Financial Freedom For The Millennial

MILLENNIALS do not have very much money, yet are constantly told that they need to save more.

EMMA STONE, Jennifer Lawrence, Kristen Stewart, Mila Kunis, Justin Bieber and Hilary Duffare all part of the millennial generation. Who qualifies as a millennial? The millennial generation is the generation of children born between 1982 and 2002, some 81-million children have already entered university and the workforce. This generation will replace the Baby-boomers as they retire. We put the exact date range of millennials as those who are 18-35 today – basically today’s high school graduates to 35-year-olds. “Millennials are ever the hot topic locally and globally. In South Africa, they make up nearly half – 46 percent to be exact – of the population. Whilst many have opinions about millennials, one thing that cannot be disputed is that they are hungry for growth in their education, their skillset and the stability of the economy as established by the 2018 Deloitte Millennial Survey,” says Francois Viviers, executive of Marketing and Communications at Capitec Bank.

“In a survey we conducted 40 percent of South African millennials stated they want a better paying job, 37 percent want to pay off outstanding debts in order to live better and 32 percent are intent on saving. When questioned about what they would like to save towards, it comes as no surprise that a whopping 40 percent would like to own their own property; while 22 percent of respondents are more deeply rooted in exploring the world and a further 21 percent of respondents are looking to upskill themselves.” Francois gives tips on how millennials can achieve their financial goals: