Consumers are turning to gambling in the hope of escaping the debt pressures, but many are instead sinking deeper into financial distress as the odds work against them.
The 2026 Old Mutual Savings and Investment Monitor found that gambling has become common, particularly among lower-income earners. Some see it as a way to generate extra money to settle their mounting debt, while others see it as a way to manage the increased cost of living.
The report examines how South Africans are coping with economic pressures, including persistently high fuel prices and other rising living costs.
According to the report, gambling often works against easing the pressure, instead it worsens it. The report found that financial stress has sharply climbed among people earning less than R30 000, with 47% now reporting significant financial strain.
Growing financial vulnerability
Vuyokazi Mabude, Old Mutual head of of knowledge and insights said they reflect a growing financial vulnerability among lower-income households, with more people resorting to risky ways of trying to improve their finances instead of building long-term financial security.
“Gambling remains equally prevalent in South Africa across the income landscape, unchanged from 2025. 53% of working South Africans gamble, and most do so at least once a week.
“42% say they gamble frequently hoping to make money to convey some of their expenses or debt,” said Mabunde.
The trend has trapped 22% in more financial pressure that is highly dominated by debt distress.
She revealed that personal loans have also increased by 10% to 64%, with 30% taking them up for households and a fifth borrowing money to pay off other debts.
Mabunda said the results have shown that people’s finances are critical but stable. While more affluent consumers continue to thrive, the middle class continues to struggle. She said 75% believe that things will change, but often the affluent expect their incomes to increase, as has been reported for the previous.
One shock after another
Izak Odendaal, Investment Strategist at Old Mutual Wealth, said the country has been facing one shock after another including the Covid-19 pandemic, the July 2021 unrest, the 2022 KwaZulu-Natal floods and the Middle East war, among others.
“The world and SA have been hit by one crisis after another, exposing both our fragility and resilience. Iran’s war introduces new uncertainty, but SA is better placed to weather the storm,” reads the report.
He said the greatest shock has been the massive fuel increases impacted by the surge in crude oil prices. However, Odendaal emphasised that the country is better placed to manage this shock, thanks to its relatively stable currency and solid consumer spending in the first quarter of the year.
ALSO READ: SA consumers spend nearly half their income on debt repayments, reveals report
- The 2026 Old Mutual Savings and Investment Monitor reveals increased gambling among South Africans, especially lower-income earners, as a method to manage debt and rising living costs.
- Gambling often leads to worsening financial distress, with 47% of those earning under R30,000 reporting significant financial strain and 22% trapped in deeper debt.
- 53% of working South Africans gamble regularly, with 42% doing so to cover expenses or debt, contributing to increased financial vulnerability and reliance on personal loans.
- Personal loan uptake has risen by 10% to 64%, with many borrowing to manage household expenses or pay off existing debts, while middle-class consumers continue to struggle financially.
- Despite ongoing shocks like the pandemic and fuel price hikes, South Africa remains somewhat resilient due to a stable currency and strong consumer spending early in the year.
Consumers are turning to gambling in the hope of escaping the debt pressures, but many are instead sinking deeper into financial distress as the odds work against them.
Vuyokazi Mabude, Old Mutual head of of knowledge and insights said they reflect a growing financial vulnerability among lower-income households, with more people resorting to risky ways of trying to improve their finances instead of building long-term financial security.
“
“42% say they gamble frequently hoping to make money to convey some of their expenses or debt,” said
Izak
“
He said the greatest shock has been the massive fuel increases impacted by the surge in crude oil prices. However,
ALSO READ: SA consumers spend nearly half their income on debt repayments, reveals report
