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South African money
Many South Africans say financial freedom is still a pipe dream with high unemployment and over indebtedness rife as the country marks Freedom Day.
Experts say financial literacy can go a long way in helping people better navigate the economy.
Thabo Hollo is a programme manager for personal income at Old Mutual and says South Africa is an over indebted nation.
“We are an over-indebted nation. And over indebted in the context of where we are, particularly from a consumer point of view, is we use debt to engage with what you call conspicuous consumption. So it’s not debt that we take up and then we build businesses. It’s consumer debt, which is sad and unfortunate,” says Hollo.
WATCH | April is Financial Literacy Month, and principal debt officer Sandile Magubane advises being more disciplined with spending, particularly on entertainment. pic.twitter.com/VeEVgCjQJR
— SABC News (@SABCNews) April 18, 2026
Hollo says the nation’s financials are under pressure.
“The month is longer than our salaries. We then saw incidences where people can only go for a week and after a week it’s gone then they get caught in that debt cycle,” he adds.
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