Although the socio-economic situation in South Africa was not good for millennials who joined the labor market after the global recession of the late 2000s, there are some important money lessons that can be learned from this generation.
Jikku Joseph, managing director of money management app 22seven of Old Mutual, said this group should have navigated millennials in a harsher global economic environment than previous generations – one of high inflation, unemployment, social and political unrest and low economic growth .
Yet despite this, they still manage their money well, with 69% with a savings account, according to Old Mutual's research.
Joseph emphasized some money lessons from this generation, which are:
- The ability to save additional expenses ensure significant cost of living;
- Getting the most out of job opportunities;
- Finding side-hustles alongside day jobs to generate wealth;
- Keeping a firm eye on someone's money;
- Emphasizing debts sooner than later;
- Consistently save for goals.
"Millennials understand the importance of cutting down to save for what they want.
" They understand that a good life & # 39; does not have to be excessive expenses.
"Coping with immediate financial demands is more important.
" In contrast to the linear idea of formal jobs in previous generations, millennials work in a world that is more flexible in terms of income opportunities.
"Many sell services and products alongside their" day jobs ", a phenomenon that earned them the term" slashers "in a previous old mutual investment and savings monitor." 19659002] "The & # 39; # 39; slash & # 39; refers to the forward slashes between job descriptions, for example programmer / yoga teacher.
"From Instagram modeling to Youtube vlogging, online language learning or completing brand surveys for quic k money injections, millennials create wealth outside the formal job market," he said.
According to Joseph, the Better Money Habits Millennial Report of 2018 showed that 57% of the 63% millennials who saved had a specific financial goal
"By saving they travel around the world, they see favorite pop stars in foreign countries. concerts and initiate passion-based initiatives. "