Young South Africans have high expectations of their financial future, but social standing still influences attitudes to wealth and spending.

These are the results of Capitec Bank's Youth Prosperity Survey carried out among 18 to 23-year-old urban youths across the country.

Most young people (78 percent) expect to earn R10 000 or more by the time they are 30 (At present, less than 10 percent of the total population earns this amount.) Most are also self-starters, with 70 percent of those canvassed saying the best way to earn more would be by starting their own businesses. Entrepreneurial drive is particularly strong among black youths, and 71 percent of them see this as their key to financial success.

Although income expectations are potentially unrealistic, youths from all racial groups are positive about their future in South Africa, despite the recession and problems faced in the country. A total of 68 percent claimed to be optimistic about the future, with KwaZulu-Natal being the most positive at 48 percent and the Western Cape being the least at 30 percent.

The study also shows that SA youths are not hopeless dreamers when it comes to money.

Young people from all groups show a mostly grounded, if quite materialistic, approach to financial matters: achieving wealth was identified as a major driver to happiness and future security.

Asked which was their biggest worry in the future, 58 percent said the availability of jobs.

Although all youths agreed that they expected a positive future in South Africa, there were clear differences between races that showed the legacy of apartheid still affected the financial start young people receive in life. The primary source of income for young people remains parents and this is where large gaps still exist between groups.

The majority of black youths' monthly income is R300 or less, compared with whites at R1 500.

Gender also plays a key role in attitude to wealth among all young people. Traditional gender stereotypes are still prevalent, with most men (56 percent) expecting to be the primary breadwinners in future, compared with 46 percent of women. Women also saw earning potential as a significant influence on choice of partner, to the extent that 20 percent said they would marry someone for money over love.

This was particularly true in the Western Cape, where young women said they would consider marrying for money significantly more (at 26 percent) than their counterparts in Gauteng (19 percent) or KwaZulu-Natal (10 percent).

The traditional view of men being in the financial driving seat is, however, not being played out in reality: 27 percent of women surveyed make a financial contribution to their family compared with only 15 percent of men. Mothers are also the primary source of financial information, with 30 percent identifying them as the main provider of financial advice.

"The results paint a positive picture of the optimism of South Africans that the country will provide prosperity. It may also be surprising to some that the youth have their feet on the ground when it comes to understanding the cost of living and financial pressures. However, the results of the survey also show there is still inequality in race and gender that SA will need to overcome," said Carl Fischer, Capitec Bank's executive of marketing and corporate affairs.

For more information about the Capitec Bank Youth Prosperity Survey results visit www.youthprosperitysurvey.co.za