As the university year begins, there is much excitement in the air with a new student cohort starting first year and attending lectures for the first time. Now is a good time for students to start setting their financial goals for the future—a solid financial plan backed up by good money habits can pave the way for long-term financial stability and independence. Whatever your X is—your education, your side hustle, your passion, your drive to succeed—we as Youth X by Nedbank have the right tools and services to empower our South African youth and to put them firmly on the pathway to the stars.
As financial experts who do good, we have created smart ways for students to learn about how to manage their money wisely, avoid bad debts and to easily access all the benefits through our market-leading digital channels. Whatever your banking needs, we’ve got you covered. ‘We strongly urge students—and all young people generally—to start seeing money differently with Nedbank,’ says Buli Ndlovu, Executive Head of Retail and Business Banking Marketing at Nedbank.
Credit is a powerful tool to buy large assets you need right now that increase in value with the understanding that you will have to pay the debt back later. However, many young people become overindebted while buying popular branded clothes, sports gear and high-end electronic equipment on credit—articles that are not strictly speaking necessary. Approximately 20% of youth are already using credit, and when payments are not met, the bad debts impact their credit score and overall wellbeing. This makes it difficult to achieve important financial goals such as purchasing a home or starting their own business when they graduate and start working. It is important to use credit responsibly for the things you need and not for the things you want.
It’s never too early to make better money choices with Nedbank. ‘We encourage money savvy young people to explore Unlocked.Me by Nedbank—this is a 24/7 youth web platform helping the youth unlock their X (potential) through expert career advice, affordable banking products, understanding of healthy money habits as well as special deals on fashion, lifestyle, tech and travel experiences,’ says Buli. One of the great parts of this value proposition is MoveUp, a tool with a range of courses to help you land that perfect job, manage your money and create a smart CV, all for free, and all from your cell phone.
To unlock your X, you need to use the right banking products. Using the wrong type of accounts can rack up high charges, and generally make life difficult. That’s why Nedbank launched MiGoals, a suite of digital-first products designed to help young South Africans achieve their financial and lifestyle goals using cost-effective transactional products that enable them to make the most of their money.
The entry-level MiGoals account is available at a monthly maintenance fee of R5, and provides simple, low-cost pricing—for example, a flat R1 fee for the purchase of prepaid airtime, data and electricity, while the fee for cash withdrawals at retailers and cash deposits at Nedbank ATMs are an affordable R2. Accountholders also qualify for a 50% discount at NuMetro. A MiGoals account is easy to open on your phone using the Nedbank Money app.
Nedbank’s philosophy is to make banking both easy and cost effective for all. We believe in helping South Africans make better money choices early for a brighter future, and we therefore spend a lot of time understanding our clients’ needs. ‘Our aim is to give our youth the tools and information they need to manage their finances well, and help them unlock their X,’ concludes Buli.
Nedbank will be visiting five university and university of technology campuses during orientation week (O-week) to bring this message home to students.
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