Consumers cut living expenses, but aren't saving

Johannesburg - Households are taking strain from the poor levels of economic growth and as a result they are cutting back on a number of living expenses.

According to research by the Old Mutual Savings Investment Monitor, confidence in the South African economy has plummeted to 31%, down from 55% in 2015. About 57% of metro working households feel that their income does not cover living expenses.

“People are looking for ways to make ends meet,” said Lynette Nicholson, research manager at Old Mutual. People are cutting down on expenses across the board, including entertainment, holidays, food and even insurance, she added.