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“A person or household is defined as financially well when they continuously plan and manage their money so that they can afford their expenses and reach their goals over their lifetime”
-Momentum Household Financial Wellness Index.

What is financial literacy?

People’s ability to understand finance thereby allowing them to make informed and effective decisions through their understanding of finances. It encompasses participation by people in economic life that maximises life opportunities and enables them to lead fulfilling lives. 

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Financial Literacy in South Africa

The vast majority of South Africans do not have enough money to support their lifelong financial journey -- at least three quarters of South African households are under financial pressure. This is not necessarily because of income or money shortfalls. It is rather the case of not understanding the power of managing your finances, which results in households not planning and managing their capital (or behaviour) optimally. 

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Read more insights from the Momentum Financial Wellness Survey... 


Examples of financial literacy programmes

boardgameThere are many different types of innovative financial literacy education programmes, including skills training workshops, trustee training programmes, graduate training, radio and television programmes, youth camps, short courses, peer training, industrial theatre projects, board games and more. This section includes an overview of the scope and effectiveness of some of these programmes in South Africa. 

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Financial literacy for youth

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 *Graph shows results from an FSB study that showed young people are not adequately prepared to make sound financial decisions.

Parents spend much time preparing their children, mentally, spiritually, physically and emotionally for the demands of adulthood. However, an FSB study found that young people are not adequately prepared to make sound financial decisions. 

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Financial literacy for SMEs: "Financial literacy [is] one of the cornerstones of building an entrepreneurial business" - Allon Raiz


Research and reports includes research on financial wellness, core competencies frameworks for financial literacy programmes, and reviews of global financial literacy research.


The multimedia section includes videos and podcasts such as Talking Financial Literacy, a podcast providing professional development and resources for educators, students and lifelong learners; and Yilungelo Lakho, SABC1, which aims at informing and educating consumers on their rights. Several episodes feature topics around financial literacy. 


There is an increasing demand for reliable ways to evaluate and measure the effectiveness of financial literacy programs.This section containst a collection of tools and guides to evaluating financial literacy programmes. 


Policies and papers related to financial literacy in South Africa.