According to the Financial Sector Conduct Authority, nearly half of the population lacks a basic understanding of money management.

First National Bank’s (FNB) consumer education data shows that many SA citizens need to understand financial education.

The data also reveals widespread fear and anxiety around personal finance topics, which experts say must be addressed through structured education from an early age. 

FNB Personal Segment Chief Executive Officer, Lytania Johnson, says it is important to start financial literacy at school level. 

"We need to reflect on, is there enough being done on financial literacy as early on in the basic education of our children. 

I think about how often our parents sat us down and talk about budgeting, how often they explained concepts like interest, inflation. So it will be important that we start to bring financial literacy in and build that competency a lot," she said. 

While efforts to reduce inequality continue, data shows financial illiteracy remains high among women and vulnerable groups. 

"I think the first thing is, while in SA we’ve made progress to address inequality, there are still high inequality levels. And when you think about it, some of the research is showing us that there are cohorts of our population, like unfortunately females, like the less educated of citizens that are struggling with financial literacy, Johnson added.

--SABC--