Johannesburg - In a country with such rich cultures and possibilities, South Africa has a staggering youth unemployment rate.
Millions of the nation’s youngsters are sitting at home with no work or form of income, despite whatever skills and knowledge they might possess.
To help counter this, Standard Bank recently launched their 10pM (10% Millionaires) Movement to motivate the country’s youngsters to save or generate their first R100 000 by the age of 30. The initiative also aims to encourage young people to build R100 000 in savings or investments, and become 10% millionaires.
Lindy-Lou Alexander, brand and marketing head: Consumer and High Net Worth at Standard Bank, told “The Saturday Star” this week that the purpose of the 10pM Movement is to “ensure that young South Africans are on their way to the ‘big time’ by their late twenties”.
"Young adults between 18 and 30 years are invited to sign up for the 10pM Movement, where they will have the option of choosing to put away any amount that is possible for them each month,” Alexander said.
“In addition, they can start boosting their income and savings from their inspiring hustles by taking up the campaign’s invitation to develop creative content on their 10pM journey."
She added that the 10% Millionaires Movement invites South Africans between the ages of 18 and 30 to take control of their own destinies by building their savings and investment from their regular grind or side hustles.
“It provides them with the opportunity to start putting away R300, R500 or R1 000 a month and grow this to start the business they are passionate about, or realise their first big financial goals.”
The bank is providing youngsters with tools to generate regular income and effectively invest and grow the money.
Alexander said Standard Bank decided to put their support behind young South Africans in order to help address the high youth unemployment rate in the country and to boost the local economic growth.
“The purpose of the movement is to develop an empowered mindset in young people and offer them ways to proactively build their own future.
“South Africa's youth unemployment rate is at an alarming rate of more than 70% and youths are concerned about their future.
“Knowing that they are skilled, creative and well-positioned to realise their potential and stimulate economic development in South Africa and the rest of the continent, they should get involved in order to access opportunities and tools to generate regular income and effectively invest and grow the money.”
Standard Bank has also partnered with Jabu Newman, a young South African film-maker and entrepreneur for their 10pM Movement.
Newman was tasked with creating a TikTok film for the bank’s initiative and believes there needs to be more recognition and support for all opportunities that have arisen in the digital age.
“The reason is that it has become a viable way for people, especially young people in the country who possess innate talent, and who may not be able to land a traditional job, to make something of themselves; to earn an income and to become successful.”
Newman, who was captivated by the art of storytelling through photography and film from a young age, said while there are lucrative opportunities available in the digital era, it can be difficult for creatives and freelancers in the entertainment industry to secure credit to pursue their dreams.
“It is so comforting to know that there is a bank out there that understands that these new occupations are viable options for the country’s youth to pursue, and that the bank is willing to invest and support and partner with creatives to support their goals and ambitions.”
With the aim of amplifying the 10pM Movement, Standard Bank invited visual content creators like Newman to put forward pitches to produce an inspiring and impactful 10pM film. Alexander said Newman’s pitch stood out above the rest, and she worked closely with the bank’s agency partner, M&C Saatchi Abel, to develop and produce her film, which now lives on the TikTok platform.
Newman says she believes initiatives such as the Standard Bank 10pM Movement can play a critical role in inspiring and driving entrepreneurial spirit and mindset among SA’s youth, which will help address the youth unemployment crisis that plagues the country and hinders its development.
“The campaign is impactful because of how it is conveyed: in a simplified manner. When you think about the fact that R100 000 is 10% of R1 million, it feels like a more achievable goal that you might be able to achieve by saving income received from an entrepreneurial hustle, or from a traditional job and by investing.”
She added that the financial service sector can be intimidating for young people.
“There are so many people I know in the creative industry who are my age and trying to break into this type of work but it isn’t easy, and as such, we need organisations we can partner with to help us along the way and guide us on how to be financially savvy, and make our dreams a reality.”
Alexander added that the digital world enables new-age entrepreneurship and lowers barriers associated with it.
“This has had a positive impact, where young South Africans find unconventional industries to push and thrive such as make-up artistry, TikTok influencing, podcasting, music production and graphic designing.”
She added that Standard Bank acknowledges the new age of entrepreneurship and that the nation’s youth, despite facing the highest unemployment rate in history, are making their own plans and using their talent and resources such as the digital and social media platforms to unleash their potential.
“We can see this through the rise of the use of social media as a marketing tool for youngsters to showcase their side hustles and even turn them into their main hustles.”