How people spend money is based on their personalities.
Picture: iStock
People’s financial decisions are driven by more than just income, with personality playing a major role in how they spend, save, build credit and manage debt, according to Sanlam Credit Solutions.
According to the financial service giant, people simply don’t relate to money in the same way, especially South Africa’s youngest credit-active generation. While Gen Z is often spoken of as a single, homogeneous group, these young adults are entering the credit market with different habits and pressures.
“Ask three different people what they would do with a bit of spare money, and you will get three different answers,” said Sanlam Credit Solutions. Curious to see if that held true, The Citizen put it to the test by asking three Gen Zers what they would do with a spare R10 000.
Here’s how Gen Zs would spend R10k
Gen Z comprises people born between 1997 and 2012. This year, the age group spans from 14 to 29 years old.
The youngest the publication asked was 18-year-old Thato Mohapi, who said she would save the money to build an emergency fund when she starts university next year.
26-year-old Mpho Khabola is one of the few who said she would invest the money. “I would do my research and then invest in the best investment plan.”
27-year-old Tshepang Mofokeng said she would take a vacation with the money, resonating with 26-year-old Bonolo Moloi who said she would save the money for an international vacation.
Spending habits
The publication also asked older generations what they would do if they received a similar amount, and the majority said the same thing: save, invest and pay off debt.
However, we were cautioned that respondents to surveys often give the answer they believe we would like to hear. For example, the majority of people would spend the money without putting some away, while some people will put a little away and spend the rest.
Afua Darko, business head of Sanlam Credit Solutions, said when it comes to the Gen Z, they are seeing a generation encounter financial pressure earlier than the one before it.
How Gen Z spend, maintain, build credit
We also asked the same Gen Zs how they are building credit. Mohapi said the first thing she would buy when she gets a job is a car.
Khabola, who is currently studying said she would rather get property first before buying a car. Mofokeng said she started building her credit when she was in university by opening a clothing account.
Moloi built her credit by taking a credit card, but lately she has found herself using the “buy-now-pay-later” option.
Money personalities
Darko said there are three money personalities that show up strongly among young South Africans who are now entering the credit market.
The Prepared Protector
She said three months into their first job, the prepared protector’s first credit product is not a credit card.
“Like many new-to-credit South Africans, they start with a clothing account, managing it carefully, making small, planned purchases, paying on time and using the account to build a credit record rather than to stretch their salary.”
These individuals check their credit report regularly enough to know what it is on it, but not so often that it becomes a source of stress. “Discipline is the Prepared Protector’s strength, and it’s reflected in the way they approach credit,” said Darko.
The Spontaneous Buyer
Darko said the second money personality is the spontaneous buyer, whose credit is driven by in-app checkouts – whether it’s a pair of sneakers split over three payments or a last-minute purchase that feels manageable because the instalments look small.
“Buy-now-pay-later options are growing quickly in South Africa and are especially appealing to younger consumers because they are fast, convenient and flexible,” said Darko.
She cautions that flexibility is also where the risk lies. The Spontaneous Buyer does not always see how several small commitments can add up.
“One of the most useful habits for the Spontaneous Buyer is bringing scattered commitments into one clear view. That is where actively checking and understanding your credit profile becomes important,” said Darko.
The Generous Guardian
Darko said the third money personality is the generous guardian, which is one who earns a steady salary, but stretches across many more lives than just their own.
“They help a parent, contribute to a younger sibling’s school fees and step in whenever there is a family emergency. As a Generous Guardian, their instinct to provide is a strength that their family may depend on,” she said.
“Generous Guardians often put others first, sometimes at the expense of their own financial health. It’s so common for young earners to carry family expectations, and that’s a major contributor to why some members of this generation are experiencing financial stress earlier.”
Although Mohapi and Khabola are not yet earning salaries or looking into building credit/spending on family members – their habits will also make other people’s lives easier.
Different personalities, same opportunities
Darko highlights that behaviour – and not just income – is what truly separates money personalities.
And they can build even healthier credit habits with access to more information that helps them navigate financial pressure.
Sanlam’s 2026 Credit Confidence Index suggests that some young users are beginning to see credit as a tool for long-term goals, and not only for short-term spending.
Gen Z home-loan uptake on the Sanlam Credit Solutions platform increased by 41.2%, indicating that this generation is starting to focus on long-term wealth creation.
