South Africans let go of gym membership, DSTV and Netflix subscriptions due to high interest rates

Some South African middle class are letting go of some of their luxuries like gym membership, DSTV and Netflix subscriptions due to high cost of living. The cut back is affected by non-stop increase of interest rates by the Central Bank or the Reserve Bank. 

DStv and gym members are among the biggest casualties, according to market research company, InfoQuest.

They asked 300 people what subscription services, policies and/or contracts they cancelled in the last six months. 

Data showed that 25% of the 300 people surveyed cancelled their gym memberships while 18% scrapped their DStv subscriptions.

InfoQuest operations director Claire Heckrath says research indicated that people under 35 were more likely to cancel their household insurance, medical aid and funeral policies. 

“While it may be tempting to cancel personal insurance policies to save money, it is important to recognise the potential risks and consequences.”

“It is crucial to carefully evaluate the potential risks, consult with professionals and make informed decisions based on individual circumstances,” Heckrath says.

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