Global Money Week is an annual event that strives to empower youth by promoting essential financial knowledge and skills. “Think before you follow, wise money tomorrow” goes their saying.
“The more you know and understand about money matters, the smarter your financial decisions and the better your future will be,” says Thembisa Mapukata, Tied Distribution General Manager, Old Mutual Retail Mass Market.
It’s logical stuff. You don’t need to be an actuary to figure this out. But you do need to be equipped with basic info and insights. And that’s exactly what Global Money Week and supportive financial education initiatives like Old Mutual’s On the Money programme set out to do.
Various recent studies are showing that the beneficiaries of these initiatives, young people between 18 and 29 years old, Generation Z, tend to be remarkably well informed when it comes to money matters.
Despite 2025’s economic uncertainties and debt issues, the surveys also indicate that Gen Z is way more confident and optimistic about financial matters than the preceding generations: Millennials (age 29-44), Gen X (age 45-60) and the Boomers (61-70).
What defines Gen Z in 2025?
As the first generation to have grown up with the internet only a click away, Gen Z are deeply into mobile financial technology, favouring it over cash for its convenience and immediacy. “Gen Z live far more fully in the cashless, digital world than their parents or even older siblings do,” says Mapukata. “Cash, by comparison, is vintage, baby, vintage!”
According to the 2024 Old Mutual Savings & Investment Monitor (OMSIM), there is a notable trend among young South Africans towards “polyjobbing”. Results from the survey show that 73% of Gen Z are managing multiple income-generating activities simultaneously. “Being proactive and resourceful in this way is definitely contributing to their greater financial health,” says Mapukata.
Although Gen Z believe in the value of saving, and tend to be financially smart and responsible, they do love the exhilaration of spending and living in the moment too.
Gen Z in South Africa value experiences over material goods and postponing traditional life milestones such as marriage, parenthood, and home ownership. This trend has led to a delay in their uptake of life insurance, risk cover and even emergency savings.
Gen Z’s overall confidence is being attributed not only to their greater technological proficiency, but also to their exposure to early financial education.
“We are pleased that initiatives such as Global Money Week and Old Mutual’s On the Money programme are fostering a generation of young adults capable of achieving and maintaining financial wellbeing,” says Mapukata.
“But it’s worth nothing that Gen Z is obviously not immune to risks. OMSIM results revealed that risky investment behaviour is highest among Gen Z,” adds Mapukata.
For those not in the upbeat Gen X pool, the financial stats remain sobering:
- Only 51% of South Africans are financially literate, according to a 2024 survey conducted by the Financial Sector Conduct Authority (FSCA) of South Africa in partnership with the Human Sciences Research Council (HSRC). That means nearly half have no clear idea how to earn more, save more and spend less
- South Africa has one of the lowest savings rates in the world, with gross savings at 13.7% of Gross Domestic Product (GDP) in September 2024, according to the Reserve Bank
- Due to the fact that so few save properly for retirement, it is estimated that only 6% of working South Africans will be able to retire comfortably
“As always, knowing better helps you do better, so equipping yourself with knowledge and understanding remains the best way to boost your financial health,” sums up Mapukata.
