JOHANNESBURG, Dec. 22 (Xinhua) -- The vast majority of South African households are under extreme financial pressure, prompting many families to cut back or cancel their holiday celebrations during the Christmas season, the South African Broadcasting Corporation reported Monday, citing a survey released by Debt Rescue, the country's leading debt counselling company.
It said that 94 percent of respondents reported being under severe financial pressure during the holiday season, a period traditionally associated with increased spending and gift-giving.
According to the survey, more than two-thirds of participants said they were merely coping financially. Among them, 32 percent reported experiencing severe financial pressure, while 39 percent of households indicated they would not be able to celebrate the festive season at all this year.
"The reality is that even though inflation has come down, food prices have remained a major driver of rising costs. While interest rates have eased, electricity prices have increased and fuel prices have continued to fluctuate," Debt Rescue's Chief Legal Officer Annaline van der Poel was quoted as saying. ■
