Robyn Edwards, Senior Marketing and Brand Manager at Finchoice

8 in 10 say money worries are hurting their mental health

As Mental Health Awareness Month shines a spotlight on the factors affecting South Africans’ wellbeing, figures from a Sanlam Benchmark survey reveal just how deeply financial stress is impacting daily life: 80% of South Africans said they were currently experiencing financial stress, which was impacting their mental health.

“Financial stress isn’t just about money. It’s also about mental health, family stability, and quality of life,” says Robyn Edwards, Senior Marketing and Brand Manager at Finchoice. “When people feel overwhelmed and out of control, the anxiety can be crippling. But, with the right tools, it’s possible to take back control.”

Edwards says that many people feel anxious because they don’t have a clear picture of their finances. She advises individuals or couples to start by writing down what they earn, what they owe, and what their monthly commitments are: “This clarity is powerful. Simple steps such as tracking expenses, cutting small costs, and avoiding unregulated advice can reduce stress levels significantly. And, when borrowing is unavoidable, safe, transparent credit solutions can provide relief without long-term damage.”

Edwards also cautions against rushing into debt review before fully understanding the consequences. While these services can lower your monthly repayments, they also lock you in for years and limit your ability to access credit in emergencies. For many, this can make stress worse in the long run.

Responsible credit can be a lifeline

Unexpected bills and emergencies happen, and can easily derail our monthly budgets. If you don’t have an emergency or rainy-day fund, and you need to borrow money to get through a tough time, make sure you understand what you’re signing up for. Look for providers who’re transparent about interest and fees, and who provide digital tools to manage your repayments conveniently and responsibly. “This can be the difference between becoming over-indebted or financially strained, and feeling on top of your financial situation,” says Edwards.

Finchoice data shows that more South Africans are turning to digital platforms to proactively manage their money. Sixty percent (60%) of their customers are women, who on average log into their accounts twice a month to track balances, adjust repayment schedules, or even skip up to two payments a year.

“This flexibility makes all the difference,” Edwards explains. “For our customers, having options helps reduce anxiety because they know they can cope when life throws a curveball. Whether it’s covering an unexpected bill, or just needing breathing room, responsible digital credit can be a huge help.”

“We can’t separate financial health from mental health. But, by giving people more control and flexibility, we’re helping them to manage debt and reduce the stress that comes with it.”