The onset of the Covid-19 pandemic and subsequent lockdowns that have impacted the South African (and global) economies for the past 18 months have highlighted the importance of planning for a rainy day, particularly when it comes to money. With a generation of young people who will undoubtedly be moulded by the consequences of the pandemic, nurturing a generation of financially savvy savers should be a priority.

For the past 17 years the Sunday Times GenNext survey has published research on the perception of SA’s youth towards brands. It’s provided an insightful view into the attitudes and ambitions of SA’s youth as a generation of future salary-earners and consumers.

However, in the current economic climate, many families have had to tighten their purse-strings. It’s been an opportunity for children and young people to learn more about money – how to earn it,  how to save and invest it.

For years, Standard Bank has ranked highly amongst SA’s youth. No doubt this is because of a level of innovation that is geared towards enabling and empowering young people in making sensible money decisions. The innovation has not stopped.

Digital literacy skills are critical in the 21st century for any youngster with an eye on the future, and Standard Bank offers a free online course in support.

Standard Bank’s PureSave bank accounts for kids aged under 16 years is designed to teach them self-control by setting financial goals for themselves – like saving for a new bicycle or saving for an outing with friends. They also start to appreciate the value of financial independence. The PureSave account doesn’t require an opening balance, and holds no monthly admin fees, making it the perfect vehicle for kids to make the most of the money they save.

The MyMo account provides those aged 16 to 25 years with access to the world of banking at their fingertips, where they also receive exclusive Varsity Vibe deals from over 80 retailers nationwide. With lower daily banking fees, account holders also get the benefit of significantly reduced data packages.

What’s important is to realise that a youth generation that can obtain financial discipline, will grow to become responsible consumers of the future.

Have the world of banking at your fingertips when you sign up to the PureSave or MyMo Account

For more information on the MyMo account click here

For more information on the PureSave account click here