Apparently we are better off now than we were 14 years ago as a nation. Or at least that’s what Saarf (South African Advertising Research Foundation) has to say about the matter of South African household incomes.
I love hearing things like this. We’ve all heard these almost dogmatic statements that South Africans love to make such as “The gap between rich and poor in SA is only widening.” Well Booha to that.
The average South African household income has risen from R2435 in 1994 to R6537 per month.
This is a staggering 264% and nearly 20% increase per year. And low and behold it is not the super rich that are pulling the averages up, it is the middle segment LSM 5 to LSM 9 that has increased.
In fact the percentage of the population in the LSM 1 -4 segment has decreased with a whopping 32% since 2001. This is a spectacular narrowing of the gap between rich and poor.
LSM 4 has increased but the significant drop is in the LSM 1-3 segments while LSM 10 has remained the same. 78% of the population are in the LSM 4- 10 groups, and 22% in the LSM 1-3 group. In 1993 the LSM 1-3 group represented over 40% of the population. source: iconoclast
Let’s be honest, if I was ever going to trust stats from research conducted it would be from the Advertising Research Foundation cause you know they want to know exactly how much money each household has to spend and on what!
So the next time you are at a dinner party, smack the naysayers with some Saarf facts.
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