Financial literacy is one of the most important basic life skills, yet many school leavers enter the workforce without the knowledge required to manage their finances effectively. According to Thys van Zyl, Chief Executive Officer of Everest Advisory Services (Pty) Ltd (FSP 49495, CAT I), Youth Day presents an ideal opportunity to focus on this issue given its significant impact on long-term financial well-being. Financial literacy is just as important as formal education in today’s world, says Van Zyl, as it enables young people to make better financial decisions, avoid unnecessary debt and improve their long-term financial position.
“Many young South Africans leave the education system without a basic understanding of budgeting, saving, investing, credit or retirement planning. Yet they are expected to make responsible financial decisions from the moment they earn their first salary.”
Van Zyl believes that financial literacy is not merely a personal advantage, but also an important economic tool that can strengthen individuals, families and communities.
“One of the biggest challenges is that many people only begin focusing on saving and investing later in life. By then, they have already lost years of potential growth.”
According to Van Zyl, the greatest financial advantage young people possess is not necessarily their income, but time.
“Someone who starts saving and investing early, even with small amounts, has a significant advantage over someone who only starts ten or twenty years later. The power of compound growth means that time is often more important than the amount with which you begin.”
While starting early can enhance the potential benefits of long-term investing, outcomes are influenced by factors such as investment choices, market conditions, risk tolerance and individual circumstances.
He says financial success is seldom determined by one major decision, but rather by hundreds of small decisions made consistently over many years.
“The habit of budgeting, setting savings goals, managing debt responsibly and investing regularly can help improve a person’s financial position over time.”
Against the backdrop of high youth unemployment and increasing economic pressure, Van Zyl believes it is more important than ever that young people are equipped with the knowledge needed to manage and shape their financial future.
“Not every young person starts with the same opportunities or resources, but financial literacy gives people the ability to make better decisions with the resources available to them. It creates greater financial resilience and independence.”
Van Zyl says parents, schools, universities, employers and the financial sector all have a role to play in promoting financial literacy.
“We need to start viewing financial education as a life skill rather than a luxury. The earlier young people learn how money works, the greater their chances of building financial wealth and making adequate provision for retirement.”
He believes Youth Day provides an opportunity not only to reflect on the challenges facing young people, but also on the skills that can help improve their future prospects.
“Education has the power to change lives. Financial literacy is one of the most important forms of education that we can pass on to the next generation. It is not just about money – it is about freedom, opportunity and the ability to plan for the future with greater confidence.”
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Author: Sya Potgieter from https://everestwealth.co.za/ on behalf of Everest Wealth.
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