Approximately 77% of low-income households reported no increase in income over the past five years, a survey by Redseer Strategy Consultants has found. Moreover, any slight increases in income were often offset by rising inflation, particularly in essential areas like food, housing, healthcare, and transportation. Further, the survey revealed that the majority of low-income individuals work in informal or unregulated sectors with irregular income streams, leading to instability in their financial situation. The limited access to formal banking and financial services further intensifies their challenges, preventing efficient saving and investment.
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