“Middle-income earners spend 80% of their salary in five days”

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As fuel prices continue to hit record highs in South Africa (SA), the living conditions for most households also continues to be unbearable as a result of direct effect of the price increase.

First National Bank (FNB) has released a report which suggests that it only takes SA citizens in the average middle class about five (5) days to spend 80% of the salary on monthly basis.

Their report was focused on average middle-income consumer, earning between R180 000 – R500 000 per annum.

This is according to Raj Makanjee, CEO of FNB Retail who also added that the same class of people\household survives on 20% of their monthly salary for more than 20 days in a month having already spent their initial 80% on other items.

It has also been reported most middle income earners in the country have their spent mostly on transport, food, housing and maintaining debt.

Which leaves them with little to save.

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