Standard Bank has launched the 10% Millionaires Movement to inspire young South Africans to save or generate their first R100,000 — 10% of a million rand — by the age of 30.

The movement aims to see talented young people develop the right mindset and skills to build financial independence and provides them with invaluable support to achieve this milestone. 

The 10% Millionaires Movement invites South Africans between the ages of 18 and 30 to take control of their own destinies by building their savings and investment from their regular grind or side hustles. It provides them with the opportunity to start putting away R300, R500 or R1,000 a month and grow this to start the business they are passionate about or realise their first big financial goals.  

Standard Bank is driving the 10% Millionaires Movement to help address the high youth unemployment rate in SA and boost local economic growth. The purpose of the movement is to develop an empowered mindset in young people and offer them ways to proactively build their own future. 

“Young South Africans can direct their passion and energy towards saving R100,000, which is 10% of a million — whether it’s through studying, hustling or dreaming big,” says Lindy-Lou Alexander, brand and marketing head of consumer and high net worth at Standard Bank. 

The bank is providing young people who want to create a prosperous future for themselves with opportunities and tools to generate regular income and effectively invest and grow their money. Youth can access all the relevant tools and resources they need on Standard Bank’s 10% Millionaire webpage and follow the conversation on social media via the #10Pm hashtag.

“Financial literacy is the key to becoming financially independent,” says Alexander “With the 10% Millionaires Movement, Standard Bank wants to use its expertise and knowledge to teach young South Africans how to manage their money and make informed financial decisions.” 

“The 10% Millionaires Movement motivates young South Africans to channel their energy into achieving something they may have considered impossible. It also provides avenues to help them achieve this,” says Alexander. “Their first R100,000 can open the door to doing great things such as starting a business or social enterprise that is impactful and employs people, buying a car, paying a deposit on a home — or letting the money ride to the R1m mark on compound interest.” 

Standard Bank eventually wants to see youth across the country and continent gearing themselves to become 10% Millionaires and setting themselves up to generate millions in the longer term. In this way, they will help provide solutions to the economic challenges in the region.

“The youth that are joining the 10% Millionaires Movement are setting themselves up for financial success by learning how to manage and grow their money and what the effect of compound interest is. Join the 10% Millionaires Movement today and unleash your passion and ambition with creative flair,” says Alexander.

“SA’s youth unemployment rate is at an alarming rate of more than 70% and youths are concerned about their future. But they are skilled, creative and well-positioned to realise their potential and stimulate economic development in SA and the rest of the continent.”

This article was paid for by Standard Bank.