South Africa's younger generation increasingly desires to leave the country in search of opportunities overseas.

A complex interplay of social, economic, and political factors drives immigration by young adults in 2024. This isn't a uniquely South African problem, as these patterns reflect a broader global pattern, but the youth exiting also reveals our unique domestic challenges.

When we look at our very own accounting and auditing professionals in South Africa, the drive to immigrate seems to be caused by brain drain and the talent who have already immigrated.

Promoting domestic improvements in education, living standards, and public safety should be a top priority. Sadly, the persistent challenges in these areas are driving many talented young South Africans to seek a future abroad.

It's raising important questions about the underlying reasons for this migration trend and what it means for South Africa's future.

According to a 2023 survey by the South African Institute of Chartered Accountants (SAICA), approximately 20% of South African accounting and auditing professionals are considering emigrating.

A 2024 Global Talent Migration Institute report found that 15% of South Africa's accounting and auditing professionals have already relocated to other countries. Aligning with broader statistics, these statistics indicated that a significant portion of the skilled workforce is exploring opportunities outside their country.

Educational obstacles

One of the primary drivers behind the younger generation's inclination to emigrate is the perceived shortcomings of the local education system. South Africa's educational system has seen improvements over the last few decades.

However, individuals face significant challenges: unequal access to quality education, outdated curricula, and insufficient resources.

After finishing secondary and tertiary education, South African graduates often face challenges in their readiness for a global job market.

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Young people often feel that their educational achievements do not translate into the opportunities they desire domestically. The 2023 Ernst & Young Global Talent Trends Report indicated that 30% of South African accounting professionals are drawn to more careers they perceive as dynamic in countries with advanced financial markets.

Cost of living and unemployment rates

Beyond education, the younger generation is also motivated to leave South Africa due to the country's high cost of living, income inequality, and alarmingly high unemployment rates.

The national unemployment rate stood at 33.5% in the second quarter of 2024, with youth unemployment (ages 15-24) reaching a staggering 60.8%. Lack of economic opportunity and financial stability is a significant push factor driving South African youth to explore better living standards abroad.

According to the 2023 Deloitte Africa Talent Survey, 35% of accounting and auditing professionals cited economic uncertainty as a primary reason for considering emigration.

The need for robust economic policies and the slow pace of reforms contribute to this perception of limited economic prospects, prompting many to seek opportunities abroad.

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Crime and Violence

The prevalence of crime affects not just personal safety but also the overall quality of life. For young people, who are often starting families or building careers, the high crime rates create an environment of constant fear and insecurity.

This, combined with perceived inadequacies in the criminal justice system, leads many to seek safer living conditions abroad.

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Quality of life

Amongst the beautiful landscapes and vibrant cultures, SA needs more infrastructure and public services in some areas. For example, issues such as unreliable electricity supply and water shortages can detract from living standards.

Countries with stable infrastructure and more efficient healthcare systems may offer a higher quality of life. The 2024 BCG Talent Mobility Report noted that 20% of accounting professionals seek better work-life balance and quality-of-life improvements.

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Political instability and governance issues

25% of professionals in the accounting and auditing sectors cited political instability as their decision to emigrate (The 2023 PwC South Africa Talent Retention Report).

Racial tensions, inequality, and societal fragmentation contribute to a sense of disillusionment among young South Africans. The struggle to navigate these complex social dynamics can be overwhelming, particularly for those who seek a more inclusive environment.

Furthermore, the allure of global cities offering diverse cultural experiences and lifestyles often contrasts sharply with the social and cultural challenges faced in South Africa. The opportunity to explore new worlds is a huge draw for young South Africans.

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Skills shortage

The 2024 South African Accounting and Auditing Skills Gap Report estimated a 10% shortfall in qualified professionals, affecting the industry's capacity to meet demand and maintain high standards.

A decrease in local expertise can affect the quality of work, potentially leading to reduced investor confidence and economic instability.

The need to constantly recruit and train new staff to replace those who leave is a costly and time-consuming process, diverting resources away from critical parts of businesses. Remaining professionals often face increased workloads as they must cover the responsibilities of those who have left.

For South Africa to retain its young talent and secure its future, we must prioritize creating an environment where the next generation sees a viable path to success within its borders.

South Africa has a rich history of overcoming adversity, and its future holds significant potential for positive change. It boasts a diverse and vibrant cultural heritage with a unique blend of traditions, languages, and histories.

We have strong ties to our communities, families, and local networks. This cultural richness provides a deep sense of identity and belonging.

Maintaining these connections can be a source of strength and motivation, making the effort to improve conditions locally both personal and rewarding.

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By investing in their own country, South Africans can play a crucial role in shaping a better future, leveraging their cultural heritage, and contributing to the nation's development.

Embracing the possibility of positive change and working towards solutions can make a profound difference for individuals and the nation.

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