Young South Africans who have left home to live independently may be financially strapped, but they are resourceful enough to rise above it. This is what key findings from the 2018 Old Mutual Savings & Investment Monitor indicate.
An online booster sample focused on the financial behaviours and attitudes of a sub-segment of millennials: working individuals aged 18 to 35 years who are recently independent, but financially strapped (Rifs).
According to this survey, one in three Rifs holds down more than one job to boost their income, and four out of five are sharing accommodation.
What’s more, the majority (63%) say they are actively saving and investing. Funeral policies (66%) and life cover (65%) head the list of financial solutions used. Thinking long term is clearly a priority: nearly half have some form of banked cash savings and/or retirement annuity (RA), while nearly one in five have invested in shares and/or unit trusts.