Latest news with #Fulton
The Citizen
8 hours ago
- Business
- The Citizen
How SA's youth make and (should) spend their money
While some consider Gen Z a lazy bunch who want everything for nothing, the truth is quite different according to a survey. South Africa's youth are grappling with deepening financial challenges, including crushing unemployment, limited asset ownership and mounting debt levels, making older people wonder how they make and spend their money. Eighty20, a consumer analytics and research company, analysed people younger than 24, who make up 44.5% of the population. With nearly 30 million people under the age of 24, South Africa's economic future hinges on whether this generation can break the cycle of financial exclusion that currently defines their prospects. The research reveals that of the 6.7 million young people between the ages of 18 and 24, only a million are credit-active. However, among these credit users, nearly half have already defaulted on their loans. With an average monthly income of R3 400 (less than half the national average of R7 000) and a youth unemployment rate of 62.4% according to Statistics SA, financial strain is widespread in this age group, Andrew Fulton, director at Eighty20, says. ALSO READ: SA youth not unemployed, rather under-employed SA's youth mainly use retail credit Among the million credit-active youth, retail credit dominates, with 85% of the respondents holding store accounts. Personal unsecured loans follow at 17%, while 9% have credit cards. In addition, young people represent approximately 4% of South Africa's total outstanding debt, carrying R10 billion in combined obligations. However, Fulton points out that their credit performance is worse than the national average, with R1.1 billion, or 11% of their total debt, currently overdue. This elevated delinquency rate signals particular financial stress within this age segment, Fulton says. MRF's Marketing All Product Survey (MAPS) of 20 000 South Africans shows that the youth are more concerned about privacy when it comes to credit. They prefer that others do not know they are taking a personal loan and would rather take the loan from a financial institution rather than from friends or family. South Africa faces a stark financial inclusion divide among young adults, Fulton says. 'While people under 24 represent approximately 20% of new credit market entrants over the past three months, a few hundred thousand individuals, this figure masks a deeper problem that many young South Africans never enter the formal credit market at all. ALSO READ: The dark picture of youth unemployment in South Africa Exclusion among youth creates two distinct groups Fulton says this exclusion creates two distinct groups: people who successfully access credit can join the formal financial system and participate in the economy, while many others remain locked out, classified as 'thin file' clients due to their lack of credit history. 'Without access to formal credit, these young South Africans are excluded from significant economic opportunities.' A credit score serves as the gateway not only to lending products and favourable terms, but to essential services across multiple sectors. A healthy credit profile enables access to cellphone contracts, rental agreements and can even influence employment opportunities, Fulton says. 'Expanding credit access among young adults represents both individual economic empowerment and broader formal economy development.' However, he says a further challenge lies in how people who do qualify for credit perform: approximately half of young borrowers default early in their credit journey, with most maintaining high-risk credit scores. 'This pattern underscores the urgent need for enhanced financial education and for those in distress to get into debt counselling early.' ALSO READ: Entrepreneurship a solution to youth unemployment – but there are challenges Youth make money with side hustles How do young people make their money to make ends meet? Enter the side hustle economy. Fulton points out that youth unemployment is at crisis levels, with fewer young people in formal employment now than in 2008. Harambee, an NGO focused on youth employment solutions, reports in its quarterly Breaking Barriers analysis that of the one million young people entering South Africa's labour market annually, only 40% find work in the short to medium term, while 30% find intermittent employment but remain mostly unemployed or outside education and training, 20% want to work but never find opportunities and 10% stop seeking work altogether. In addition, for those who are employed, side hustles have become essential to make ends meet. BrandMapp, a survey of South Africans in households earning over R10 000 monthly, shows a notable shift: in 2021, 55% reported having no side activities that create extra income, but this dropped to 49% in their most recent survey. The survey asks for details on these activities and the percentage of people who say they are running small businesses as a side hustle, or taking second jobs in their primary field has grown by 50%. This trend mirrors international patterns, with about 50% of millennials and 46% of Gen Z reporting side hustles. ALSO READ: Minister agrees unemployment statistics should include work in informal sector Kind of side hustles the youth choose The nature of these side hustles varies by demographic. BrandMapp data shows that 'home industry' activities are more common among black married couples, while temporary and shift work in restaurants and bars is more prevalent among white South Africans. Fulton says the intersection of limited formal employment, growing debt burdens and the rise of alternative income sources creates challenges as well as opportunities for South Africa's young people. 'In the face of considerable financial headwinds, many young people are turning to side hustles as a means of creating opportunity in a tough economy, but with the right support structures and a focus on keeping their credit history clean, this generation has the potential to drive long-term, inclusive growth.'
