Are South Africa’s young people financially literate enough to withstand the challenges of the current and future economic climate? Recent studies highlight that South African third-year students, especially women and black youth, have low levels of basic financial education.
The Financial Sector Conduct Authority’s 2022 survey also indicated a predicted 75% household debt-to-income ratio in South Africa by year-end.
This means that consumers will use 75% of their income to repay debts, a clear sign of over-indebtedness.
This highlights the importance of financial education, especially for groups who typically have less financial access or knowledge, such as the young, economically disadvantaged and less educated.
Listen to Tshepo Kgapane, partnership manager at Wafunda, South African partner of Blackbullion South Africa, talk to Moola Matters’ Ina Opperman about how important financial literacy is for young people in South Africa.
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