1Life Insurance Youth Survey Reveals Financial Challenges Facing South African Youth

The youth in South Africa are facing a financial crisis, according to a recent survey conducted by 1Life Insurance. The study revealed that youth unemployment is at a staggering 45.5%, and of those who do have a source of income, more than 50% do not know how to build a financially stable future. Additionally, less than 30% of South African youth have a solid monthly budget in place.

Siphelele Sokhela, Brand Manager at 1Life Insurance, highlighted the importance of financial education for the youth, stating that without proper knowledge and tools, they are at a disadvantage in building wealth and breaking generational debt. The survey also found that less than 20% of youth have any form of insurance, which is crucial for financial protection and building generational wealth.

Yolenda Jawe, a financial influencer and YouTuber, emphasized the need for financial literacy among the youth. She stressed the importance of having a budget in place and proper financial management skills to ensure a financially stable future. Jawe also highlighted the role of social media in financial education but cautioned that it should not be the only source of information.

In light of the challenging economic situation, Sokhela advised the youth to seek financial education and speak with a financial advisor or insurer to navigate these tough times. The survey serves as a wake-up call for the youth in South Africa to prioritize financial literacy and take steps towards building a secure financial future.