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Recent data reveals that 46% of South Africans say they have experienced some form of financial stress and since the start of the COVID-19 lockdown.

Additionally, the findings of a survey by policy institute Money and Mental Health show that 50% of people who are in debt suffer from poor mental health.

On The Midday Report, CapeTalk's Koketso Sachane finds out more about salary access solution PayCurve which allows employees to get their hands on part of their salary partway through the month.

CEO Tamir Sacks says the Covid-19 pandemic has exacerbated the issues of money-related stress:

It has exposed the overindebtedness within our society...

Tamir Sacks, CEO - PayCurve

He explains how PayCurve works for employees:

We give employees access to a portion of their already earned salary during the course of the month.

Tamir Sacks, CEO - PayCurve

So when an unforeseen expense arises, instead of having to rely on very expensive short-term credit...rather actually just draw your own earned income.

Tamir Sacks, CEO - PayCurve

Sacks says measures are taken to ensure employees who wish to access their cash are able to do so responsibly:

We check, do they have a vehicle finance repayment, are they liable for any unsecured debt?

Tamir Sacks, CEO - PayCurve

We first deduct [financial obligations] from the net salary and then we give you access to your disposable income.

Tamir Sacks, CEO - PayCurve

Listen to the full conversation below:

This article first appeared on CapeTalk : Money matters adversely affecting South African's mental health

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