TransUnion's latest report reveals a surge in credit uptake among South Africa's Gen Z population. Driven by rising living costs, younger consumers are increasingly relying on credit cards, personal loans, and retail revolving loans to meet their needs. The report highlights a growing trend of credit inclusion, with Gen Z and Millennials accounting for a significant portion of new credit accounts opened.
TransUnion’s latest report on credit has shows that more Gen Z South Africa ns are taking out credit.New data from TransUnion’s South Africa Industry Insights Report for 2024 has shown that young people, Generation Z in particular, are taking up more credit.
Overall, the number of credit-active consumers grew by 4.7% year-on-year to 18.5 million people, of which 28.1% hold credit cards. , accounted for 62% of new accounts opened during Q2 and this reiterated the importance of younger generations in credit inclusion. Roman Daniel, 24, is a law student in Cape Town, who said that he did not want to take out credit but was forced to sign up for a store account after his phone was stolen.
“Based on the phone I could afford and the monthly payments I came to the realisation that this company would be the best option for me.“Asked if he had any issues with having credit, he said that he hated paying the monthly fee and knowing that he was paying more than what the actual phone was worth. The student explained that is the price of using a credit facility.
Doe said that she took out a credit facility when she first got to university. She had a part-time job and therefore was given credit as she was able to provide TFG with a payslip and three months' bank statements.
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