This is according to the 2018 Old Mutual Millennial Survey, which found that although South Africans between 18 and 34 years of age are more likely to save and invest than older generations, nine out of 10 of them are providing financially for their relatives.
Elize Botha, the managing director at Old Mutual Unit Trusts, says the festive season can be a particular point of conflict for money-savvy millennials. “The holidays, which are often associated with both giving to others and receiving a year-end bonus, can put young professionals in a difficult position.”
However, Botha says it is possible for millennials to have their proverbial Christmas cake and eat it, by approaching the festive season a little differently this year.
“The first step is establishing what is most important in the bigger scheme of things. This requires being honest with yourself and your family about how much you can afford to spend, and how much you need to invest in order to remain on track with reaching your financial goals.”