While the world recently celebrated their mothers, research has found that 70% of single mothers end up in a vicious cycle of debt as their income does not last throughout the month. According to an analytics consultancy, 60% of South Africa’s households are fatherless - with all financial responsibilities falling solely on the mother. But a recent analysis by National Debt Advisors found that 70% of the 80% of women who budget their income, run out of money before the month ends.
According to an analytics consultancy, 60% of South Africa’s households are fatherless – with all financial responsibilities falling solely on the mother. This leads them to seek unsecured debt, often from unregistered money lenders, said National Debt Advisors managing director Charnel Ernstzen.“When we consider that 60% of South African households are fatherless and all financial responsibilities fall onto the mother, the implications for these single breadwinners and their families have heightened.”
According to Ernstzen, 65% of their female client base faced a reduced income during the pandemic, having to spend 50% of their income towards debts as opposed to before the pandemic.
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