Are Millenials Saving Or Splurging?

We interview young South Africans about their attitudes towards cash.

20/07/2017 15:02 SAST | Updated 20/07/2017 15:02 SAST

Millionaire Tim Gurner made headlines earlier this year for advising millenials to stop splurging on avocado toast in order to save for a home. Many of the stereotypes associated with young people point to a lack of fiscal responsibility and a love for spending, shopping and splurging. We spoke to five millenials to discover how they feel about savings, and those money stereotypes.

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Mixo Mathebula

I Save Where I Can

I do save where I can, but most of this year I haven't been able to save. I don't think I earn enough to save money. When I think about the advice that we shouldn't be buying avos, and rather buying houses, I think it's ridiculous. To come out of varsity and burden yourself with a home loan, while you're still trying to find your feet – it's ridiculous. A lot of people want to own apartments and cars as soon as they start working, and it's fine if it makes sense for them. When I look at my peers and myself, our financial priorities are simple: paying the rent, having food at home and being able to get to work. Financial freedom to me would look like being able to look at my budget app without getting chest pains. I'd like to feel calm when I get paid and not stress out about paying all my bills. - Mixo Mathebula (22) Business Analyst

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Matthew Klein

Not Smoking Won't Secure You A Ferrari

I don't get the 'stop buying avocado toast' concept, because it is like saying to a person who smokes that if they save the money they use on a packet of cigarettes each day, they would be able to drive a Ferrari. I am a non-smoker and I don't drive a Ferrari, so for me that statement doesn't hold up. - Matthew Klein (26) Media Developer

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Nikisha Goli

I'm Really Good At Saving Money

I save by buying groceries in bulk when there are specials. I carpool and deposit money into a savings account. I think the younger generation is very frivolous with spending – many young people believe more in the now then worrying about the future. - Nikisha Goli (25) Change Manager

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Dasia Loutfrakhmanova

Bills Will Age You

Bills will age you. If I look at my friends, we all care about the future, but we're also terrified of it. We don't want to plan ahead because the challenges of the future seem overwhelming, and we probably feel ill-equipped to handle it. Some of my friends are incredibly responsible and frugal. The problem is, the responsible ones don't really showcase their lifestyle as proudly as those maxing out their credit cards to go on Instagram-worthy holidays. - Dasia Loutfrakhmanova (29) Social Media Consultant

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Kgomotso Tleane

You Don't Need To Stop Living Life To Save Money

As a freelancer, it's hard to always take a portion of what you earn into savings because the inflow of money is never consistent. Another challenge is that there isn't enough financial literacy that is accessible to the youth. I just think it's how you prioritise. It doesn't mean you need stop living life because of saving, you know what's important to you. - Kgomotso Tleane (27) Freelance Photographer

Ready to turn your Rands and cents into savings success? Find us on Facebook and Twitter today and make your pledge to save for something more important. Join Nedbank's #MySavingsPledge.