{"id":9697,"date":"2021-05-05T17:05:36","date_gmt":"2021-05-05T17:05:36","guid":{"rendered":"https:\/\/www.africa-press.net\/south-africa\/?p=9697"},"modified":"2021-05-05T16:54:55","modified_gmt":"2021-05-05T16:54:55","slug":"nedbank-holds-exhibition-to-highlight-danger-of-overspending","status":"publish","type":"post","link":"https:\/\/www.africa-press.net\/south-africa\/all-news\/nedbank-holds-exhibition-to-highlight-danger-of-overspending","title":{"rendered":"Nedbank holds exhibition to highlight danger of overspending"},"content":{"rendered":"

Africa-Press<\/a> – South-Africa<\/a>. <\/strong><\/span>IN A bid to highlight the danger of overspending, and rising debt, Nedbank held a live street exhibition in Sandton Drive.<\/p>\n

In a statement, Nedbank said the objective of the exhibition was to showcase how making good money management choices was an effective way of addressing these issues and securing a better financial future.<\/p>\n

Nedbank group executive for marketing and corporate affairs Khensani Nobanda said: \u201cWhile the government is working to get the country back on a positive economic growth path, most South Africans have reached a crossroad in their financial lives.<\/p>\n

\u201cAnd consumers must take an honest look at how they manage their money and how the money choices they make affect them and their families,\u201d she said.<\/p>\n

According to the bank, through the exhibition, it wanted to draw attention to the reality of overspending and irresponsible borrowing, as well as the urgent need to save and invest for the long term.<\/p>\n

The bank said financial experts will be available as the campaign unfolds to help people understand the impact of their money choices, good and bad \u2013 and to offer alternatives to old spending patterns.<\/p>\n

\u201cAn excessive reliance on credit was demonstrated by the TransUnion Q4 2020 South Africa Industry Insights Report, which found that South Africans currently have 7 million credit cards, 16,2 million clothing accounts, 2,3 million vehicle accounts, 6,7 million personal loan bank accounts, and 5,7 million personal loan non-bank accounts,\u201d it said.<\/p>\n

According to the bank, over-indebtedness is not limited to low- or middle-income households. Experian\u2019s Q4 Consumer Default Index reported that new default balances in Q4 2020 amounted to R18,26 billion, with the bulk of this being among the most affluent segments of the population.<\/p>\n

\u201cWealthy households have an outstanding debt of almost R600bn, and the top 2,5% of South Africa’s credit active population was responsible for total new defaults on debt repayments of more than R4bn. Up to 40% of consumers skipped retail store payments, and nearly 60% skipped personal loan payments,\u201d the bank said.<\/p>\n

Simultaneously, the household saving rate in South Africa decreased to 0,50% in Q4 of 2020 from 0,70% in Q3 of 2020, it added.<\/p>\n

Nobanda said while there was nothing inherently wrong with debt and consumption \u2013 they are drivers of growth to South Africans \u2013 consumers need to address some of the ingrained money habits and attitudes within the culture that are hindering them to achieve long-term wealth creation.<\/p>\n

\u201cRampant consumerism at a large scale is unsustainable. As the bank that takes money seriously, we support South Africans in improving their financial positions and helping to rebuild commerce, and the broader economy, in South Africa sustainably,\u201d she said.<\/p>\n

BUSINESS REPORT ONLINE<\/b><\/p>\n","protected":false},"excerpt":{"rendered":"

Africa-Press – South-Africa. IN A bid to highlight the danger of overspending, and rising debt, Nedbank held a live street exhibition in Sandton Drive. In a statement, Nedbank said the objective of the exhibition was to showcase how making good money management choices was an effective way of addressing these issues and securing a better […]<\/p>\n","protected":false},"author":84,"featured_media":9696,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2,5,8],"tags":[274,315,275],"class_list":["post-9697","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-all-news","category-economy","category-homepage-english","tag-africa-press","tag-africa-press-south-africa","tag-south-africa-2"],"yoast_head":"\nNedbank holds exhibition to highlight danger of overspending - South Africa<\/title>\n<meta name=\"description\" content=\"IN A bid to highlight the danger of overspending, and rising debt, Nedbank held a live street exhibition in Sandton Driv ...\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.africa-press.net\/south-africa\/all-news\/nedbank-holds-exhibition-to-highlight-danger-of-overspending\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Nedbank holds exhibition to highlight danger of overspending\" \/>\n<meta property=\"og:description\" content=\"IN A bid to highlight the danger of overspending, and rising debt, Nedbank held a live street exhibition in Sandton Driv ...\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.africa-press.net\/south-africa\/all-news\/nedbank-holds-exhibition-to-highlight-danger-of-overspending\" \/>\n<meta property=\"og:site_name\" content=\"South Africa\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/AfricaPressTunisiaa\" \/>\n<meta property=\"article:published_time\" content=\"2021-05-05T17:05:36+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/static.africa-press.net\/south-africa\/sites\/31\/2021\/05\/img-6092cdbc04304.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"720\" \/>\n\t<meta property=\"og:image:height\" content=\"404\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"cfeditoren\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"cfeditoren\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/www.africa-press.net\/south-africa\/all-news\/nedbank-holds-exhibition-to-highlight-danger-of-overspending#article\",\"isPartOf\":{\"@id\":\"https:\/\/www.africa-press.net\/south-africa\/all-news\/nedbank-holds-exhibition-to-highlight-danger-of-overspending\"},\"author\":{\"name\":\"cfeditoren\",\"@id\":\"https:\/\/www.africa-press.net\/south-africa\/#\/schema\/person\/068c7ab4e9634ae78ec5d54ec46598bb\"},\"headline\":\"Nedbank holds exhibition to highlight danger of overspending\",\"datePublished\":\"2021-05-05T17:05:36+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/www.africa-press.net\/south-africa\/all-news\/nedbank-holds-exhibition-to-highlight-danger-of-overspending\"},\"wordCount\":442,\"commentCount\":0,\"image\":{\"@id\":\"https:\/\/www.africa-press.net\/south-africa\/all-news\/nedbank-holds-exhibition-to-highlight-danger-of-overspending#primaryimage\"},\"thumbnailUrl\":\"https:\/\/static.africa-press.net\/south-africa\/sites\/31\/2021\/05\/img-6092cdbc04304.jpg\",\"keywords\":[\"Africa Press\",\"Africa Press-South-Africa\",\"South-Africa\"],\"articleSection\":[\"all news\",\"economy\",\"homepage-english\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\/\/www.africa-press.net\/south-africa\/all-news\/nedbank-holds-exhibition-to-highlight-danger-of-overspending#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.africa-press.net\/south-africa\/all-news\/nedbank-holds-exhibition-to-highlight-danger-of-overspending\",\"url\":\"https:\/\/www.africa-press.net\/south-africa\/all-news\/nedbank-holds-exhibition-to-highlight-danger-of-overspending\",\"name\":\"Nedbank holds exhibition to highlight danger of overspending - 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