATCH: South Africans tighten their belts following downgrade to junk

ALSO READ: A millennial’s take on the downgrade: Let the Hunger Games begin

Some also suggested that he should call his predecessor Pravin Gordhan for advice.

INFOGRAPHIC: How the rand lost its way

Fin24 also ran a Twitter poll, asking users to share their experience of the junk downgrade.

Has the junk downgrade affected your personal finances in anyway? Share your experience with us.

— Fin24 (@Fin24) April 18, 2017

@Fin24 Cancelled plans to put in an offer on an investment property

— Vic (@VictorZA) April 18, 2017