Financial LITERACY

Financial literacy – having the knowledge and skills to manage personal finances and make informed decisions – is a vital enabler in society. Low financial literacy limits financial access in South Africa, leading to poor outcomes: increasing debt, a lack of saving, and growing wealth inequality.  

Financial Sector Conduct Authority (FSCA) research published in 2022 showed that only 51% of South African adults are financially literate, and the average consumer uses around 62% of their salary to pay off debt.  

As there is a clear link between financial literacy and economic empowerment, South African needs to make consumer financial education a priority.