South Africa is a youthful country, with over a third of our population under the age of 35. With around 66% of our them being unemployed, it becomes even more important to encourage those that are fortunate enough to be employed, to be financially literate and to look at the benefits of effective money management, savings and investing.
“There is no greater time than now, during National Youth Month, to encourage young people to become financially literate, in order to empower them, prepare them for adulthood and instil good financial habits as soon as possible that will ensure a better more prosperous future for themselves, their families and their futures” states John Manyike, Head of Financial Education at Old Mutual.
Financially literacy must not be underestimated. Not only will the youth benefit from financial knowledge that will contribute to their personal financial security, but their financial wisdom will also play a critical role in improving our nation’s savings levels. With a better savings culture, our government will be able to invest in infrastructure projects, that will not only create jobs for other youth but will also result in a positive ripple effect for the growth of the economy and long-term benefits for future generations.