In a report released on Wednesday, August 13, the survey found that 81% of respondents felt financially hopeful in the second quarter, buoyed by 7.8% GDP growth in the first quarter and government measures to strengthen key industries.
Thirty-eight percent reported household income growth in the past three months, five percentage points higher than a year ago, while 37% said their finances were better than expected.
'Rwandan consumers are demonstrating remarkable resilience and optimism in the face of economic challenges. The strong sense of financial hope reflects a broader national momentum toward inclusive growth," said Thabo Molefe, head of Africa regions, TransUnion.
Financial pressure persists
According to the survey, job losses were the most common setback, affecting 29% of households. In addition, 20% reported wage cuts, 14% had reduced working hours, and 12% saw a household business close or lose orders.
Looking ahead, 51% expect to miss at least one bill or loan payment in the next three months. To manage, 39% plan to make partial payments, 39% intend to take on gig work, and 39% will use money from savings.
Shifts in spending
Consumer behaviour suggests cautious spending growth. Thirty-eight percent expect to increase discretionary spending in the next quarter, compared with 30% who expect to cut back. Rising costs are anticipated for medical services (45%) and digital services (42%).
The survey also highlights gaps in credit access. Almost all respondents (99%) said access to credit is important, but only 41% felt they had enough access. Over half (55%) plan to apply for new or refinanced credit within the next year, with personal loans (46%), student loans (26%), and home loans (23%) as the most common goals.
However, 49% abandoned credit applications, mainly due to high borrowing costs (27%), concerns about income or employment (22%), and lengthy application processes (19%).
Fraud concerns
More than half (58%) of respondents reported being targeted by fraud in Q2, with high-income consumers reporting the highest rate (59%). The most common scams were gift card fraud (49%), phishing (31%), and vishing (28%).
Cybersecurity risks remain a barrier to digital adoption, with 37% citing online threats and 30% worried about identity theft. While 72% have access to their credit information, concerns over privacy invasion (63%) and identity theft (59%) are widespread.
Molefe said improving access to credit and building trust in digital platforms will be critical to sustaining consumer confidence.
"As access to credit and digital trust become increasingly vital, it's clear that empowering consumers with the right tools and protections will be key to sustaining this positive trajectory."
TransUnion is a global information and insights company with over 13,000 associates operating in more than 30 countries, including Botswana, Kenya, Malawi, Namibia, Rwanda, South Africa, eSwatini, and Zambia.
The latest findings are based on TransUnion's Consumer Pulse Survey of 345 adults, conducted between 5 and 25 May 2025 in partnership with third-party research provider Dynata. The survey targeted Rwandan residents aged 18 and above, using an online research panel accessed via desktop, mobile, and tablet devices.
Wycliffe Nyamasege
