South Africans are more and more prone to becoming involved in fraud scams such as get-rich-quick schemes due to the excessive cost of living. People tend to try out schemes like these as they struggle to survive financially.
Rajesh Parshotam, chairperson of the Direct Selling Association of South Africa (DSA), said the the rapidly rising cost of living, combined with low income and a lack of economic growth, made people vulnerable to fraud. “In their desperation to make ends meet, South Africans may resort to get-rich-quick schemes that promise high returns, leaving no thought for long-term, stable and safer income solutions.
“There is no quick way to get rich. A tried and tested approach is best,” said Parshotam. According to a Trans¬union report, digital fraud cases are on the rise in the country, with 52% of South African consumers targeted recently. Parshotam said findings of the Momentum Unisa Household Financial Wellness Index had revealed that an estimated 14% of all households were engaged in side hustles, with higher-earning households tending to be more proactive with side businesses.
Apparently middle-income households are in financial distress, spending up to 80% of their monthly salary. “Over 870 000 South Africans have chosen to direct sell as a side hustle or primary source of income successfully through a DSA vetted member company, allowing for an ethical income and safety for DSA direct sellers and consumers. “South African households have found the need for additional income to supplement monthly earnings, taking to online platforms or advice from their trusted network on recommended income opportunities that are not vetted by a credible industry association,” said Parshotam.
Any opinions, views and beliefs represented in this article are personal and belong solely to the author/s and do not necessarily reflect the opinion, views and beliefs of the organisation and employees of New Image™ International
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