That’s according to South Africa’s (SA) Associate in Employment Law at Cliffe Dekker Hofmeyr, Malesela Letwaba.

Letwaba says excessive debt has been linked to deteriorating mental health, impaired decision making, and diminished functional capacity.

“Employees with changing times, rising inflation and the demand for more wants tend to over indebt themselves or become financially over stretched and as a result when they are unable to meet their financial commitments.

It has a knock-on effect on their ability to perform at work, mainly because they are stressed out in that they cannot meet their financial obligations and thereafter their work outputs, their productivity, the morale is affected in the workplace. This is the mental effects of one being over stressed vs their performance in the workplace.”

SA under severe financial stress.

Meanwhile, 75% respondents surveyed by the Debt Busters’ Money Stress Tracker say they are under financial stress.

One of the main concerns raised is the fear of running out of money before their next pay day, as well as not being able to pay off debts.

The survey was done online between May and June 2024.

--SABC--