Early financial literacy is often viewed as a ‘nice to have’, but it is, in fact, a critical driver of sustainable development, financial inclusion, and South Africa’s long-term economic prosperity. While children do not need to grasp complex concepts such as interest calculations or banking systems, they do need foundational financial skills to help prevent early financial mistakes. These skills include budgeting, saving and managing debt.
It’s possible to teach these skills early in life – research shows that exposing children to financial concepts between the ages of six and twelve helps to build a solid foundation for the future. Children form money habits earlier than most people realise, yet formal financial education in South Africa typically starts too late.
With around half of South Africans considered financially illiterate, embedding early financial education in the national development agenda is essential. This is especially important for children from lower-income households, who are less likely to receive structured financial guidance at home.
In development terms, early financial literacy:
- Encourages responsible financial behaviour in adulthood
- Reduces vulnerability to predatory lending and high-risk financial decision-making
- Supports long-term poverty reduction by improving household resilience
- Strengthens the human‑capital base required for inclusive growth
Financial literacy as a public good
Financial literacy is not only a personal skill – it also functions as a public good with broad social impacts. High levels of financial illiteracy contribute to inadequate retirement savings, excessive debt, limited entrepreneurship and reduced economic participation.
With youth unemployment at crisis levels, grassroots financial education can support:
- Greater entrepreneurship readiness
- Increased uptake of appropriate financial products
- Better long-term household planning
- Stronger intergenerational wealth transfer
These outcomes align with national priorities around financial inclusion, savings culture, and youth economic participation.
Financial services organisation Moonstone recommends using storytelling to teach financial literacy to young children. Story-based learning helps them navigate real-life scenarios, including distinguishing needs from wants and practising delayed gratification. The method is accessible for schools with limited resources, does not require specialist training, and works across South Africa’s diverse language groups.
Story-based tools can easily integrate into early-learning programmes, school libraries, and community-centre activities, expanding reach across multiple settings.
Programmes providing children with empowering tools
Several formal programmes in South Africa are successfully delivering early financial literacy at scale.
MoneyTime SA, an online programme for children aged 10-14, combines interactive lessons with a financial management game. By 2025, more than 1 500 schools had adopted the programme, reaching 130 000 learners. Ongoing assessments show a 42% increase in financial knowledge, with teachers reporting greater confidence in budgeting and saving among participating learners.
Foord Asset Management’s “Teach Your Child to Invest” series introduces children ages 4-7 to concepts such as saving, compounding, and planning for the future through illustrated books such as More Than Enough (2019) and Little by Little (2021). Distributed through schools, libraries, and community programmes, the books have sparked meaningful conversations at home and in classrooms, making financial learning an everyday activity.
The Reach Trust’s MathsUp programme provides daily, curriculum-aligned maths and literacy content through a mobile app, helping educators build foundational numeracy and problem-solving skills. Available in English, Afrikaans, isiXhosa, and isiZulu, the app includes stories and play-based activities that introduce basic money concepts while involving parents through shared tasks.
Together, these initiatives demonstrate that children can readily understand and apply financial skills when provided with accessible, age-appropriate tools – and that scalable models already exist to reach diverse communities nationwide.
Financial literacy beyond the classroom
Financial literacy is essential not only for children but also for young adults and older generations navigating increasingly complex financial environments. From student loans and credit to retirement planning and household budgeting, financial decision-making skills directly influence resilience and long-term prosperity.
Recognising this, South African companies are expanding consumer financial education (CFE) programmes to reach people at different life stages.
Momentum Group Foundation, in partnership with Universities South Africa, launched a national CFE programme across all 26 public universities in 2025. The initiative integrates financial education into student support structures, ensuring early exposure to practical skills such as budgeting, saving, and responsible credit use. This positions financial literacy as a cornerstone of youth empowerment and economic participation.
Sanlam Foundation’s WageWise programme, delivered in partnership with the ASISA Foundation, addresses widespread financial illiteracy by offering practical, accessible education on budgeting, saving, debt management, and the difference between needs and wants. Using workshops, blended learning, and WhatsApp-based modules, WageWise targets South Africans earning under R250 000 per year and has expanded steadily since its launch in the mid-2010s.
What CSI practitioners can do
CSI practitioners can play a pivotal role in strengthening financial literacy in South Africa. Importantly, organisations do not always need to build new programmes – many effective models already exist and can be expanded.
Opportunities include:
- Partnering with organisations already delivering early financial literacy in schools, libraries, and community centres. This can scale proven models such as story-based learning and digital tools.
- Investing in teacher training so educators feel confident teaching foundational concepts like budgeting and saving.
- Collaborating with EdTech providers offering accessible, mobile-first learning tools, including apps, audio storybooks, and online modules.
- Aligning with national frameworks such as the FSCA’s MyMoney Learning Series to ensure coherence and avoid duplication.
- Strengthening family involvement by supporting programmes that promote shared learning at home and across generations.
- Funding youth and adult programmes beyond school settings, including community workshops and workplace-based training, to build lifelong financial capability.
These approaches enable CSI practitioners to contribute meaningfully to financial literacy outcomes by supporting scalable, evidence-based models that reach diverse communities.
