Debt, Unemployment, and the Real Fight for Freedom

As South Africans gear up to celebrate Freedom Day, the focus typically falls on our hard-won political rights. But with record levels of youth debt and unemployment, Director and Head of Legal at Milaw Legal Rynhardt de Lange is urging consumers to reflect on a more personal form of liberation — financial freedom.

“We need to broaden the definition of freedom,” says de Lange, “It’s not just about voting rights or political participation — true freedom means being able to live with dignity, plan for the future, and break the chains of over-indebtedness.”

Debt remains one of the most suffocating barriers to financial independence. New data from TransUnion paints a sobering picture. Youth under 35 now account for nearly 62% of new credit accounts, with Gen Zs leading the surge. Vehicle loans, clothing accounts, and personal credit cards are becoming gateways into long-term financial distress — particularly for those without a solid foundation in financial literacy.

“What we’re witnessing is a generation drowning in debt. On average, South Africans spend 68% of their take-home pay on debt repayments — and for higher earners, it’s up to 74%. This isn’t sustainable,” says de Lange.

Despite political emancipation, the Economic Freedom of the World Report ranked South Africa 94th out of 165 countries — a stark reminder that access to economic opportunity is still heavily restricted.

High unemployment, especially among youth (currently at 44.6%), growing household debt, and limited access to capital all contribute to widening inequality.

“Freedom without financial empowerment is a hollow promise,” says de Lange. “To close the gap, we need policy reform, financial education in schools, fair lending practices, and as well as proactive financial management tactics from South African consumers.”

Financial tools like budgeting, saving, and investing can be acts of resistance — strategies that enable families to build intergenerational wealth and escape the cycle of debt.

This Freedom Day, South Africans are encouraged to do more than wave the flag or attend a parade. De Lange believes it’s time to swap symbolic gestures for meaningful steps toward financial liberation.

He offers the following tips:

• Review your credit profile — know your score and clean up any errors.
• Set clear short- and long-term financial goals.
• Speak to professionals about debt solutions if you’re struggling.
• Commit to learning — be proactive about your financial education.

“Celebrating freedom should include empowering yourself financially,” says de Lange. “You can’t be truly free if you’re financially strapped.”