Irish Independent
15 hours ago
- Sport
- Irish Independent
Ireland star CJ Fulton to play for Minnesota Timberwolves in NBA Summer League
The Belfast man may have missed out in the NBA draft on Wednesday, but he gets a chance to showcase his skills at the preseason tournament that brings together all 30 franchises for 11 days in Las Vegas. Teams typically use the annual competition as an opportunity to try out new players and youngsters who were not selected in the draft. Though the 22-year-old wasn't selected by the Timberwolves with their 17th or 45th picks, Fulton evidently made an impression on the side after being invited to their pre-draft camp earlier this month. Timberwolves president of basketball operations Tim Connelly had referred to Fulton in an interview earlier this week, saying they had intended 'to get the Irish kid' for the Summer League. The point guard's place in the tournament was confirmed by a social media post from the College of Charleston, where Fulton has just completed his senior year of third-level basketball in South Carolina. The Timberwolves, who lost out in the western conference finals this past season, begin their Summer League against New Orleans Pelicans on July 10. Fulton hopes to follow in the footsteps of Pat Burke and Susan Moran who were the first Irish-born players to play at the highest level in the United States.
Irish Examiner
17 hours ago
- Sport
- Irish Examiner
Irish star CJ Fulton to play NBA Summer League basketball with Minnesota Timberwolves
Belfast's CJ Fulton's professional career has started with a bang as he has confirmed that he has signed to play for the Minnesota Timberwolves Summer League team in Las Vegas in July. Fulton, a 6'3 point guard, developed a reputation in NCAA basketball as a classic floor general, who can run a team without turning over the ball (he was a consistent leader in the NCAA in assist to turnover ratio). That reputation got him on the radar of the Minnesota Timberwolves and the Denver Nuggets, both of whom invited Fulton to pre-draft workouts. Although Fulton went undrafted in this week's NBA Draft, he had clearly left a mark on the upper brass of the Minnesota Timberwolves, as their President of Basketball Operations, Tim Connelly, outlined their desire to add Fulton to the Summer League squad, despite not taking him with their 17th or 45th pick. Fulton announced on Instagram that he is heading to Vegas, marking the next step in a brilliant career to date. The Timberwolves schedule starts on July 10th, with a matchup with the New Orleans Pelicans. They will also face Phoenix, Denver and Detroit. The Timberwolves had turnover issues around star Anthony Edwards last year, ranking in the bottom third of turnover percentage in the NBA. With veteran Mike Conley close to retirement, they need a steady playmaker to run the team. The 8th pick in the 2024 draft, Rob Dillingham (from Kentucky), played in just over half of the team's games last year and he is expected to take a major jump at this year's Summer League. Whether that helps or hinders CJ's case for a spot on a roster will remain to be seen. Realistically, though, regardless of the Wolves' own plans, this is an amazing shop window to show what CJ is capable of against top-level competition. The eyes of the NBA, their development league (the G-League) and top European teams will all be on Vegas to see what Ireland's brightest star is capable of doing on the biggest stage. Come the end of July, it will become much clearer where CJ's first meaningful professional contract will actually be signed.
The Citizen
5 days ago
- Business
- The Citizen
What does the future hold for the youth? Most 24-year-olds in debt
Nearly half of the credit-active youth have defaulted on their loans. It was the first democratic president of South Africa, Nelson Mandela, who said, 'The youth of today are the leaders of tomorrow.' However, in a period when most of the youth are battling with a high level of debt, unemployment, and limited asset ownership, does the idea that the youth will lead still stand? A report by Eighty20 has revealed that many individuals between the ages of 18 and 24 are defaulting on their credit repayments, while some are not credit-active at all. Eighty20's National Segmentation was published earlier this month. It utilises a combination of strategy, analytics, research, and development capabilities. ALSO READ: Most South Africans use personal loans to make ends meet Debt among the youth Andrew Fulton, Director at Eighty20, said those aged 24 and younger make up 44.5% of the population, which raises the question of whether this generation can break the cycle of financial exclusion that currently defines their prospects. Eighty20's National Segmentation showed that only one million of the 6.7 million youth aged 18-24 are credit active. This can be reasonable, given that most of these individuals are still in university or are still seeking employment. However, the alarming thing is that among the one million that are credit active, nearly half have defaulted on their loans. 'With an average monthly income of R3 400 (less than half the national average of R7 000) and a youth unemployment rate of 62.4%, financial strain is widespread in this age group.' The debt burden Fulton highlighted that 85% of the credit-active youth hold store accounts. This is followed by personal unsecured loans, with 17% of the youth and 9% holding credit cards. 'Youth represent approximately 4% of South Africa's total outstanding debt, carrying R10 billion in combined obligations. 'However, their credit performance is worse than the national average, with R1.1 billion, or 11% of their total debt, currently overdue. This elevated delinquency rate signals particular financial stress within this age segment.' ALSO READ: Tips on how to shape your credit score Credit score 'A credit score serves as the gateway not only to lending products and favourable terms, but to essential services across multiple sectors. 