Nedbank commits to helping SA youth go from short-term savings to long-term investment success. Image by ASphotofamily by Freepik
It’s a vital commitment from the bank, given the findings of its 2023 Consumer Tracker Survey, which provided some eye-opening insights into the savings and investment behaviours of South Africa’s youth. The research, which surveyed 1 744 young individuals, found that while an impressive 90% of participants have some form of short-term instant-access savings account, the numbers drop dramatically when it comes to longer-term savings and investments.
They also point to other possible reasons for the reticence of SA’s youth to save as being a tendency to focus on immediate ‘wants’ rather than long-term ‘needs’ and simply not realising the significant benefits of investing early, even with small amounts. “Young adults often lack education in personal finance management, leading to poor financial decisions and a focus on short-term spending over long-term investment planning,” Nonkenge says.
She highlights that Nedbank is committed to supporting South Africa’s youth in overcoming the barriers they face on their saving and investment journeys and helping them achieve success. The bank offers various investment solutions tailored to meet the needs and preferences of young adults, prioritising ease of access through digital platforms, cost-effectiveness, and competitive interest rates.