Why Generational Wealth Is Important To Our Youth?


By Joburg Post

In the month of June, South Africa celebrates the brave youth who marched onto the streets of Soweto in 1976. One would say the youth of 1976 was fighting for the next generation to get a better education and freedom – this fight for quality free education still runs through SA youth veins; as we saw the #FeesMustFall movements in 2015 and the better part of 2016. The youth of today should also start fighting for wealth and financial freedom, says VBS Mutual Bank.

In the real world, we often hear how Generational Wealth (GW) assists millions of families worldwide to build dynasties. The youth of South Africa should start looking at innovative ways of generating wealth for themselves and their next generation. “Generational Wealth is about preserving your family name. Generational Wealth is built over time – many lifetimes even.” says Gugu Mthembu, Chief Marketing Officer at VBS Mutual Bank.

VBS Mutual Bank, over the years, has been regarded as South Africa’s investment and financial institution for young and upcoming businesses. To assist South African youth achieve financial freedom, VBS Mutual Bank has introduced an Investment solution that helps the youth invest and generate wealth over short and long term. The solution allows customers to choose an investment period ranging from 12 months to 60 months.

“Customers enjoy no monthly service charges, great tiered interest rates which increase as the balance grows and they get access to 30% of their invested amount for urgent needs on some of the investment products.” says Mthembu.

To build wealth is about building on the financial success of past generations. “Young people today may earn more than their parents did, but the unfortunate part is that their money buys less due to the current economic climate and inflation. This may mean a lot less economic security for them and their families.” Mthembu explains.

VBS Mutual Bank believes that building Generational Wealth is more than just about money. It is about wealth in values, beliefs and traditions that you want your next generation to live by and preserve.

Generational Wealth varies from era to era, in the olden days, our great-grandfathers had hundreds of livestock – when they passed away, they made sure that the next generation (their children) continued where they left off by preserving the wealth that they inherited from their fathers and (these children) were also expected to do the same for the next generation – this shows how wealth has been circulating from generation to generation [within one family].

As a proudly South African bank with a rich history in providing tailored financial services, we encourage young South Africans to start looking at new ways of building and preserving their wealth. “Investing is one of the great ways of securing a better life for you and your family – as it helps you build the legacy that will be enjoyed by generations to generations.” concludes Mthembu.

About VBS Mutual Bank

VBS Mutual Bank was established in 1982 and initially operated as Venda Building Society. It was granted a permanent Mutual Bank License on 11 October 2000. VBS Mutual Bank is a mutual bank registered with and regulated by the South African Reserve bank (SARB) under mutual banking license number 1051, governed by the Mutual Bank’s Act, 1993. It is registered as an Authorised Financial Services Provider with the Financial Services Board (FSB) in terms of the Financial Advisory and Intermediary Services Act, 2002 and operates under FSP license number 30857.

For more information visit https://www.vbsmutualbank.co.za/

 

 

 

 

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