In today’s world, knowledge is the key to financial success. A recent study by Nedbank revealed that South Africa’s youth are showing commendable improvement in their commitment to saving. However, there is a pressing need for improved financial information and transparent guidance to help them achieve the outcomes they desire.
Palani underscores the urgency of meeting these informational needs, stating, “If our young adults are actively seeking more information and transparency to make the right savings decisions, we have a responsibility to provide that to them.” She adds, “So that our country can finally begin to build the savings culture that has been missing from SA society for so long.”
However, while the savings focus of the youth is heartening, Palani stresses the need for guidance. From her findings, she observed that short-term savings goals are predominant. Little focus is placed on retirement planning or investment, despite the urgency to start as young as possible.