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Nearly eight in ten Zambians (79%) felt financially optimistic in the second quarter of 2025, with over one-third (34%) reporting higher household income in the past three months, according to TransUnion’s latest Consumer Pulse Study.
The survey found that 82 percent out of respondents expect their income to rise in the next 12 months, while 36 percent said their finances had performed better than planned.
According to the survey, debt repayment trends also improved, with 38 percent paying down debt faster than a year earlier and 25 percent adding more to emergency savings.
Read more: Zambians targeted by rising digital fraud, says TransUnion report
However, inflation, housing costs, and job security remain top concerns.
The study showed that 79 percent of respondents ranked inflation among their top three financial worries for the next six months, followed by housing prices (59%) and jobs (58%).
These concerns have driven cutbacks in spending, with 55 percent reducing discretionary purchases, 44 percent cancelling or reducing digital services, and 41 percent dropping subscriptions or memberships.
“Zambian consumers are demonstrating remarkable resilience and optimism in the face of economic challenges.
“They are prioritising essential expenses while trimming non-essential costs to maintain financial stability,” said Mildred Stephenson, Chief Executive Officer of TransUnion Zambia.
Despite their confidence, 35 percent of respondents expect to be unable to pay at least one bill or loan in full in the coming months.
Of these, nearly half (48%) said they would make partial payments, 45 percent planned to take on temporary or gig work, and 35 percent intended to borrow from family or friends.
Credit demand and access
The survey revealed that 94 percent of Zambians view access to credit as important for achieving financial goals, yet only 42 percent believe they have sufficient access.
While 45 percent plan to apply for or refinance credit within a year — most commonly personal loans — high borrowing costs and minimal benefits from refinancing deterred more than half from following through.
Rising interest rates were cited by 56 percent as a major factor influencing credit decisions.
“These trends underscore the need for more affordable, transparent, and flexible credit solutions,” Stephenson said.
Fraud exposure and cyber concerns
Fraud attempts remain widespread, with 76 percent of respondents targeted by scams in the past three months but avoiding losses.
The survey further showed that nine percent were targeted and fell victim.
It stated that high-income earners were most affected, with 91 percent reporting fraud attempts.
Identity theft, payment card fraud, and data breaches topped consumer cybercrime concerns. Fake social media profiles, phishing, and malware were the most feared attack methods.
The reported stated that nearly half of respondents (49%) cited cybersecurity threats as a major barrier to adopting new digital tools.
Stephenson said continued consumer education on credit management and fraud prevention would be critical to sustaining Zambia’s anticipated economic rebound.
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