Getting youth to manage their money better

As South Africa commemorates Youth Month, many students may feel that they deserve to celebrate.

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But according to a survey done by Old Mutual in partnership with South Africa's TVET colleges, many students are battling to repay their debt, with 14% skipping classes due to financial difficulty. This highlights the dire need for intervention, said Old Mutual's Head of Financial Education John Manyike.

Although most students (72%) are confident in their ability to manage their finances, the overwhelming majority (78%) don't know how to budget properly. This is one of the core findings of a survey conducted by Old Mutual among 727 students between the ages of 18 and 25 at Technical and Vocational Education and Training (TVET) colleges across the country as part of its Finncial Wellbeing Programme