Personal Finance Financial Planning

Point of view: empowering South Africa's youth financial independence

Dieketseng Maleke|Published

On Youth Day, we honour the courage of young South Africans who fought for justice in 1976. This year, let's focus on empowering the next generation with essential financial skills and strategies to secure their future.

Image: File photo.

Every year on 16 June, South Africans commemorate Youth Day, a moment that honours the bravery of young people who stood up against injustice in 1976. But beyond remembering the past, Youth Day is a powerful reminder that the fight for a better future continues—and this generation has a critical role to play.

For young South Africans, the challenge isn’t just political. It’s about economic empowerment, financial literacy, and securing a sustainable future. In today’s world, financial independence is one of the most valuable forms of freedom, yet it remains elusive for many. The truth is, financial stability isn’t built in a day—it’s about the small, consistent steps taken over time.

Inspired by Zihaad Israfil, CEO of CFI Financial Group South Africa’s advice, here are six steps young South Africans can take today to strengthen their financial future:

  1. Track your spending – The reality is that many of us don’t realise how much we spend until we see it written down. Whether it’s fast food, impulsive online shopping, or transport costs, tracking expenses with a spreadsheet or app creates awareness. Once you know where your money is going, you can make better budgeting decisions.

  2. Start saving, even R50 a Month – You might think saving is impossible, but even a small amount like R50 can make a difference. Consistency is key. A little today can grow into something significant tomorrow, especially when placed in a high-interest savings account.

  3. Build an emergency fund – Life throws unexpected challenges at us—a sudden illness, job loss, or family emergency. Having a financial safety net prevents you from relying on high-interest debt. Start small and automate savings so it becomes effortless.

  4. Manage your debt – Many young people face student loans or other forms of debt. Paying more than the minimum required amount can reduce long-term interest payments. Understanding debt early on prevents financial struggles in the future.

  5. Open a demo account – If you’re interested in investing, start by exploring trading platforms with a demo account. This lets you practise without risk and helps you understand financial markets better.

  6. Join free financial webinars – The internet is a treasure trove of knowledge. Many financial institutions offer free webinars that explain investment strategies, budgeting techniques, and ways to grow wealth. Take advantage of these resources.

I remember the first time financial independence truly hit me; I was in my second year of university, balancing part-time work, tuition fees, and transport costs. My budget was tight, and I had little room for mistakes. One month, I splurged on entertainment without realising I hadn’t set aside anything for transport. Suddenly, I found myself borrowing money just to get to campus. That moment forced me to reassess my habits.

I started tracking my spending religiously, cutting out unnecessary expenses, and committing to saving—even if it was just R50 at a time. It wasn’t easy, but slowly, those small steps made a difference. By the time I graduated, I had an emergency fund and a habit of mindful spending.

Youth Day is about more than remembering history; it’s about taking control of our future. Economic freedom starts with financial responsibility, and the small steps taken today will shape the world we inherit tomorrow. Let’s not wait for change, let’s build it ourselves, one smart financial decision at a time.

* Maleke is the editor of Personal Finance.

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