How young South Africans can overcome financial challenges to save

YOUNG South Africans are feeling the financial squeeze more sharply than generations before them.

- VICTOR BUCARIZZA

IN AN age where financial stress looms large, there remains hope. By fostering a culture that values saving and investing, young South Africans can break free from the cycle of dependence and step confidently into a future of financial resilience. I SUPPLIED

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With youth unemployment at 62.4% among those aged 18 to 24, saving often feels like a distant goal rather than an achievable habit for the current generation.

In fact, the latest Standard Bank Youth Barometer confirms that young earners are under extraordinary strain, with most reporting that their salaries barely cover essential living costs. Many are also forced to prioritise immediate survival over long-term planning, while others feel paralysed by the shame and uncertainty that come with not knowing where or how to start.

This emotional barrier is often underestimated. There's a deep sense of money shame that stops young people from taking even small financial steps. They feel as though they are behind before they've begun, so they avoid the topic altogether. The irony is that the only way it becomes easier later is if they start figuring it out now.

Young people should reframe their view of money as the starting point. Earning an income is a means to contribute towards your community, gain a sense of personal purpose, and earn a living to buy the things we need.

One of the important yet often overlooked things that we need to buy with that income is assets, which are investments that continue to earn more income for us without us having to work for it.