Struggling to make ends meet

BoN leaves repo unchanged

06 December 2018 | Ekonomie
Jo-Maré Duddy



Nearly half of people interviewed in the Namibia Financial ­Capability Survey 2017 “seldom” manage to make their money last until the next time they receive money.

Of the 2 144 households surveyed in all regions, 48.9% said they often run out of money before pay-day. In 2013, only 39% gave the same answer.

Nearly 19% indicated that they sometimes reduce or miss a monthly payment on a loan without making arrangements with the service provider. In 2013, only 13% resorted to this measure. About 32% sometimes asks the service provider for a breather compared to 31% in 2013.

27.5% of respondents only make a payment when they have enough money to do so. Five years ago, it was 29%.

Asked how long they would be able to continue to cover their living expenses if they lost their main source of income and would borrow or change their living standards, the majority (17.4%) said two weeks to less than four weeks. In 2013, 15.1% of respondents fell into this category. 16.4% said four weeks to less than six weeks, up from 10.9% in 2013.

Just over 12% will be able to last six months or more, down from 15% five years ago.

The survey forms part of the Financial Literacy Initiative of government and the Bank of Namibia.



Interest, debt

Struggling consumers yesterday gave a sigh of relief when the governor of the BoN, Ipumbu Shiimi, announced that the repo rate will remain unchanged at 6.75%. This means the prime lending rate of local commercial banks will stay at 10.5%.

Shiimi said unproductive consumer lending like structuring consumption loans worries the BoN.

The latest central bank data shows that consumer debt for “other loans and advances”, which include personal loans and credit cards, is still growing at double digits. By the end of October, consumers owed nearly N$6.6 billion in other loans and advances – about N$970 million or 18.7% more than in October 2017.

Total overdraft debt stood at nearly N$3.08 billion, an increase of 10.6% or 0.3% compared to October 2017.

Consumers remain wary to take on more instalment credit. By the end of October, instalment debt was about N$430.7 million less than a year ago and totalled nearly N$6.8 billion.

Soortgelyk

 

Voorskrifte voorland vir medisyne met kodeïen

5 ure gelede | Gesondheid

Henriette Lamprecht Alle medisyne in Namibië wat kodeïen bevat, gaan in die toekoms net met 'n voorskrif beskikbaar wees. Dit beteken alle medisyne wat...

Peugeot, Opel nou op Walvisbaai vervaardig

5 ure gelede | Plaaslik

Erwin Leuschner President Hage Geingob het gister amptelik die aanleg van die Franse motorvervaardiger PSA in Walvisbaai ingehuldig – en self 'n Peugeot 5008 toetsbestuur...

Lughawewerkers ruk op

5 ure gelede | Arbeid

Werknemers van die Namibië Lughawensmaatskappy (NAC) dreig om die arbeidskommissaris te nader omdat daar glo dadels van onderhandelinge oor salarisverhogings kom. Die Namibiese Vakbond...

Weer vir 6 Desember

5 ure gelede | Weer

BINNELAND: Mooi weer en bloedig warm in die noordwestelike helfte, anders gedeeltelik bewolk en baie tot bloedig warm met 'n paar tot geïsoleerde donderbuie op...

Te min personeel, geld vir medisyneraad

5 ure gelede | Ministeries

font face="Verdana" >Henriette Lamprecht - Die prys van medisyne in Namibië is ’n rede tot “groeiende kommer”. In die lig hiervan moet die beheer van...

Windhoek: Instandhouding ’n kopseer

5 ure gelede | Regering

Augetto Graig – Windhoek se munisipale werkers is toegewy aan die instandhouding van die hoofstad se infrastruktuur ondanks struikelblokke in die aanstel van diensverskaffers. Volgens...

32 ton duiwelsklou geoes

5 ure gelede | Omgewing

Sowat 800 lede van die bewaringsgebiede Nyae Nyae en N#a Jaqna in die noordooste van Namibië het in 2018 meer as 32 ton duiwelsklou ter...

Die geheime van wiskunde ontsluit

5 ure gelede | Onderwys

Die Namibiese Wiskunde-­instituut (NMI) het op 6 en 7 November spesiale wiskundewerkwinkels vir 56 graad 7- en 8-wiskundeonderwysers van die Oshikotostreek aangebied. Die doel was...

Jagvereniging vereer uitblinkers

5 ure gelede | Ministeries

Elvira HattinghDie Namibië ­Professionele Jag­vereniging (Napha) het tydens hul 45ste jaarvergadering verlede Dinsdag wyle mnr. Frank Heger met die toekenning vir die aktiefste Napha-lid van...