Creating a financial legacy: essential steps for young South Africans

Legacy has always mattered. For generations, it was often referred to as what was passed down, a home, a family name, assets, or even a business. As Youth Month draws to a close, it’s the perfect time to ask: what kind of legacy are we creating?

A shift is being seen across the country. Legacy is no longer only about property or assets. It’s about mindset, being intentional, informed, and in control of your own financial journey. It’s about something deeper and more active. It’s about what we choose to build, the financial habits we form, the decisions we make, and the values we carry forward.

For many of us, this journey begins without a roadmap. We’re the first generation in our families to graduate, to bring home a steady income, or to think about building long-term financial stability. Often, we figure out things as we go, without much room for mistakes. And in a country where financial education wasn’t always easily accessible, that pressure can be overwhelming.

Most of us didn’t grow up having conversations about interest rates, inflation, credit health, or financial planning.  Instead, what we inherited were survival tactics - spend what you have, save as much as you can, don’t ask too many questions, avoid debt, or drown in it. However, that vicious cycle ends with us.

We’re seeing signs of gradual change in how young people approach money. 

• Side hustles are becoming formalised, turning kitchen-table ideas into registered businesses and micro enterprises.

• Financial literacy is being pursued across social and digital channels, workshops, and masterclasses, and through the guidance of financial institutions and educators.

• Digital tools are enabling young people to save, invest, and track spending, often from the palms of their hands.

Still, too many of us are moving on autopilot, and in this economy, that’s a huge risk.

Stats SA Q1 2025 data shows that 46.1% of young South Africans (aged 15-34) are unemployed, with an even more concerning 62.4% jobless rate among 15–24-year-olds. These stats don’t tell the whole story, though, as they don’t highlight how hard young people are pushing to create stability and success against the odds.

What we’re also seeing is that while young people have the drive, too few are tapping into the available support and resources that could accelerate their financial progress. FNB’s 2024 Report to Society reveals that only 6% of customers under 35 engage regularly with financial planning tools or advice. That means 94% are winging it. This is a big problem because guessing your way through money is expensive.

So, here are four things you can do right now, as a legacy-minded young person:

1. Ask questions. Whether it’s a financial coach, your bank, or even a trusted friend, there is no shame in learning.
2. Start small and stay consistent. The smallest amount toward saving is still a good start. Progress is built on consistency.
3. Use what you have. From budget tools, advisory services, or even group savings platforms - access isn’t the issue; underusage is.
4. Track your money regularly. It’s the only way to understand your financial patterns and adjust where needed.

And here’s the most important part: you don’t have to get it perfect; you just have to get started and keep it going.

This movement toward financial consciousness is about sustainability, and it signals a generation ready to build equity, access, and long-term financial freedom. And, financial freedom isn’t reserved for the wealthy, the lucky, or the well-connected. It’s for anyone willing to be intentional, even when it’s hard, when the pressure hits home, or when you’re the first to do it in your family.

* Ngcobo is the product manager of integrated advice at FNB.

PERSONAL FINANCE