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Financial decision-maker sentiment: South Africa

An ongoing look at how the attitudes of financial decision makers in South Africa are evolving during the COVID-19 pandemic.

Almost 100 percent of financial decision makers in South Africa view the current economy as weak, but expectations are improving with only 45 percent of consumers expecting the economy to weaken in the next 3 months (down from 65 percent last month). The majority of consumers have seen household income and savings decrease over the past month and express concern over job security. Many expect to increase usage of online and mobile banking after the crisis and sentiment towards bank performance is net neutral.

About the author(s)

Umar Bagus is a partner in McKinsey’s Johannesburg office, John Euart is an associate in the New York office, where Michael Panek is a specialist, and Francois Jurd de Girancourt is partner in the Casablanca office.

The authors would like to thank Resil Das, Harshit Gupta, and Aditya Singh for their contributions to this article.

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