By: Natasha Archary
The Deloitte South Africa 2024 Gen Z and Millennial Survey reveals that 6 in 10 people are living paycheque to paycheque.
Lungile Mahluza, Chief People Officer at Deloitte SA joins Kaya Biz to share that unemployment and cost of living are the top concerns for Gen Zs and Millennials.
In a previous discussion on Drive 959 listeners shared how long their salaries last after pay day, with most despondent that after the 1st of the month, once all debits have gone off their bank accounts, there’s more month to their salaries.
An earlier report on Kaya Biz showed South Africans are spending their monthly salaries within 5-days or less, painting a stark reality of just how cash-strapped and financially burdened most households are.
The latest data from Deloitte SA confirms that 56% of Gen Zs and 55% of Millennials are living paycheque to paycheque since last year.
Three in 10 of the respondents say they do not feel financially secure, and are despondent about their financial circumstances.
While most remain optimistic that the country’s economic problems will improve, and that new opportunities will come their way to change their earning bracket, some still don’t see how they can get out of living paycheque to paycheque.
Without the financial freedom to save for a rainy day, budgeting and cutting back on expenses is the only way most South Africans make it through each month.
Listen to the conversation on Kaya Biz:
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