Guiding consumers since 2009

South Africa in numbers

By Staff Writer

The Bureau for Economic Research is an academic research unit that conducts surveys and studies into the various economic factors that make up life in South Africa. They have recently released the results of their Household Income and Expenditure patterns and trends for 2007-2008. Statistics always lag reality but what do these new figures have to say?

 

  • White people still control the economy
  • Gauteng is still the richest province
  • Food is the biggest budget item

 

The statistics may lag behind reality but the basic pattern and trend will more than likely be the same now as it was last year. The key finding are that in the highest earnings categories whites still control the economy with 81% of the highest income groups being white. However the "The African population has shown marked gains with respect to the R50-100k, R100-300k and R300-500k income groups."

Gauteng is still the richest province with 52% of all income going to people who live there. Food is the largest expenditure item for everyone but the less money you have the more you spend as a percentage on food. Nationally 23% of income is spent on food but "31% of Africans' income is spent on food. As more of them migrate to higher income echelons, their expenditure on housing and electricity increases while their percentage spend on food decreases."

These inequalities are structural products of history. They will take a long time to level but in the meantime the best thing that anyone can do is to plan a budget and not live beyond your means.

Recent Articles

Featured Can you take out vehicle finance on an old vehicle?

As it turns out, creditors have several concerns regarding cars older than 10 years. Justmoney has a look at why creditors are sceptical of older vehicles and what you can do to get around this.

Should you have a living will in place?

When you hear the word will, the only thing that comes to mind is the document that states who is going to inherit you property when you’re dead. But have you thought about who’s going to decide what happens to you when you become incapacitated? A living will can help you do just this.

Know the difference between a loan and a credit facility

Choosing the correct product according to your needs is critical in making smart financial decisions. Credit options can be separated into two main categories – loans and credit facilities. But for some people, the lines can be quite blurred between the two.

Is property a good investment?

It’s good to consider whether property is a good investment. Justmoney spoke to numerous specialists to find out whether this is the case in South Africa.

Deals

DaVinci’s on Kloof Students Discount

Price: Available on request
When: Daily
Where: Cape Town

Ghandi's Backpackers and Guest Lodge 10% Discount

Price: Available on request
When: Daily
Where: Johannesburg

Fairway Hotel Happy Hour Special

Price: Available on request
When: Until 13 December 2019
Where: Johannesburg