While Freedom Day celebrates our political liberation, the financial reality tells a different story — South Africans now have 42% less spending power than they did in 2016, and millions are still burdened by financial hardship. That’s why Rynhardt de Lange, Director and Head of Legal at Milaw Legal, believes the fight for freedom isn’t over — it has simply shifted to our wallets and bank accounts.
“Celebrating freedom should include empowering yourself financially,” says de Lange. “You can’t be truly free if you’re financially strapped.”
23 April 2025: As South Africans gear up to celebrate Freedom Day, the focus typically falls on our hard-won political rights. But with record levels of youth debt and unemployment, Director and Head of Legal at Milaw Legal Rynhardt de Lange is urging consumers to reflect on a more personal form of liberation — financial freedom.
“We need to broaden the definition of freedom,” says de Lange, “It’s not just about voting rights or political participation — true freedom means being able to live with dignity, plan for the future, and break the chains of over-indebtedness.”
Debt remains one of the most suffocating barriers to financial independence. New data from TransUnion paints a sobering picture. Youth under 35 now account for nearly 62% of new credit accounts, with Gen Zs leading the surge. Vehicle loans, clothing accounts, and personal credit cards are becoming gateways into long-term financial distress — particularly for those without a solid foundation in financial literacy.
“What we’re witnessing is a generation drowning in debt. On average, South Africans spend 68% of their take-home pay on debt repayments — and for higher earners, it’s up to 74%.
This isn’t sustainable,” says de Lange.
Despite political emancipation, the Economic Freedom of the World Report ranked South Africa 94th out of 165 countries — a stark reminder that access to economic opportunity is still heavily restricted.
High unemployment, especially among youth (currently at 44.6%), growing household debt, and limited access to capital all contribute to widening inequality.
“Freedom without financial empowerment is a hollow promise,” says de Lange. “To close the gap, we need policy reform, financial education in schools, fair lending practices, and as well as proactive financial management tactics from South African consumers.”
Financial tools like budgeting, saving, and investing can be acts of resistance — strategies that enable families to build intergenerational wealth and escape the cycle of debt.
This Freedom Day, South Africans are encouraged to do more than wave the flag or attend a parade. De Lange believes it’s time to swap symbolic gestures for meaningful steps toward financial liberation. He offers the following tips:
- Review your credit profile — know your score and clean up any errors.
- Set clear short- and long-term financial goals.
- Speak to professionals about debt solutions if you’re struggling.
- Commit to learning — be proactive about your financial education.
“Celebrating freedom should include empowering yourself financially,” says de Lange. “You can’t be truly free if you’re financially strapped.”
This Freedom Day, Milaw Legal says true freedom means financial freedom — break the chains of debt and take control of your financial future.
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A Milaw Legal spokesperson is available to expand on the below talking points:
- Why is debt considered one of the biggest barriers to true financial independence?
- How much of their take-home pay are South African consumers spending on debt?
- What is South Africa’s current ranking on the Economic Freedom of the World Report, and what does this imply?
- What practical steps can South Africans take this Freedom Day to work towards financial liberation?
Media enquiries:
Omega Ngema 0614205079 (WhatsApp), email: omega@fwh.co.za
About Milaw Legal
Milaw Legal is a debt management company committed to empowering South Africans in their battle against debt. With over a decade of expertise in financial services, the organisation offers a range of high-calibre debt relief services tailored to meet each individual’s unique needs, including debt review removal, judgment removal, and affordable distribution. Guided by values of integrity, empathy, and innovation, Milaw Legal provides personalised and comprehensive legal services, ensuring clients achieve financial stability and long-term success.