'A healthy credit profile enables access to cell phone contracts, rental agreements, and can even influence employment opportunities,' highlighted Fulton. He emphasised that expanding credit access among young adults represents both individual economic empowerment and broader development of the formal economy. A further challenge, however, lies in the performance of those with credit: approximately half of young borrowers default early in their credit journey, with most maintaining high-risk credit scores. 'This pattern highlights the urgent need for enhanced financial education and for individuals in distress to seek debt counselling early.' The side hustle economy Youth unemployment is at crisis levels, with fewer young people in formal employment now than in 2008. Most young people rely on side hustles to make ends meet. 'BrandMapp, a survey of South Africans in households earning more than R10 000 monthly, shows a notable shift: in 2021, 55% reported having no side activities that create extra income, but this dropped to 49% in their most recent survey.' The survey asks for details on these activities, and the percentage of people who say they are running small businesses as a side hustle, or taking second jobs in their primary field, has grown by 50%. NOW READ: Here's how South Africans can benefit from side hustles
Indian Express
7 days ago
- Sport
- Indian Express
New low: India hockey lose seven games in a row, record longest-ever losing streak
'We are here to win, not to f***ing lose.' Craig Fulton was breathing fire. Eyes red, tone grave and not a hint of smile on the face of the man who always smiles easily and readily. The India coach instantly apologised for the f-bomb on live TV. But you wondered how mad he must have been inside the dressing room at half-time, if he was that furious in front of the world during a mid-game interview. Whatever Fulton must have said had an impact… for five minutes. India, trailing 0-2 at half-time to former Olympic and world champions Belgium, came out 'on the front foot' — as Fulton wished — and scored the game's 'next goal' — as the coach hoped. They, in fact, got the next two to make it 2-2. Then, something snapped. It looked like the team that was motoring forward and overwhelming Belgium with their surging runs pulled the handbrakes, and were a complete car wreck, losing 6-3 in their penultimate FIH Pro League match in Antwerp. The Olympic bronze medallists, who landed in Europe with their eyes on the big prize — the title and a 2026 World Cup spot — have now lost seven on the bounce. And regardless of what happens in their final league game on Sunday, also against Belgium, they will return home with a dubious record — the longest-ever losing streak. Before this tournament, the six consecutive defeats at the London Olympics were the men's team's longest losing run. The difference, however, between then and now is that at London 2012, the team was disjointed and looked completely hopeless. This time, despite them losing seven, the situation doesn't appear dire. Six out of the seven losses have been by one-goal margins. On Saturday, until the last few minutes, they were very much in the game. But the wheels came off as, in search of an equaliser at 2-3 down, they marched forward, leaving big gaps in the defence, which the Belgians masterfully exploited and India imploded. And although the management won't press the panic button yet, it is a concern that the team, which seemed destined for bigger things after back-to-back Olympic medals, suddenly looks like it has forgotten how to win. As has been the case many times in the last two weeks, India were again slow off the blocks. Suraj Karkera was behind his goal, arranging the equipment neatly, when the umpire blew the whistle to initiate the pushback. The Belgians saw an empty Indian goal, and without wasting any time, lobbed the ball close to the Indian 'D'. Karkera scrambled back to the goal but the defenders were instantly put under pressure and they conceded a corner after just 13 seconds. Alexander Hendrickx's drag-flick was straight at Karkera, at a comfortable height. The Indian goalkeeper, who had a good tournament until Saturday, used his glove to block it. But instead of directing the ball sideways, away from danger, he put it right in front of his goal and Arthur van Doren latched on to it to give the home team the lead. Belgium had three shots on the Indian goal inside the first minute. So intense was their pressing and so strong were they on the ball that the hosts barely gave India a moment to breathe. It must be a record of sorts that for the first 13 minutes and 10 seconds of the match, India could not even enter the Belgian 'D' even once. Fulton wanted 'controlled aggression' from his boys at the start of the match. But once again, they were being bullied. Belgium doubled their lead just before half-time, in the 28th minute, after Hendrickx flicked the ball through Karkera's legs. And at that point, the seventh loss loomed large. Fulton's half-time dressing down had a momentary impact and from wanting 'controlled aggression' his message to the players changed, asking them to play 'on the front foot'. The players responded. Dilpreet Singh scored within seconds of restart — from a rebound off a penalty corner — and then, in the 38th minute, Mandeep Singh equalised in somewhat fortunate circumstances, his deflection got deflected by a Belgian stick past the goalkeeper and into the goal. India must have felt at that moment that their luck had changed. They sustained the pressure for a couple of minutes more but Belgium then broke free once again, with the veteran Tom Boon starting to dictate play. Once Belgium reclaimed the lead again in the 49th minute, India went all out in desperation. The situation warranted cool minds. Instead, India looked frustrated and ended up conceding three more goals in the last seven minutes to lose 6-3. India will think they are lucky that Ireland have had a poorer run than them, else they could well have been relegated to the plate division of the global league. Belgium 6 (Arthur van Doren 1', 54', Alexander Hendrickx 28', Roman Duvekot 49', Thibeau Stockbroexx 53', Tom Boon 59') beat India 3 (Dilpreet Singh 36', Mandeep Singh 38', Amit Rohidas 58')
