Determinants of access to financial services for youth in South Africa : an analysis of the national income dynamics study data.

Abstract

The Sustainable Development Goals (SDGs) and the National Development Plan for South Africa have highlighted the importance for improving the accessibility of financial services to all South Africans. South African youth form the majority of the population. Therefore, this study investigates the determinants of their financial access with consideration placed towards age, gender, marital status, education, race, employment and place of residence. Using the National Income Dynamics Study Wave 3, through bivariable and multivariable regression, this study revealed that the majority of the youth do not have financial access. Major findings of the study indicate that there is a significant relationship between age, race, gender, place of residence, employment status, education, marital status and financial access. The findings of this study hold value in contributing towards the discussion of poverty reduction and reducing income inequality in a country whose majority of citizens have been historically disadvantaged.