When asked what they were doing about their debts the results were somewhat predicable but also revealing.
Most of the 35 000 respondents reported that they have simply cut back on spending compared to last year.
This has its knock on effect in the economy and if you run a small business this may not come as a surprise to you. People are just not spending as much as they used to. Instead, what they have is now being spent on servicing existing debt and trying to deal with higher costs of goods and services.
The research also showed that there has been a massive increase in consumers looking around for better paying jobs (employers take note). This has become a major part of the respondents lives and they are eager to find any job that has higher pay. Unlike in the past where job security was enough, now people are looking around to try find new work.
25% said that they are trying to be more fiscally responsible and are regularly budgeting each month. Budgeting is a highly effective way to tell your money where to go rather than watch it disappear. It is good to see such a high percentage but it could always be higher.
Predictably, around 10% of respondents said they are relying on more loans to make ends meet. While 15% are asking family for money and 10% are selling things they own just to get by.
