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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.'
Time of India
2 days ago
- General
- Time of India
Chanakyapuri flats lead the way in waste management
New Delhi: New Delhi Municipal Council (NDMC), in collaboration with the Chanakyapuri Residents' Welfare Association (RWA), has launched a waste management programme. The D1, D2, and Satya Sadan Officer's Flats in Chanakyapuri have been declared the first Anupam colony—a model for zero-waste living in govt housing. In line with the motto "Together for a Cleaner & Greener Tomorrow," the declaration was made at Madhu Limaye Marg, Chanakyapuri, by NDMC chairman Keshav Chandra. You Can Also Check: Delhi AQI | Weather in Delhi | Bank Holidays in Delhi | Public Holidays in Delhi "Three months ago, we began door-to-door visits, educating residents and domestic staff on waste segregation," NDMC sanitary inspector Amit Kumar said. "With regular checks, notices and penalties for non-compliance, the effort paid off." The programme's success lay in its holistic, one-stop approach, starting at the basic level — the household, with waste segregation into four main categories: dry, wet, horticulture and hazardous. Wet waste collected by RWA workers is processed into organic compost, while dry waste is further sorted into 12 subcategories, such as PET bottles, aluminium cans, metals, and non-recyclables, at the new Reduce Reuse Recycle (RRR) cum Material Recovery Facility (MRF) Centre, making it the first such system in Delhi. Eighteen wire mesh bins, called rounders, have been installed in parks and along roadsides to compost horticulture waste. The organic compost produced is distributed free to residents, with any surplus used by NDMC's Horticulture Department for green areas. E-waste is collected separately and sent to authorised Central Pollution Control Board (CPCB) recyclers. The centre also includes a 'Neki Ki Deewar,' where residents can donate reusable items like clothes, utensils, furniture, toys and footwear to help those in need, said NDMC's solid waste management & sanitation advisor Rajiv Kumar Jain. Priyam Krishnan, a member of the RWA in Chanakyapuri, added that without the joint effort of NDMC and the RWA, the initiative wouldn't have succeeded. "Instead of deploying a third party for waste management, we decided to take it in our hands with NDMC, making it a collaborative, two-way process. This has also ensured better payment for the workers on the ground level as well." The 'Neki Ki Deewar' serves the noble purpose of catering to the ones in need. "One person's trash is another's treasure," says Amit. "The doors remain open for anyone in need, whether from nearby slums or our own colony. The motto is clear: nothing should go to waste."
Time of India
4 days ago
- Business
- Time of India
Dhapa plant to turn 120-tonne dry waste into wealth per day
1 2 Kolkata: Three units have been launched at the Dhapa dumpyard that will be able to process 120 tonnes of dry waste every day. Apart from a Material Recovery Facility (MRF) plant, which has the capacity to process 100 tonnes of dry waste daily, mayor Firhad Hakim inaugurated a plastic processing facility and a thermocol processing unit, each with the capacity to process 10 tonnes per day. The MRF will start functioning from Wednesday and is expected to boost the city's waste segregation system, which is yet to gain the desired momentum. Hakim also placed advance bookings for 200 plastic chairs and tables for a Chetla-based govt school. These will be manufactured at the plastic processing plant from waste plastic. "I am happy that we were able to set up such a modern MRF facility and plastic processing unit. I have booked 200 plastic chairs and tables, which I expect will be a rare initiative for a school. This MRF plant will go a long way towards waste management in our city," he said. Debabrata Majumdar, member, mayor-in-council overseeing the solid waste management department, said the thermocol unit will process tonnes of thermocol collected daily from the city's major fish markets. "Both plastic and thermocol not only pose environmental hazards, but also choke the city's underground drainage system. We will try to augment the capacity of the processing plants," said Majumdar. You Can Also Check: Kolkata AQI | Weather in Kolkata | Bank Holidays in Kolkata | Public Holidays in Kolkata KMC is also trying to resume the extraction of legacy waste that has come to a halt at the dumping ground. Apart from 4,500 tonnes of waste from 144 KMC wards, Dhapa takes 500-tonne garbage from Salt Lake, New Town, and Panihati. KMC was also told to take 300 tonnes from Howrah.
