Closing the knowledge gap :
ADVICE AND DISTRIBUTION
Closing the knowledge gap :
Why financial literacy is non-negotiable
By Mzwandile Mtshali , PPS Group Executive : Advice and Distribution
Let us be honest : managing money is not always easy . Whether making ends meet , saving for a dream vacation or planning for the future , finances can often feel like one big puzzle . The stakes for graduate professionals – no matter where they work or live – are even higher . With inflation , high living costs and a constantly shifting global market , having a degree or career expertise will not automatically make one ’ s financial journey smoother . To really succeed , one needs more than just “ book smarts ”. One needs the right financial know-how and , most importantly , the support of someone who can help .
FINANCIAL LITERACY AS A LIFELONG SKILL
Financial literacy forms the bedrock of sound financial decision-making . Globally recognised as critical to economic empowerment , it encompasses essential skills such as budgeting , investing , debt management , tax strategies and retirement planning . Yet , many new and experienced graduate professionals lack these skills .
Despite their advanced education and problem-solving abilities , graduate professionals could find that financial literacy is a distinct and specialised skill set that requires dedicated effort to master .
THE ROOTS OF FINANCIAL LITERACY GAPS
There are many reasons why graduate professionals might not be as financially literate as they should be . Financial management is rarely a core part of formal education , even at the postgraduate level . Doctors , engineers , lawyers and other professionals spend years mastering their fields but are seldom taught the fundamentals of budgeting , investing or tax planning .
Without a deliberate effort to acquire this knowledge , financial literacy can remain a blind spot .
Additionally , regardless of their qualifications , individuals inevitably face financial challenges as they transition through various life stages . Newly graduated professionals , for example , often confront significant financial transitions such as managing student loans , navigating their first salaries or purchasing homes . On the other hand , experienced graduate professionals may deal with increasingly complex financial issues as their careers advance , including managing investments , planning for children ’ s education or preparing for retirement . These advanced financial needs often demand expertise that may not be readily available even to seasoned individuals .
WHY IT IS “ OKAY ” TO ADMIT A LACK OF FINANCIAL LITERACY
Acknowledging a lack of financial literacy is not a weakness ; it is a step toward empowerment . Financial management is a nuanced and everevolving field . The skills needed to manage a modest income in one ’ s 20s vastly differ from the expertise required to oversee a diverse portfolio or plan for intergenerational wealth transfer in one ’ s 40s or 50s .
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