South Africans are losing financial literacy

Lost your password? Please enter your username or email address. You will receive a link to create a new password via email.Lost your password? Please enter your username or email address. You will receive a link to create a new password via email.n the wake of Covid-19 and the accelerated digitisation of financial services, the gap between South Africans who have highly developed financial literacy and those with little or none has not just widened, it has taken on new dimensions.

Their work is corroborated by that of the Human Sciences Research Council, which has pointed to a notable decline in the national average financial literacy score that predominantly affects women, the youth and the less educated demographic groups despite ongoing financial education initiatives. Despite legislative actions, regulatory frameworks, and investments in financial literacy education aimed at fostering an inclusive financial ecosystem, these measures alone have proven insufficient.

This suggests that more effective and inclusive financial education strategies are needed to close the literacy gap and support the financially vulnerable. It calls for a reassessment of the delivery and accessibility of financial education to ensure it effectively meets the population’s needs. It is this scholarly scrutiny that will illuminate pathways to not just bridge the financial literacy gap but to fundamentally narrow it.

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