Do young people in South Africa know how to build a financially stable future? Not really according to a new survey that shows that more than 50% of young people are far from achieving financial freedom and building wealth.
Youth unemployment in South Africa currently sits at 45,5% according to Statists SA and the 1Life Insurance Youth Generational Wealth Survey shows more than 50% of young people who do have a source of income do not know how to build a financially stable future.
The study also revealed that less than 30% of South African youth have a solid monthly budget in place.
Looking at our book, we identified a big gap in the youth market when it comes to financial education, despite being the future consumers who have the potential to build wealth and break generational debt in their families, Siphelele Sokhela, brand manager at 1Life Insurance, says.
If we consider that the current cost of living has already made it hard for households to get by this gap is an indication that this reality may not change anytime soon and in some families, it may never change if the youth are not equipped to carefully and smartly manage their money.
