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YOU’RE ONLY YOUNG ONCE. BECOME MONEY-WISE NOW! FOLLOWING the principles of compound interest, young people have the benefit of time, which, if they consistently invest it in the right things today, will generate good outcomes in the future. “There is no better 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 asoon as possible, to ensure a better, more prosperous future for themselves and their families,” says John Manyike, head of financial education at Old Mutual. South Africa is a youthful country, with over a third of our population under the age of 35. With around 66% of 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. Financially literacy must not be underestimated. Not only will the youth benefit from financial knowledge that contributes 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 create jobs for other young people and result in a positive ripple effect for the economy and long-term benefits for future generations. When you have just started
working, it may feel strange to be thinking about the financial building blocks you will need during your life and even about retirement. After all, shouldn’t this time be spent on enjoyment, buying dream cars, travelling, and all the good things that money can buy? That may be, but it is also the ideal time to use your youth to your benefit and begin investing in your future. MAKE WEALTH CREATION A PRIORITY Unemployed South African youngsters joining the labour market late are in a race against time to close the asset accumulation gap. Entrepreneurship for the youth is critical and should take centre stage instead of formal employment. We need inspired
