Global Money Week, held from 17 to 20 March, once again highlighted the importance of financial education in empowering young people with essential money management skills. This year’s theme, “Think before you follow, wise money tomorrow,” resonated strongly with Generation Z – who are proving to be more financially savvy than their predecessors.
As a company committed to improving financial literacy, Old Mutual actively supported Global Money Week across multiple countries where it operates. “The more you know and understand about money matters, the smarter your financial decisions and the better your future will be,” said Thembisa Mapukata, Tied Distribution General Manager at Old Mutual Retail Mass Market.
While this might seem like common sense, financial education remains a key factor in equipping individuals with the knowledge they need. That’s precisely the goal of initiatives like Global Money Week and Old Mutual’s On the Money programme, which provide young people with financial insights that help shape responsible habits.
Gen Z’s financial confidence on the rise
Various studies have shown that young people aged 18 to 29 – Generation Z – are remarkably well-informed about financial matters.
Despite the economic uncertainties and rising debt levels of 2025, surveys indicated that Gen Z remained more confident and optimistic about their finances compared to Millennials (aged 29-44), Gen X (aged 45-60), and Baby Boomers (aged 61-70).
Growing up in a digital-first world, Gen Z embraced mobile financial technology more than any previous generation, moving away from cash transactions in favour of digital banking and payment apps. “Gen Z live far more fully in the cashless, digital world than their parents or even older siblings do,” said Mapukata. “Cash, by comparison, is vintage, baby, vintage!”
According to the 2024 Old Mutual Savings & Investment Monitor (OMSIM), 73% of Gen Z engaged in polyjobbing, meaning they actively managed multiple income streams. “Being proactive and resourceful in this way is definitely contributing to their greater financial health,” Mapukata noted.
While Gen Z prioritised saving and financial responsibility, they also valued experiences over material goods. This shift led them to postpone traditional life milestones such as marriage, parenthood, and homeownership. As a result, their uptake of life insurance, risk cover, and emergency savings remained lower than older generations.
Early financial education makes a difference
Experts attributed Gen Z’s financial confidence not only to their digital proficiency but also to early exposure to financial education.
“We are pleased that initiatives such as Global Money Week and Old Mutual’s On the Money programme are fostering a generation of young adults capable of achieving and maintaining financial wellbeing,” said Mapukata.
However, financial risks persisted. OMSIM findings showed that Gen Z displayed the highest levels of risky investment behaviour, raising concerns about their long-term financial security. “It’s worth noting that Gen Z is obviously not immune to risks,” Mapukata cautioned.
The reality for other generations
For those outside the financially confident Gen Z bracket, financial challenges remained daunting:
- Only 51% of South Africans were financially literate, according to a 2024 Financial Sector Conduct Authority (FSCA) survey conducted with the Human Sciences Research Council (HSRC).
- South Africa had one of the world’s lowest savings rates, with gross savings at 13.7% of GDP as of September 2024, according to the Reserve Bank.
- With inadequate retirement savings, only 6% of working South Africans were expected to retire comfortably.
“As always, knowing better helps you do better, so equipping yourself with knowledge and understanding remains the best way to boost your financial health,” concluded Mapukata.
Global Money Week 2025 reinforced that while Gen Z is leading the way in financial confidence, financial literacy remains a lifelong journey for all generations.
