Discovery Bank has done the research, and it boils down to this: If South Africans, as individuals and as a nation, want to move forward socio-economically - we desperately need to reduce our debt and foster a healthier savings culture.
There are now eight million more credit-active consumers than the total number of employed people in South Africa. And the problem is bigger than these figures reveal, because they don't account for informal debt like private loans.
By and large, South Africans are big borrowers and poor savers, but 5 financial behaviours can help people become financially healthier. Learn what they are, and how strong incentives to improve these behaviours can help South Africans become more money-savvy. Find a case for behavioural banking here.