Rent takes significant chunk from youth income

AROUND 82% of young South Africans earn less than R6 000 per month, with a quarter of their income going toward rent or accommodation.

- GIVEN MAJOLA

This is according to a new evidence-based study that examines how young people in SA think about money, what they earn and spend and how they manage to make ends meet.

“The ZAKA Index shows that young people aren't careless with money and (are) making impossible trade-offs in a high-cost environment,’ says Leana de Beer, chief executive officer of WaFunda.

“The task now is to translate these insights into practical, continuous learning and targeted support that builds small buffers, improves decision-making and opens pathways to opportunity.”

Blackbullion South Africa, in partnership with the Sanlam Foundation, announced the launch of the ZAKA Index last Friday.

The first edition of the Index surveyed people aged 18 to 35 nationwide, combining spending data with open responses to map the lived realities of youth finances.

The ZAKA Index is described as a recurring cost-of-living study designed to track financial pressures faced by young people, bringing to the fore the choices they make to navigate them.