On Youth Day, we explore the financial challenges faced by South Africa's youth, highlighting the importance of financial literacy and the role of registered financial planners in making informed decisions.
As South Africa prepares to commemorate Youth Day on June 16, the Office of the FAIS Ombud has highlighted the financial habits of young consumers, revealing that funeral insurance remains the dominant financial product among the country's youth.
According to the Ombud's latest figures, South Africans aged between 15 and 34 – a demographic that accounts for roughly one-third of the national population – lodged only 18% of all formal complaints received by the Office during the 2025/26 financial year. Of those complaints, a significant 67% related to funeral insurance policies.
The figures reinforce broader industry research showing that funeral cover remains the most widely held insurance product among young South Africans. The trend is largely attributed to cultural and family responsibilities, with many young people prioritising financial protection for parents, relatives and extended family members.
However, the FAIS Ombud believes that many young consumers may be overlooking other important financial tools that could help them build long-term financial security.
