You never quite know what someone is earning and how they are really spending their money – unless you’re their spouse, PA or bank.
So, commenting on the way South Africans spend their money on a monthly basis, Standard Bank released a report linking incomes to expenditure.
It’s pretty obvious when you think about it, but looking at the graphs and information provided puts things into a little more perspective. It’s also a difficult thing to research when many of the poorer families trade in cash only.
The bank notes that 62.3% of households fall within the poorest income bracket – below R86,000 per annum, while middle income groups (R86,001 – R1.48 million per annum) comprise a combined 26.4% of South African households.
The wealthiest households in South Africa only account for 1.2% (R1.48 million – R2.36 million+ per annum).
Here’s how Standard Bank classifies each income bracket:
Business Tech showed how each income bracket spends their money using a graph, along with break downs:
Low income groups:
Middle income groups:
Upper income groups:
[source: businesstech]
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