Does Gen Z get a bad rap when it comes to money?The stereotype can be harsh. Too much spending. Too little saving. Living for today with no plans for tomorrow.Yet the numbers tell a different story.The latest Old Mutual Savings & Investment Monitor*(OMSIM) shows that 91% of working South Africans aged 18 to 29 have savings goals. Almost half say they save regularly, while building an emergency fund ranks among their top five financial priorities.But money intended for tomorrow is increasingly being called on to pay for today.Financial stress in this group has risen from 29% to 36% in the past year. More than four in 10 are already part of the “sandwich generation”, financially responsible for both younger and older dependents. Income growth is slowing too, with 51% earning more than a year ago, down from 55% in 2025.And the pressure is showing. For 56% of working Gen Z, savings have already had to cover everyday costs, a 10-percentage point increase in a year. Regular saving is also down by 11 percentage points.Good intentions are colliding with economic reality. Credit is filling the gapAccording to the OMSIM, nearly one in four Gen Zs (22%) have taken out loans to cover everyday expenses. Personal loan use has risen to 64%, up 16 percentage points since 2025. Store card ownership has increased from 69% to 78%, while credit card usage has climbed from 70% to 76%.But borrowing to buy something you want is one thing. Borrowing to cover everyday needs is another. It leaves less room to deal with the next unexpected expense and makes building savings even harder.There’s another set of numbers worth paying attention to.More than 80% of working Gen Z have checked their credit score in the past year. Almost half have contacted creditors to arrange alternative repayment plans when money is tight.That’s financial engagement, not financial indifference.Financial know-how still counts. It can’t make groceries cheaper or remove the pressure on household budgets. But knowing what debt costs, where the pressure lies and when to ask for help can make difficult financial decisions easier to manage.Old and new ways to saveThe way young South Africans save is changing too.Three in 10 working Gen Z respondents save via mobile money, with simplicity, convenience and security driving its appeal. Informal savings remain important, with stokvels used by 53%.Old and new sit comfortably alongside each other. A mobile wallet and a stokvel may look very different, but both point to a generation finding ways to save that work in real life.So does Gen Z get a bad rap when it comes to money? The numbers suggest they do.Behind the stereotype is a generation that wants to save, takes debt seriously and is finding ways to make its money work. Not financially careless. Financially stretched.This article was sponsored by Old Mutual.*The 2026 OMSIM surveyed employed, digitally connected South Africans aged 18 to 65 earning R8,000 or more a month. This article draws on findings from working respondents aged 18 to 29.