THE HSRC / FSCA REPORT DESCRIBES THE EVOLUTION OF FINANCIAL LITERACY IN SOUTH AFRICA BETWEEN 2011 AND 2020 . IT SHOWS SIGNIFICANT DECLINES IN BASIC ARITHMETIC ( DIVISION ), INTEREST CALCULATION , AWARENESS OF INTEREST ON DEPOSIT AND UNDERSTANDING OF COMPOUND INTEREST . HOWEVER , THERE WAS A MODEST IMPROVEMENT IN THE COMPREHENSION OF INFLATION RATES AND OF INFLATION ’ S EFFECT ON THE VALUE OF MONEY .
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 AN URGENT REASSESSMENT OF THE DELIVERY AND ACCESSIBILITY OF FINANCIAL EDUCATION TO ENSURE IT EFFECTIVELY MEETS THE POPULATION ’ S NEEDS .
ENCOURAGINGLY , THE SLIGHT IMPROVEMENT IN THE UNDERSTANDING OF INFLATION SUGGESTS THAT FOCUSED EDUCATIONAL INTERVENTIONS CAN YIELD POSITIVE OUTCOMES . BESPOKE AND WELL-TARGETED EDUCATIONAL MEASURES ARE IMPERATIVE TO COMBATING THE DECLINING TREND IN FINANCIAL LITERACY AND EMPOWERING INDIVIDUALS WITH THE FINANCIAL ACUMEN NECESSARY FOR ECONOMIC SUCCESS .
THE NEED FOR RESEARCH IN THIS DOMAIN CANNOT BE OVERSTATED . IT IS RESEARCH THAT WILL AUDIT THE EFFICACY OF ONGOING INITIATIVES , GAUGE THE UTILITY OF FISCAL EXPENDITURES , AND CATALYSE STRATEGIES TO REVERSE THE CURRENT DOWNTURN IN FINANCIAL LITERACY .
MOST IMPORTANTLY , IT IS THIS SCHOLARLY SCRUTINY THAT WILL ILLUMINATE PATHWAYS TO NOT JUST BRIDGE THE FINANCIAL LITERACY GAP BUT TO FUNDAMENTALLY NARROW IT . OUR DEDICATION TO THIS CAUSE MUST TRANSLATE INTO ACTIONABLE INSIGHTS THAT PROPEL THOSE MOST IN NEED TOWARDS FINANCIAL EMPOWERMENT AND RESILIENCE .
THIS INCLUDES CONSTANT EVALUATION OF THE WORK DONE . TO THIS END , AFRICAN RESPONSE HAS ASSISTED CLIENTS IN CONSUMER FINANCIAL EDUCATION , HAVING EDUCATED 46 665 PEOPLE IN KWAZULU-NATAL , LIMPOPO , AND THE EASTERN CAPE SINCE 2020 . THIS FIGURE COMPRISES 21 642 PEOPLE EDUCATED THROUGH IN-PERSON CLASSROOM SETTINGS AND 25 023 IN ONE-ON-ONE IN-PERSON SESSIONS DURING THE COVID-19 PANDEMIC LOCKDOWN . FINANCIAL LITERACY PROGRAMMES MUST EVOLVE TO NOT ONLY ENHANCE OVERALL LITERACY BUT ALSO TO ADDRESS PERSISTENT GAPS EFFECTIVELY . THIS REQUIRES DEVELOPING PROGRAMMES THAT ARE DYNAMIC AND RESPONSIVE TO THE SHIFTING TIDES OF TECHNOLOGICAL ADVANCEMENT AND ECONOMIC DEMAND , AND THAT ARE ACCESSIBLE AND RELATABLE , EMPOWERING INDIVIDUALS TO THRIVE AND CONTRIBUTE TO THE NATION ’ S ECONOMIC GROWTH .
THE JOURNEY TOWARDS FINANCIAL LITERACY IS NOT JUST ABOUT IMPROVING NUMBERS ON A CHART ; IT ' S ABOUT SHAPING FUTURES AND FORTIFYING THE VERY BEDROCK OF OUR SOCIETY . FINANCIAL EDUCATION IS A POWERFUL