Understanding credit isn’t just for adults with home loans or credit cards—it’s something that starts earlier than many people think. Speaking on Hot Business with Jeremy Maggs and MoneyWeb, Andrew Fulton, a Director at Eighty20, shared some surprising insights into how different age groups in South Africa use credit

His research shows that while most South Africans are under the age of 35, this group only holds 17% of the country’s credit by value. That’s because younger people usually start with smaller accounts, like clothing store accounts, while older adults tend to have bigger loans like home loans or car finance. 

“The majority of people who hold credit in South Africa are older,” said Fulton. “Younger people are starting small—but how they manage that credit can affect their ability to get bigger loans later on.”

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Parents, Credit & Retirement: The Cost of Not Planning Ahead

He also warned that many people over 60 are still using credit cards and unsecured loans—often because they didn’t save enough for retirement. Rising living costs and unexpected expenses mean that older South Africans are turning to credit to stay afloat.

“Not many South Africans are properly prepared for retirement,” Fulton explained. “Some are using credit to fill the gaps.”

Whether you’re a parent helping your child build good money habits or you’re trying to manage your own credit better, this interview is full of useful advice. Fulton even shares tips on how to build a strong credit profile and why starting early—but smartly—can make a big difference.

In conclusion

The correct guidance can make all the difference, whether you’re a parent preparing for your child’s financial future or managing credit later in life.

Tune in to Hot Business on Hot 102.7 FM for more expert insights, practical tips and conversations that help you make smarter money movers.