National student spend report identifies GEN Z as conscious consumers

A recent report by Student Village has shed light on the spending habits of Generation Z students, revealing a generation that is not only interested in making money but also in spending it consciously. The National Student Spend Report highlights a shift in mindset among young students, moving towards saving for the future and investing in building wealth. Ronan Ayres, the Founder and CEO of Student Village, shared insights from the report in an exclusive interview with CNBC Africa. According to Ayres, students are now spending an average of 3,000 rands a month, with a significant portion of their income coming from their parents, guardians, or siblings. This financial support allows them to focus on saving and spending on essential items like toiletries, clothing, groceries, and even investments for the future. Ayres noted a significant change in spending patterns compared to previous years, where students prioritized immediate gratification over long-term financial planning. The report also highlighted a shift from retail cards to credit cards among students, with a growing emphasis on online purchases and responsible debt management. Furthermore, the economic challenges faced by students and their families have led to a more innovative and resilient generation, focused on creating businesses and building wealth for the future. This shift towards conscious money spending reflects a generation that is proactive, resourceful, and forward-thinking in their financial decisions. As students continue to adapt to changing economic landscapes and embrace new opportunities, the future looks promising for Generation Z as they navigate the world of finance and entrepreneurship.