For many young South Africans, hope feels out of reach. Current economic conditions, the scarcity of jobs, and a lack of promising future prospects all lead to young people feeling disenfranchised with no path to personal, professional and financial independence.
Stunted nationwide socioeconomic transformation results in a generation of people without hope, without a vision of what’s possible with their lives.
While restoring hope requires multi-faceted solutions, SA’s G20 Presidency and the upcoming B20 Summit later this month provide an opportunity to focus on one of the more accessible areas for impact, and arguably one of the key barriers to the personal development of our country’s youth: the widespread lack of financial literacy.
Education is, and can be, a bridge to inclusivity, prosperity and the development of sustainable local and global economies. By directly addressing the challenges that young people face, enabling them to participate in our economy, and including their perspectives in policy discussions, we help change their lives forever and forge a new path for Mzansi’s growth journey.
Addressing the state of a young nation
Democratic societies have traditionally aspired to a middle-class way of life known in the US as the ‘American Dream’: earning enough to own a home in a safe neighbourhood in which to raise a family.
Although South Africa has its own unique challenges, the ‘South African Dream’, a promise of the post-1994 democratic era, was not that different.
Unfortunately, that dream has not been fulfilled for many young people. In the second quarter of 2025, Mzansi’s unemployment rate rose to 33.2% while youth unemployment remained at 46.1%. In that quarter alone, the number of unemployed youth (15 to 34 years) rose by 39,000, with surveys showing unemployment is highest among people without a matric certificate.
Unemployment translates into concerns regarding home ownership and young people’s relationship with money. Research by marketing firm Ipsos found that while 92% of South Africans agreed that everyone had a right to own their own home, 72% believed it was harder for their generation to buy or rent a home compared with their parents’ generation. The survey also found that almost half of respondents were concerned about their ability to pay rent or mortgage repayments.
Combined with social and cultural circumstances such as the responsibility of “black tax”, where young black South Africans have to support their parents and other family members, as well as concerning levels of basic financial education, these statistics paint a damning picture of the lived realities and future prospects of our youth.
Importantly, this picture does not exist in a vacuum. All economic challenges are connected, and true socioeconomic transformation only occurs when it benefits every citizen and every corner of society. To achieve that, we need to implement a broader strategy of change, and a good place to start is our ability to manage our money. This context underscores why we need to take practical steps to empower young people through knowledge and opportunity.
Mapping the way forward
For many young South Africans, the real challenge is not a lack of ambition, but limited access to meaningful opportunities. Entrepreneurship is often touted as the solution, but without the right support systems, such as career guidance, mentorship, funding mechanisms and financial education, turning an idea into a sustainable business remains out of reach for most.
Those systems also have to account for the trends that shape youth employment today. According to the 2025 Old Mutual Savings & Investment Monitor (OMSIM), an annual study that tracks the financial behaviours of working South Africans earning a minimum of R8,000 per month, 57% of respondents earn from multiple sources.
Financial literacy is by no means a silver bullet, but it is a critical building block of economic participation and empowerment
— John Manyike, head of Financial Education at Old Mutual
This trend of “poly-jobbing” and diversifying income streams, while increasingly becoming a means to build wealth, is often the result of necessity. Working more than one job is becoming the norm for many young people and needs to be factored into initiatives that aim to drive financial empowerment.
Financial literacy is by no means a silver bullet, but it is a critical building block of economic participation and empowerment. It enables young people to make informed decisions and contribute to national growth.
That agenda has many stakeholders, including government, the private sector, communities and financial services providers like Old Mutual. We have a shared responsibility to cooperate and stage high-impact interventions, whether they take the form of digital tools and resources that inform and assist South Africans, or campaigns and initiatives that put the subject of financial education front and centre.
An economy built on lived experiences
The upcoming B20 Summit will shine a spotlight on what goes into formulating and enacting policy that steers SA’s social and economic outlook.
Tackling global challenges isn’t possible without the input of those most affected by them, and with projects like Old Mutual’s Add Your Voice campaign, we can include the voices of young South Africans who remain locked out of our economy.
Financial education is the first step in not just making our economy more inclusive, but empowering young people and enabling them to build their financial futures. Every one of those futures is different, whether it’s starting a business or buying one’s first home. But what they have all in common is a new opportunity to create something that lasts. The end result is not just increased economic activity and resilience, but a foundation for nationwide sustainable growth.
That’s what the B20 conversation is all about: building a more inclusive, empowered economy for all South Africans.
Join the conversation shaping SA’s economic future. Share your thoughts, priorities and challenges through Old Mutual’s Add Your Voice campaign via WhatsApp (082 690 5619) or on Facebook at @OldMutualSA.
This article was sponsored by Old Mutual.
