INSIDE YOUR POCKET – The hidden crisis: How financial illiteracy is crippling South Africa's economy

Loading player...
GUEST – Harry Scherzer is the CEO of Future Forex.

When you read the words, “South Africa has a major financial literacy problem,” what’s the first thing that comes to mind? Is it the approximately 30 million citizens living below the poverty line? Or is it the 40% of South African adults who go into debt to buy groceries every month? Or do you think that it’s a far more pervasive problem that affects South Africans of all income and education levels?

If you chose the third option, you’re probably closest to the truth. According to the results of a survey by the Sector Conduct Authority (FSCA) in partnership with the Human Sciences Research Council (HSRC), just 51% of South Africans are financially literate.

This lack of financial literacy doesn’t just impact obvious areas such as spending habits, loans, investments, and debt management either. It extends even further and can impact businesses’ ability to maximise revenue generation and minimise costs, with international money transfers being one of the clearest examples.
10 Oct 2024 2PM English South Africa Business News · Investing

Other recent episodes

Weaver Fintech’s Half‑Year shows Fintech Rising, Credit Tightening

Weaver Fintech grew revenue to R2.8 billion and now serves 5.1 million customers but rising debtor costs and tighter credit approvals reveal a consumer under strain. CEO Sean Wibberley breaks down the numbers — from the surge in payments and BNPL adoption to the deliberate slowdown in lending. We explore…
13 Aug 12PM 16 min

Standard Bank delivers Record Half-Year Earnings of R26 billion

Standard Bank reports record headline earnings of R26.1bn, up 10% for 1H26, with ROE rising to 19.8%, it's highest under Basel III. Sim Tshabalala unpacks the drivers behind the performance — client-led growth, disciplined cost management, strong balance sheet momentum, and Africa Regions contributing 40% of Group earnings. We explore…
13 Aug 12PM 17 min

Women Behind the Wheel: How SA’s Used‑Car Market Is Changing

Women now make 39% of financed vehicle purchases in South Africa — and they’re demanding a car‑buying experience built on trust, transparency and convenience. Sam Ghisleni, Head of Marketing at Weelee, explains how women are reshaping the used‑car market, why digital convenience must be paired with human reassurance, and how…
12 Aug 1PM 11 min

PayInc Index Reveals July’s Economic Bounce

South Africa’s economic activity finally ticked upward in July after two difficult months. Independent economist Elize Kruger unpacks the latest PayInc Economic Index, revealing how falling fuel prices, record transaction volumes, and pockets of resilience shaped the month — and why uncertainty in global oil markets still clouds the outlook…
12 Aug 12PM 15 min