Need to know
- Gen X prioritises financial security, focusing on long-term goals like property ownership, retirement savings, debt reduction, and structured financial planning.
- Gen Z values financial flexibility, using digital tools, side hustles, and purpose-driven saving and investing to create more options and freedom.
- Therèse Havenga of Momentum Savings shares how most resilient financial plans combine both generational saving habits.
Every generation in South Africa has its own soundtrack, shaped by the economy, technology, and opportunities of its time. For Gen X, it was kwaito, early cellphones, and cautious optimism. For Gen Z, it’s amapiano, TikTok, and a fully digital way of life.
But beneath these cultural rhythms lies a quieter, more revealing pattern: how each generation thinks about money. Strip away the noise, and a sharper question emerges, are you building financial security like Gen X, or financial flexibility like Gen Z?
We unpack how these two generations approach money in very different ways, and what that means for how South Africans save, spend, and invest today.
The hard-saving mindset shaping Gen X money habits in South Africa
Born between 1965 and 1980, South Africa’s Gen X came of age in an era where inflation, interest rates, and the cost-of-living shaped financial priorities. Many entered the workforce during times of economic restructuring, where steady employment and homeownership were seen as markers of success.
This generation’s caution was forged in economic uncertainty. As a result, money is often viewed as a fortress - something to be built brick by brick, protected against economic storms, and preserved for the long haul. For Gen X, financial security is closely tied to stability, foresight, and resilience.
Their financial habits are defined by:
- Stability-driven investing: Owning property, paying down debt, and saving for retirement remain central goals.
- Long-term planning: Savings and financial planning are seen as essential, whether through retirement annuities, pension funds, or disciplined household budgeting.
For Gen X, money is less about immediate flexibility and more about creating a solid foundation that can withstand uncertainty.
Gen X often asks:
"Will I be secure in 20 years?"
The soft-saving generation: How Gen Z save and spend today
In contrast, Gen Z (born 1997–2012) is navigating a South Africa shaped by digital innovation and shifting economic realities. As digital natives, they move comfortably between e-wallets, fintech apps, and side hustles, often building multiple income streams at once.
Their fluid approach to money has grown out of digital abundance, rapid change, and a heightened awareness of social issues. Rather than building walls for protection, Gen Z often sees money as a passport - a tool that unlocks experiences, freedom, and opportunity.
The Deloitte Global Gen Z and Millennial Survey (2025) found that Gen Z South Africans are more likely than older generations to prioritise financial flexibility over long-term stability, with many turning to gig work and entrepreneurial ventures to supplement income.
Their financial habits are defined by:
- Purpose-driven investing: Prioritising socially responsible funds and savings goals that align with personal values and lifestyle choices.
- Agile planning: Flexible, digital-first financial strategies that are less tied to traditional long-term commitments.
For this generation, money is not only about security, but also about possibility.
Gen Z often asks:
“Will I have options right now?”
How do these trends influence how we save money?
The divide between the "fortress builders" and "passport holders" is reshaping how South Africans save. Financial institutions and employers are pivoting to offer a hybrid of services that cater to both rhythms:
- For the Gen X employee: Stability, comprehensive benefits, and structured long-term financial planning.
- For the Gen Z employee: Flexibility, purpose-driven work, and digital tools that allow for agile saving.
- Hybrid financial products: We are seeing traditional retirement annuities and preservation funds alongside micro‑investing apps and tax‑free savings accounts; mortgage packages alongside flexible gig‑economy solutions and digital wallets.
The universal undercurrent: While the financial tools may look different, Gen Z understands one timeless truth: even in the era of micro-investing and digital-first planning, consistent long-term growth is still king.
Final thoughts
Ultimately, money in South Africa is never just currency. It’s culture with a rhythm, a soundtrack that shifts with each generation’s beat. Some play it in steady time – savings plans, careful steps, and the long notes of security. Others improvise – short bursts of income, agile planning, and digital riffs. Together, these rhythms compose the score of our economy, reminding us that financial habits are not only about rands and cents, but about the music of resilience and aspiration. In the end, the fortress and the passport are simply different melodies in the same composition, each shaping how South Africans plan, save, and dream of the future.
So, do you save like a Gen Z or Gen X? Maybe the more useful question is this: are you building enough stability to feel secure, while still giving yourself enough flexibility to adapt?
This blog post was adapted from an article seen on womenontop.co.za.
Get advice
A strong financial plan blends hard saving and soft saving. To help you grow wealth steadily while staying adaptable to life’s changing needs, speak to a financial adviser about how you can incorporate our savings plans into your strategy.
About the author
Therèse Havenga
Head of Business Transformation at Momentum Savings
Therèse has over 20 years’ experience in financial services, spanning consumer insights, neuroscience, strategy, client experience, innovation and digital transformation. She holds a Master’s in Research Psychology and certifications in change management, product ownership, customer experience, coaching, and digital transformation. She is passionate about people-centred design, guiding transformation, and creating meaningful, insight-led impact.
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