By A Correspondent- The majority of Zimbabweans are no longer able to save and are struggling to meet daily living expenses due to rising poverty with most citizens borrowing for subsistence, a latest FinScope Consumer survey shows.

The survey was commissioned by the Reserve Bank of Zimbabwe.

The main barrier for not investing on saving relates to liquidity issues — adults reported having limited disposable incomes after living expenses or having no income. Lack of awareness or financial education is also a main barrier for not investing,” the report read.

According to the report, 58% of Zimbabweans have nothing to save after living expenses, while 29% have no income at all.

Meanwhile, credit consumption slightly declined by three percentage points from 42% in 2014 to 39% in 2022 largely driven by a drop in borrowing from friends and family.

However, the majority of the credit accessors (34%) borrow to meet living expenses, while 17% is for emergencies other than medical.

Another 17% borrows for medical emergencies either planned or unplanned, while 13% borrow for education or school fees.

According to the survey, the majority of the adult population earn small, inconsistent and irregular incomes.

-Newsday