Irish Post
6 days ago
- Business
- Irish Post
Irish company Turmec lands £15m contract for state-of-the-art robotic recycling facility in Glasgow
IRISH recycling company Turmec has landed a £15m contract with Glasgow City Council to design and build a state-of-the-art robotic Materials Recycling Facility (MRF). The new site will use cutting-edge technology and feature advanced automation, including robotic sorters and AI-driven optical sorting technology. Geoff Bailey, CEO of the Co. Meath company, said the award of the contract 'marks a significant milestone in Turmec's ambitions to be the go-to supplier in the MRF market'. Founded in Rathcairn in 1972, Turmec is a leading international provider of materials handling and recovery solutions to the waste processing sector. It specialises in the end-to-end design and building of complex waste separation and processing systems, which are critical for large-scale, efficient waste processing and recycling plants. The business employs 100 people and continues to operate from Co. Meath at a 66,000 sq. ft. manufacturing facility in Rathcairn. The new Glasgow facility at Easter Queenslie will be able handle up to 50,000 tonnes of household recyclable materials per year. It will form a cornerstone of Glasgow City Council's renewed commitment to sustainability and modern waste processing. The new facility will work in tandem with the ongoing rollout of a collection service across Glasgow that provides separate bins for fibre and containers. These materials will be processed in the new MRF, which has flexibility to process co-mingled Dry Mixed Recyclables (DMR) if required. 'Bold and forward-thinking' Speaking about the contract, Mr Bailey added: "Turmec is honoured to be trusted by Glasgow City Council to deliver this project to meet its recycling objectives." Trevor Smart, Turmec's Associate Director of MRF Sales, said the site will be 'the future of recycling in the UK'. "We are extremely happy to have been selected by Glasgow City Council to deliver a MRF on the forefront of sorting technology," he said. "Along with our technology partner BHS, Turmec will be designing and delivering one of the most robust and technologically advanced MRFs in the UK using AI controlled optical sorters, robots and a control system with the ability to adapt to changing material streams which will help Glasgow City Council to produce high quality recyclate. "At Turmec, we admire Glasgow's bold and forward-thinking approach and look forward to delivering this MRF which will represent the future of recycling in the UK." The re-development of the Easter Queenslie depot, which includes the MRF, represents a significant investment in Glasgow's waste collection and processing infrastructure. The Scottish Government's Recycling Improvement Fund, administered by Zero Waste Scotland, is supporting the project with approximately £17m of grant funding. When completed in early 2027, the new facility is expected to deliver significant environmental benefits, including a reduction of 5,802 tonnes of CO₂ emissions annually. It will also support a diverse range of job opportunities in Glasgow's green economy. See More: Glasgow, Meath, Rathcairn, Scotland, Turmec
Indian Express
20-06-2025
- Sport
- Indian Express
Shubman Gill takes captaincy in his stride with risk-free defense and assured strokeplay
On the eve of his first Test as captain and towards the end of his long batting stint at the net session, Shubman Gill edged a sharp away-going ball from left-arm pacer Arshdeep Singh behind the stumps. He had been middling most balls, this was a rare error. Sweaty and tired, he decided he needs to face more balls. Shubman signaled the batting coach to call the two throwdown experts to the nets with new balls. India's new No.4 would face them for half an hour more. Shubman didn't want to leave anything to chance before his big day. Sachin Tendulkar, Virat Kohli … now he was the new Test No.4, he also has the MRF logo on his bat. The rewards of conscious preparation were there to see. At the end of Day 1, Shubman was unbeaten on 127, a run short of his highest-ever Test score. And his measured knock and total domination of the England attack in the last two sessions went a long way in India calling the shots on the first day of the series in England like never before. At 359/3 and with Rishabh Pant in the kind of mood that makes bowlers lose sleep – his audacious 65, an exhibition of daredevilry and cunning mind games – India had clearly nosed ahead in the Test series. The new era has had a dream start. 