The pinch of interest rates since 2021

The rise in interest rates since 2021 had a negative impact on households in 2023. According to the Allianz 15th edition of the Global Wealth Report, global liabilities of private households amounted to more than R1 trillion at the end of the year. At the same time, the report also reveals that growth in private debt weakened further to 4,1% worldwide from nearly 6% in 2022, the lowest growth recorded in nine years. The Allianz Group is one of the leading integrated financial services providers. For more news, visit sabcnews.com and #SABCNews on all Social Media platforms.