What are young South Africans really spending their money on—and how are they planning for the future? Standard Bank has just released its Youth Barometer, an in-depth look at the financial behaviours of clients under the age of 35, offering data-driven insights that cut through assumptions and paint a clear picture of Gen Z and Millennial money habits.

Speaking on HOT Business with Jeremy Maggs, Tshiamo Molanda, head of Youth and Mass Market Segments at Standard Bank, unpacked the findings. Unlike opinion-based surveys, this report draws directly from hard financial data—transaction patterns, insurance behaviour, and home loan activity—giving a transparent look at how young people are managing their money.

And some of the numbers are surprising.

Essentials over indulgence? Mostly. Youth between 18 and 24 spend 58% of their income on essentials. But this doesn’t mean they aren’t also investing in self-care, fast food, and entertainment—with a clear brand affinity playing a role in their choices.

Adulting is real. A standout stat? A staggering 40% of all new home loan inquiries since January 2023 came from people under 35. And over 35% of vehicle finance applications also came from this age group—many without deposits. That shift toward asset ownership reflects a generation keen on independence, despite limited disposable income.

Savings culture is budding, but still has room to grow. While funeral cover and short-term savings accounts are prioritised, long-term investments are still a challenge. That’s where tools like the Liberty Stash product come in—designed to help young people save in micro-amounts (even as little as 10 cents per day), triggered by everyday activities like exercise.

These insights challenge many outdated assumptions about youth being financially reckless. They show responsibility, ambition, and a desire to grow—even if the means are modest.

Want to know what car brands are resonating most with first-time buyers or how South Africa’s youth stack up against their European peers when it comes to home ownership? Catch the full interview below: