According to Stats SA, youth unemployment in South Africa is at 66.5% and according to the Organisation for Economic Cooperation and Development (OECD), national surveys reveal that the youth have the lowest levels of financial literacy amongst all groups — core life skills for participating in the modern society. This gap is wide when comparing youth in developed countries relative to youth in developing countries.
Today's youth are growing up in an increasingly complex world, where they will eventually need to take charge of their own financial future. Many lack of an interest in taking on sound financial planning and show an inability to select the appropriate financial products. The onus is on us parents to help our kids close the knowledge deficiency gap. We need to help them develop not only the skills to choose between career and education options, but to also manage any discretionary funds that they may have, whether allowances or part time jobs. It has become important to educate our kids from an early age how to handle money. The education may take the form of learning how to use savings accounts or bank cards.
The inclusion of financial education as part of the school curriculum is good start. But school curriculums lack the practicality and continuity that is needed for financial education to start as early as possible and be taught in schools. On the other hand, developing it into curriculums from an early age allows the youth to acquire the necessary knowledge and skills to develop mature financial behaviour throughout their education. This is particularly significant because generally, there are low levels of financial literacy around the world and as parents we may lack the knowledge and skills about money to impart to our kids.
At Debt Sage we are committed to raise awareness to the youth by providing information and advice on financial issues, but by also promoting financial awareness of our clients. There is a need to (1) improve their understanding of financial risks, products, concepts, (2) explain ways to protect against financial risks through adequate savings, insurance, and (3) educate them on interest rates, building a credit score, and debt review.
We have partnered with the best Financial Advisors to assist with protecting yourself with the right insurance coverage. Here are the types of insurance cover we assess:
- Short term insurance, e.g. car and home;
- Risk planning, i.e. life cover, disability protection, and income protection;
- Healthcare planning, e.g. medical aid cover;
- Retirement planning, e.g. retirement annuities; and
- Estate planning, e.g. wills and trusts.
Send us email or free call-back request and our Financial Experts will call you back to arrange for a meeting to check whether you have the right insurance cover based on your individual needs. We will show you what insurance cover you need (and do not need) and answer any questions that you might have.
At Debt Sage, we are working with credit to provide financial relief to overindebted consumers including the youth. We assist with the debt review solution should you feel that you are overwhelmed by the ever-increasing cost of living. We can assist by reducing consumers monthly instalments to reduce the monthly debt obligations. That way one can continue to service their debt obligations without losing their assets.