What is Bank Account?
A bank account is a financial account maintained by a bank or other financial institution in which the financial transactions between the bank and a customer are recorded.
Average Bank Account Balance In South Africa
Key information about South Africa Current Account Balance
South Africa Current Account recorded a surplus of 1.9 USD bn in Dec 2021, compared with a surplus of 3.7 USD bn in the previous quarter.
South Africa Current Account Balance: USD mn data is updated quarterly, available from Mar 1960 to Dec 2021, with an average value of -160.5 USD mn.
The data reached an all-time high of 5.3 USD bn in Jun 2021 and a record low of -6.0 USD bn in Sep 2013.
CEIC converts quarterly de-annualized Current Account Balance into USD. South African Reserve Bank provides annualized Current Account Balance in local currency. The Federal Reserve Board’s average market exchange rate is used for currency conversions.
Foreign Direct Investment (FDI) increased by 1.5 USD bn in Dec 2021.
South Africa Direct Investment Abroad expanded by 683.3 USD mn in Dec 2021.
It’s Foreign Portfolio Investment fell by 2.4 USD bn in Dec 2021.
The country’s Nominal GDP was reported at 102.9 USD bn in Dec 2021.
This fall in consumer sentiment is also evidenced in the latest figures from the Bureau for Economic Research which recorded a significant decline in consumer confidence in Q2 2020, the group said.
Credit cards
TransUnion found that the average South African owes R18,292 on their credit card account, while the average credit line (the amount of credit a person may borrow from) is R34,703.
The group’s data shows that credit card balances grew by only 2% year-on-year – likely driven in part by the continued slow-down in originations (new cards) which has been evident since Q3 2019.
“While the decline in originations for the latest quarter is significant at 12.2%, this does give an indication on what to expect next quarter,” the group said.
To better understand consumer demand during the pandemic, it is important to observe enquiries as a measure of new applications. Enquiries for credit cards declined by more than half the volumes reported in the prior year (-62%), it said.
It added that average credit lines continued to increase significantly in Q2 2020, by 10% YoY; as did the average new account credit line at 22.9% YoY.
TransUnion said that the increase in balances and credit lines is stimulated by two factors:
- The need for consumers to increase credit usage as a means to finance day-to-day expenses as the pandemic continues to take its toll on personal finances;
- The impact of payment financial accommodations such as deferrals and payment holidays has contributed to the increase in balances, with interest continuing to accrue as repayments have been put on hold.
What is the average credit card debt in South Africa?
TransUnion’s Q4 2020 South Africa Industry Insights Report shows that out of the 7 million open credit card accounts recorded in late 2020, the average South African owes around R19,079 on their account.
How much money do you need to be comfortable in South Africa?
To answer the question – How much do you need to live comfortably in South Africa? You need about R15 000 – R20 000 per month to afford the basics.
How many South Africans live on credit?
Millions of South Africans cannot live without credit and are falling further behind on their debt repayments, resulting in over-indebtedness. Numbers from the National Credit Regulator show that out of the 23 million credit-active consumers in the country, over 42% are considered impaired.