Financial literacy in South Africa: results from the 2020 baseline survey

Abstract

In South Africa, responsibility for day-to-day money management decisions has traditionally been considered the province of the household head (often the patriarch of the family). But in our modern country, financial decisions are increasingly made jointly by the family. On financial decision-making, we found that about a third (36%) managed household finances themselves, with another third making financial decisions jointly with someone else while a third stated that they played no role in making such decisions on finances. Interestingly, more females (37%) than males (34%) were solely responsible for day-to-day money management, and females were also more likely to be involved with money management together with someone else. This might suggest a form of financial emancipation over time. Overall, financial decisions were typically made more by the employed and the educated than the unemployed and less educated.