YOUTH COURAGE, FINANCIAL POWER: NFO CHANNELS ’76 SPIRIT

8 July 2026

As South Africa closed Youth Month and honoured the defiance of 16 June 1976, the National Financial Ombud (NFO) renewed its pledge: to continue equipping today’s youth with financial literacy, consumer education and inclusion – turning courage into economic power.

Fifty years after the Soweto Uprising, one of the greatest challenges facing many young South Africans is no longer access to education alone, but access to meaningful economic opportunity.

In a country where approximately 59.9% of economically active young people aged 15 to 24 were unemployed in 2025, financial literacy, consumer awareness and financial inclusion have become essential tools for empowerment, economic participation and long-term financial resilience.

The NFO is of the view that if the youth are taught financial literacy at a young age, they cannot be taken for a ride by credit companies. They will be well aware of their rights as consumers of financial products, and they will not be easily misled by predatory lending practices or hidden contractual traps. Instead, they will make wise, informed decisions when purchasing on credit, understanding both the opportunities and the risks.

Nerosha Maseti, Lead Ombud of the Banking and Credit Division of the NFO, said: “Financial literacy is not a luxury; it is a shield of protection and a sword of empowerment.

“It ensures that tomorrow’s leaders are not shackled by debt but strengthened by knowledge, capable of building futures rooted in dignity, independence, and resilience.”

Maseti said the struggle of 1976 was ultimately about creating opportunities for future generations. Today, ensuring that young people can participate confidently and fairly in the economy, is an important part of fulfilling that promise.

She said young South Africans are entering an increasingly complex financial environment where access to digital banking, credit facilities, retail finance, student funding and entrepreneurial funding opportunities are more readily available. While these developments can support financial inclusion and economic advancement, they also require consumers to understand the responsibilities, risks and obligations associated with financial decision-making.

Commenting on the significance of Youth Month, Maseti said: “The youth of 1976 fought for the right to access opportunities and shape their own futures. Today, financial knowledge has become an essential part of that empowerment.

“Financial literacy is the new backbone of youth empowerment in South Africa. True economic freedom doesn’t arrive by chance; it’s built through mastering essential money skills like budgeting, saving, and investing.

“In a shifting job market, knowing how money works is more than survival; it’s the lever of control that allows young people to create sustainable wealth, claim independence, and actively shape their own future.”

The NFO believes that as financial products become increasingly accessible and technology-driven, consumer awareness, financial capability and access to trusted guidance become even more important.

Priya Rajah, NFO’s Executive Head: Stakeholder Engagement and Communications, said: “Financial inclusion is not simply about access to products and services; it is about ensuring that consumers have the knowledge, confidence and understanding required to use those products effectively and responsibly.

“Empowering young people with financial knowledge is one of the most effective ways to create sustainable economic participation and uplift communities.”

Through consumer education initiatives, outreach programmes and strategic partnerships with educational institutions and community organisations, the NFO continues to equip consumers with practical financial knowledge and an understanding of their rights and responsibilities.

The NFO has expanded its financial literacy and consumer education efforts through meaningful engagements with universities, community organisations and other stakeholders across the country. These initiatives aim to equip young consumers with the tools necessary to make informed financial decisions, avoid over-indebtedness, recognise financial risks and understand the avenues available for resolving disputes.

To support financial wellbeing, the Banking and Credit Division encourages young consumers to:

Understand financial agreements before signing them;
Borrow responsibly and within their means;
Monitor their credit records regularly;
Seek assistance early when financial difficulties arise; and
Familiarise themselves with their consumer rights and the available avenues for recourse.

The NFO calls on educators, employers, financial institutions, policymakers, community organisations and industry stakeholders to continue investing in financial education and consumer awareness initiatives that empower young South Africans to make informed financial decisions and participate meaningfully in the economy.

Rajah said: “Mandela Day will be celebrated on 18 July, Nelson Mandela’s birthday. As South Africa continues to build a more inclusive economy, empowering young people with financial knowledge and confidence remains one of the most important investments that can be made in the country’s future.

“On Mandela Day, we are reminded that true freedom is not only political but also economic, and that giving the next generation the tools to manage money wisely is a living tribute to Madiba’s vision of dignity, equality, and opportunity for all.”

Ends

Contact details for the NFO:

Telephone: 0860-800-900