Despite real wages at a two-year low, EWA users are saving more in 2026

7 July 2026: July is National Savings Month in South Africa, and it arrives as household budgets come under renewed pressure. The latest PayInc Salary Index, released in late June, shows that real wages fell to their lowest level in two years in May 2026. Adjusted for inflation, average take-home pay was down by about 2.8% year on year – the first time real salary growth has turned negative in several quarters. Retail, hospitality and administrative workers have felt it most, and many middle-income earners are leaning harder on credit to get through the month.

South Africa’s household saving rate stood at 1.4% of disposable income at the end of 2025, according to Statistics South Africa, meaning households collectively spent more than they earned. Gross national saving sits at around 13% of GDP, well below the global average of 22%, on World Bank figures. When wages buy less each month, building a cushion can feel out of reach. Yet Paymenow, South Africa’s leading earned wage access and financial wellness provider, usage data suggests that putting away even a small amount on a regular basis still makes a meaningful difference over time.

“For households watching every rand, the instinct is to wait until things ease up before they start saving,” says Denise Neethling, Head of Marketing at Paymenow, “Small, consistent saving is what protects people when an unexpected expense hits. You don’t need a big surplus to begin. A few hundred rand set aside each month adds up faster than most people expect.” >

Encouragingly, Paymenow’s own data shows the habit taking hold. Comparing the second half of 2025 with the first half of 2026, the average amount users put away per deposit rose by about 16%, from R283 to R327, while the number of users actively saving grew by around two thirds. The typical saver set aside roughly R660 in the first half of this year, up from about R510 in late 2025. Individual deposits stay modest, ranging from around R230 to R400 depending on age and gender.

Deposits made up a larger share of savings-account activity in every age group in 2026 than a year earlier. Among adult women, for example, the deposit share rose from 66% to 70%." Women continue to save more consistently than men in each age band, and saving becomes steadier with age, with older users banking a higher proportion of their transactions as savings than younger users do.

"Women and older workers continue to lead the way, and the year-on-year improvement across every group tells us the habit is taking hold," Neethling adds. "Our job is to make saving the easy, default choice, so that a tight month doesn't have to mean no saving at all."

The approach is showing results. More than two thirds of Paymenow customers report that their ability to save has improved since joining the platform, 80% reported lower levels of debt, and 90% say they feel more in control of their finances. As cost of living pressure persists, the message for National Savings Month is a practical one: start small, stay consistent, and let modest, regular saving do the work.