Gen Z the most financially confident age group, Sanlam Index reveals
The latest Sanlam Financial Confidence Index has revealed that Gen Z is the most financially confident age demographic in South Africa .
The purpose of the index is to deep dive into the factors undermining confidence to understand what kinds of interventions will make the most impact. It surveyed 1 610 South Africans, representative of the population, aged 20 to 70 years, with a personal income of at least R1,000 pm. Most participants were from metropolitan and urban areas, across all provinces.
“I follow Poku Banks on TikTok; he imparts financial knowledge in an easy way, as though he’s joking, but we are learning,” says one female Gen Z respondent.: Gen Z is more optimistic about growth opportunities and more satisfied with their standard of living than other generations. They are also more open to financial planning and likely to have debt repayment plans.
2024 saw a dip in financial tracking with just 36% of respondents having a goal tracking system. Despite this and the ever-increasing cost of living, Sipho Mncwabe, the Regional Executive at Sanlam, notes that South Africans are doing their best to remain resilient.
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