Report reveals how Gen Z is rethinking what it means to earn, spend and save

Stephen Grootes speaks to Bronwyn Williams, partner at Flux Trends.

Listen to the interview in the audio below.

Young people have a different view on how to earn, save and spend their money - much different to previous generations.

The Gen Z Economy Report: Cash, Culture and Clout is revealing more about how South Africa's youth are struggling under immense financial pressures, but are determined to avoid the mistakes which have financially crippled the likes of Millennials before them.

The research was conducted by youth specialists, Student Village, who released the report in partnership with futurist, economist and business trends analyst, Bronwyn Williams of Flux Trends, in which over 900 South Africans aged 18 to 30 participated.

Gen Z is avoiding credit transactions, with an overwhelming 80% using cash and debit cards regularly, to avoid fees and falling into a debt trap.

But what's most astonishing is that the youth is saving almost a third of their income, despite earning an average of R5,000.

Speaking to Stephen Grootes on The Money Show, Bronwyn Williams, partner at Flux Trends says the survey picked up interesting data related to young people's role in the economy.

"The real economy. The taxed economy. The tracked economy. The tolled economy by fintechs and banks isn't quite the same as the lived reality of the economy of actual South Africans."

- Bronwyn Williams, partner - Flux Trends

"Almost all of whom are making a plan and making a way. And finding a way to get income. Whether that income's through a side hustle. Through a small business, through under employment or informal employment..."

- Bronwyn Williams, partner - Flux Trends

"There is money flowing through young people's hands, and it's not coming from the formal sector, and this opens up a lot of questions about how we measure our economy."

- Bronwyn Williams, partner - Flux Trends

Scroll to the top of the article to listen to the full interview.