Increasing cost of living has SA’s youth worried
As Youth Month draws to an end, young people on the East Coast say the ever-increasing cost of living tops their list of worries.
Stats SA's Quarterly Labour Force Survey showed that almost 250 000 young people lost their jobs in the first quarter of 2023.
The crisis is not expected to be resolved anytime soon as South Africa's economic growth is projected to slow to 0.3% in 2023 before picking up to 1% next year.
East Coaster Sindisiwe Ndlovu says all these factors make life challenging for young people, but minimising the costs helps.
"It is very difficult and almost impossible to afford a food basket these days unless you cut costs on the things you do not need and downgrade your lifestyle if necessary."
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Nkululeko Mbatha believes many youths will feel the pinch even more in the coming months.
"It is taking a toll on the youth, especially not only the youth but almost everyone living in South Africa, simply because the income stays the same, but the costs keep on getting higher and higher. To keep up with my bills, almost every month, I draw up a budget."
Sam Bhevan, who is a financial advisor at the Durban-based Koch Independent Wealth, says there are ways young people can better survive financial hardships.
"Review your various insurances, make sure you are getting bank-for-buck and make sure that when you can start an emergency fund which is a fund that you put aside, whether it would be a savings account or a small portfolio that is there for when you need it most and not for buying something that is on sale, but to survive unprepared for scenarios and engage with an independent financial planner and get help from them to understand what your needs are and where you should be allocating your funds."
