South Africa continues to rate poorly in terms of savings among adults and youth.
The financial literacy baseline study, which was undertaken by the Financial Services Board (FSB), revealed several statistics about young people aged 16 to 19. The study found that the majority of young people would prefer to spend money than save it; that the majority of young people never enjoy dealing with financial matters and that young people are least likely to stay within their budgets.
Your parents play a critical role in teaching you savings behaviour and if your parents are like most others, they put away some money for you and are responsible in doing so.
When parents do not teach teens to save they inadvertently do not foster the right savings habits. Your parents want to do everything for you, and by seizing the opportunity to foster financial literacy through education from a young age, they’re setting you up for a financially secure future.