Debt, black tax, and saving smarter: Lessons from the We Start Stronger campaign
Money isn’t just about what is in your bank account; it's about mindset, habits, and the people you surround yourself with.
Financial stress is a national crisis in South Africa, yet money remains one of the least discussed topics in many households. On February 4, Metropolitan’s We Start Stronger campaign returned for its fifth year, to discuss saving and budgeting, and challenging deep-rooted beliefs about money, debt, and financial success.
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This year’s event, at Melrose Arch, focused on one key idea: Money isn’t just about numbers; it’s about emotions, habits, and the people we surround ourselves with.
Why South Africans struggle with money
Money is more than just a means to pay bills; it’s tied to identity, security, and even self-worth. Dr Tshepiso Matentjie, a clinical psychologist, explained that many financial decisions are driven by emotion rather than logic. “Money isn’t just currency; it’s linked to survival and social status,” she said.
This emotional connection explains why so many people prioritise spending over saving. A recent survey found that 46% of South African adults focus on the present rather than planning for the future. The result? Debt spirals, financial stress, and a constant cycle of living paycheck to paycheck.
Keeping up with the Joneses: The debt trap
Social pressure significantly impacts personal finances in South Africa, as many feel the need to maintain lifestyles beyond their means. Financial expert Mapalo Makhu states: “We don’t have a money problem; we have an esteem problem.” This desire to impress can lead to debt, which negatively affects mental health.
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Matentjie highlights that financial stress often leads to anxiety and depression, creating a cycle where individuals use spending as an emotional escape, ultimately worsening their financial situation.
Black Tax: Responsibility or setback?
Many black professionals face the challenge of black tax – the expectation to support extended family – which can hinder their financial independence. Matentjie recounted her experience of helping family, leaving her with ‘crumbs’, and emphasised the need for boundaries: “Helping shouldn’t come at the cost of your financial future.”
Conversely, Metropolitan’s Rapule Mahlangu viewed black tax as a moral duty, citing it as a means to build generational success. This highlights that managing black tax requires balance and strategy rather than blind obligation.
Why talking about money is still taboo
One major obstacle to financial literacy in South Africa is the silence surrounding money discussions in households, often only addressed during crises. This lack of conversation leaves young people unprepared.
Matentjie emphasises that financial education should start at home, as early lessons about money can lead to better financial decisions in adulthood.
Making saving ‘Sexy’
Most young South Africans struggle with saving, as Mahlangu noted: “80% of young people don’t care about saving money.” To change this, we need to make saving engaging and rewarding. This could involve creating a social movement around saving, utilising apps, challenges, and community support to make it interactive. The aim is to empower young people with smart financial habits rather than making them feel restricted.
The power of financial accountability
New Year’s resolutions often fade because they’re made in isolation. Metropolitan’s campaign promotes financial accountability groups.
Lindiwe Gumede emphasises that being part of a group fosters accountability, especially regarding money. Surrounding yourself with financially responsible people can greatly impact your success.
The bigger picture: A financially stronger South Africa
With 75% of South Africans experiencing financial stress, We Start Stronger isn’t just about individual wealth; it’s about creating a culture of financial empowerment. Financial success isn’t about luck or income alone; it’s about mindset, community, and the choices we make every day.
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