𝐂𝐚𝐩𝐭𝐚𝐢𝐧'𝐬 𝐊𝐧𝐨𝐜𝐤 𝐑𝐨𝐚𝐫𝐬 💯@ShubmanGill joins an elite list as the 4th Indian captain to score a ton on Test debut as skipper 🇮🇳 Watch Now 👉 | 1st Test | LIVE NOW on JioHotstar — Star Sports (@StarSportsIndia) June 20, 2025 It was a day when Shubman took captaincy in his stride and hit the ground running wearing the captain's arm-band. The conditions were kind to him, the sun was shining and the openers Yashasvi Jaiswal and KL Rahul had blunted the English attack by the time he came to the crease. But his hundred was an important milestone in his career. He has scored four Test centuries and also that famous 91 in the fairytale win against Australia in the historic Gabba win. Those knocks would have built his reputation as a batsman, but here his knock was him leading by example, doing more for the collective confidence of the dressing room. As compared to the other centurion of the day Jaiswal, Shubman played a much tighter knock. The hallmark of his knock was the way he judged the line of the ball. He didn't curtail his game, he was more judicious in his stroke selection. In an insightful interaction with The Indian Express, on match eve, the great Sachin Tendulkar, had explained in detail the art of run-making in England. The key for a batsman to do well, according to him, was to defend on the front foot. Shubman was doing exactly that. If a collage of the early part of his innings was to be made, it would have several frames of him standing steady in the crease, his body balance, the elbow and legs bent at perfect angle, to tower over the ball to drop it dead at his feet. This is exactly what he trained for when facing Arshdeep and the team's throwdown experts. As Tendulkar had warned, batsmen didn't need to throw their hands at balls that are not driveable. But the ones that are comfortably reachable, they needed to be driven. Shubman at Headingley cracked that code, he had the right answer to that delicate question – What to defend and what to drive. That was the reason why close to half of his 16 fours on the off-side with his cover drives, stood out for their fluency. New role, same class 🙌@ShubmanGill shines with a 50 on his captaincy debut, the youngest Indian to do so! 🏏🔥 Watch Now 👉 | 1st Test | LIVE NOW on JioHotstar — Star Sports (@StarSportsIndia) June 20, 2025 The innings also saw his trademark sharp slap like short-arm jab. Going back to the nets, he had called the throwers at the side net and asked to bounce the ball towards him. It was an easy routine at the start of his batting, where Shubman was just trying to get his rhythm. In the final session, he exploited the less-guarded leg-side with this stroke. One of them found his bat's sweet spot and it landed outside the boundary for a six. In that final session, the English didn't know what hit them. Pant was in-charge of the evening entertainment at Headingley. On just the second ball of his inning, bowled by England skipper Ben Stokes, he jumped out and hit it over the bowler's head. This was followed by a mid-pitch interaction. Stokes staring blankly at Pant kept smiling. India's vice-captain, almost embarrassed for the insulting shot, took his eyes away and went and had a chat with his skipper. That was the first of the many strokes that the MCC coaching manual would never include. England tried to bowl him short with fielders placed both on the square and fine leg boundary. That didn't make Pant change his plans. He came inside the line of the ball and kept tapping them in the gaps. He even tried his falling-over 'help-along' six over the fine leg. Every time Pant played those ingenious strokes, Stokes would have the same smile of helplessness on his face. The Pant-Shubman partnership was the kind that shatters the spirit of the rival team. Jaiswal, at the press conference after the game, would say that they would want to bat as long as possible and score many more runs. England would hope that they would do the same when their time comes. When that happens, is the question that will bother Stokes.
