Millennials under most financial strain
WATCH | Vatican report | Credit report focuses on bias against African nations
This is according to Sanlam's Credit Confidence Index. Afua Darko, Head of Business at Sanlam Credit Solutions unpack the index findings with eNCA.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
The South African
4 hours ago
- The South African
'Nigerian scammers' use Siya Kolisi to dupe public in AI video
Springbok captain Siya Kolisi's likeness has been used by 'Nigerian scammers' who created an AI video featuring the popular player. In the video, 'Siya' appears to encourage his followers to engage in an investment scheme. On the X platform, an AI-created video of Siya Kolisi has left many South Africans amused and confused. The clip features the Springbok captain's likeness, encouraging the public to 'invest' in a programme that could generate high interest. Speaking in a 'Nigerian' accent, the man South Africans recognise as Kolisi says: 'I guarantee that everyone who registers this month and invests the minimum amount of R4 400 will be able to earn their first R100 000 Seemingly trying to convince the public, 'Siya Kolisi' added, 'I have no need to lie. I use this project myself, from which I receive additional high income. It is completely transparent, legal, and has already helped thousands of people around the country. 'I will show proof that it really works'. On X, South Africans have been amused and somewhat amazed at the creativity of scammers. Siya Kolisi has yet to respond to the scam's use of his image. Siya Kolisi is not the first Springbok to be used to prey on the public in a scam. In 2019, SA Rugby issued a stern warning to the public about social media posts using coach Rassie Erasmus to try to lure money from them. The posts featured fake screenshots of articles from reputable publications. SA Rugby shared: 'The authors are trying to steal your money. And for absolute clarity, Rassie – or any other Springbok personality whose identity may be hijacked – does not have investing advice for you; does not want you to send money to him or her, and is not recommending any kind of business opportunity even if it relates to rugby. These are all scams'. It added: 'Please ignore them, keep your money in your pocket and share this advice with any friends who may be in danger of being duped'. SCAM ALERT: Do not be fooled by fake news stories purporting to come from reputable websites and in social media… Posted by Springboks on Tuesday 17 December 2019 Let us know by leaving a comment below, or send a WhatsApp to 060 011 021 1 . Subscribe to The South African website's newsletters and follow us on WhatsApp , Facebook , X, and Bluesky for the latest news.
The South African
4 hours ago
- The South African
Cheaper electricity possibly on the cards, says Ramaphosa
President Cyril Ramaphosa today delivered his 2025 Budget Vote address. High on the president's list of promises was that cheaper electricity was on the cards for South Africans. 'We are putting in place the foundations for a competitive electricity market to unlock massive new investment in energy generation,' said Ramaphosa. He said they were working with stakeholders that would ensure more renewable energy powers the country's economy. The president said the energy sector has made outstanding progress in reducing the severity and frequency of load shedding in recent months. 'There was a time when daily load shedding was the norm. Now, it is very much the exception,' he continued.
The South African
7 hours ago
- The South African
BUSINESS INSIGHTS: The truth about property and wealth in South Africa
You've heard the phrase, '90% of millionaires made their money through property.' It's quoted everywhere; in webinars, at braais, it's printed on mugs and slapped into LinkedIn posts by someone trying to sell you a course. But is it true? Let's just say… it needs a bit of fact-checking, and a lot less blind faith. The quote is often credited to Andrew Carnegie, a 19th-century industrialist who believed land ownership was the foundation of wealth. Back then, however, he wasn't wrong. If you owned land, you had power. You also probably had a horse and candlelight. But we're in 2025, in South Africa, where things are a bit more complex and a lot more expensive. Not really. Actual data on high-net-worth individuals (people with R20 million-plus in assets) shows that property plays a role, yes, but it's not the leading source of wealth. Financial services, banking and investing – think the 'finance world'. Property & construction: a solid contributor, especially for the long-term thinkers. Basic materials: think mining, resources and energy. So no, 90% of millionaires didn't make their fortunes through property, but many of them do own property now. There's a difference. Because it sounds good and because it's repeated often. And because owning property is still seen as the gold standard of financial success, especially in South Africa, where land and homeownership carry real emotional and cultural value. Property is often where wealth ends up. Not always where it begins. Most millionaires didn't start by buying a two-bedroom in Sea Point. They've built wealth in business, finance or industry, and then put it into property to preserve and grow it over time. Yes, them. The ones promising early retirement through flipping, short-term letting or some 'guaranteed' model they're selling in their course. Some of them make valid points because let's face it, when you get property right, it's brilliant. But here's what they don't always mention: Property is a long game. It takes capital, patience and a bit of risk. It's usually the second or third asset class investors turn to, after they've already built a strong income base. Absolutely. Property might not make 90% of millionaires, but it plays a massive role in keeping people wealthy. Why? It holds value. It generates income. It beats inflation (when you buy well). It creates a legacy, something you can pass down. And it gives you control over an actual asset, not just numbers on a screen. For many South Africans – especially first-time buyers or investors – it's still one of the most empowering financial decisions they'll ever make. We're in property, so yes, we believe in it… But we also believe in clarity. Let's stop quoting old-school stats and start understanding how real wealth is built. If you're planning to invest in property, do so wisely. Not because someone told you '90% of millionaires did it,' but because you've done your homework, picked the right area and have a solid plan in place. That's how wealth is built: Step by step, brick by brick. What's your take on the '90% of millionaires' claim? Have you invested in property, or are you planning to? Share your thoughts in the comments section. Let us know by leaving a comment below, or send a WhatsApp to 060 011 021 1 Subscribe to The South African website's newsletters and follow us on WhatsApp, Facebook, X and Bluesky for the latest news.
