JOHN MANYIKE | Financial education: the bridge to SA’s inclusive future

Many young South Africans feel that hope is out of reach. Young people feel disenfranchised by the current economic situation, the lack of employment opportunities and a lackluster future. They have no way to achieve personal, financial and professional independence. Stunted nationwide socioeconomic transformation results in a generation of people without hope, without a vision of what’s possible with their lives.About the author: John Manyike is head of Financial Education at Old Mutual. (Old Mutual) While restoring hope requires multi-faceted solutions, SA’s G20 Presidency and the upcoming B20 Summit later this month provide an opportunity to focus on one of the more accessible areas for impact, and arguably one of the key barriers to the personal development of our country’s youth: the widespread lack of financial literacy.Education is, and can be, a bridge to inclusivity, prosperity and the development of sustainable local and global economies. By directly addressing the challenges that young people face, enabling them to participate in our economy, and including their perspectives in policy discussions, we help change their lives forever and forge a new path for Mzansi’s growth journey. Addressing the condition of a young countryDemocratic societies historically have strived for a middle-class lifestyle, also known as the American Dream. ‘American Dream’Earn enough money to buy a house in a neighbourhood where you can raise your family in safety. South Africa is not without its challenges. ‘South African Dream’, a promise of the post-1994 democratic era, was not that different.Unfortunately, that dream has not been fulfilled for many young people. In the second quarter of 2025, Mzansi’s unemployment rate rose to 33.2% while youth unemployment remained at 46.1%. In that quarter alone, the number of unemployed youth (15 to 34 years) rose by 39,000, with surveys showing unemployment is highest among people without a matric certificate.Unemployment translates into concerns regarding home ownership and young people’s relationship with money. Research by marketing firm Ipsos found that while 92% of South Africans agreed that everyone had a right to own their own home, 72% believed it was harder for their generation to buy or rent a home compared with their parents’ generation. According to the survey, nearly half of respondents are concerned about being able to afford rent or mortgage payments. “black tax”This picture is not a one-off. All economic issues are interconnected, and socioeconomic transformation is only possible when all citizens and corners of society benefit. In order to do this, we must implement a wider strategy of change. A good place to start would be our ability to manage money. Mapping the futureFor many South Africans the problem is not lack of ambition but a limited access to meaningful employment opportunities. Many people see entrepreneurship as a solution. However, without the proper support systems such as mentorship, funding, and financial education, most young South Africans will not be able to turn their ideas into sustainable businesses. According to the 2025 Old Mutual Savings & Investment Monitor (OMSIM), an annual study that tracks the financial behaviours of working South Africans earning a minimum of R8,000 per month, 57% of respondents earn from multiple sources. Financial literacy is by no means a silver bullet, but it is a critical building block of economic participation and empowerment—  John Manyike, head of Financial Education at Old MutualThis trend of “poly-jobbing” Diversifying income streams is a necessity for many people. For many young adults, working multiple jobs is the norm. This trend should be taken into consideration when developing initiatives to promote financial empowerment. Financial literacy may not be a magic bullet, but it’s a crucial building block to economic participation and empower. This agenda involves many stakeholders including the government, private sector, communities, and financial service providers such as Old Mutual. We have a shared responsibility to cooperate and stage high-impact interventions, whether they take the form of digital tools and resources that inform and assist South Africans, or campaigns and initiatives that put the subject of financial education front and centre.An economy built on lived experiencesThe upcoming B20 Summit will shine a spotlight on what goes into formulating and enacting policy that steers SA’s social and economic outlook. Tackling global challenges isn’t possible without the input of those most affected by them, and with projects like Old Mutual’s Add Your Voice campaign, we can include the voices of young South Africans who remain locked out of our economy.Financial education is the first step in not just making our economy more inclusive, but empowering young people and enabling them to build their financial futures. Every one of those futures is different, whether it’s starting a business or buying one’s first home. What they all have in common is the chance to build something lasting. The end result is not just increased economic activity and resilience, but a foundation for nationwide sustainable growth.That’s what the B20 conversation is all about: building a more inclusive, empowered economy for all South Africans. Join the conversation shaping SA’s economic future. Share your thoughts, priorities and challenges through Old Mutual’s Add Your Voice campaign via WhatsApp (082 690 5619) or on Facebook at @OldMutualSA.This article was sponsored by Old Mutual.
2025-11-13 08:46:42