Financial literacy in South Africa

Type Working Paper - SALDRU Working Paper Number 242 Version 1/ NIDS Discussion Paper 2019/9
Title Financial literacy in South Africa
Author(s)
Publication (Day/Month/Year) 2019
URL http://www.nids.uct.ac.za/images/papers/2019_09_NIDSW5.pdf
Abstract
We analyse measures of financial literacy, included in the NIDS survey for the first time in Wave 5. South Africa follows patterns found in other countries. Less educated and low income respondents display low levels of financial literacy. Most countries have large gender gaps in financial literacy while the gender gap is absent in South Africa. Controlling for a number of socio-demographic variables, financial literacy is positively related to ownership of a pension and of mutual funds, stocks, or shares.

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