This study investigated the impact of infrastructure and human capital development on economic growth in transitional economies. It also explored whether the interaction between infrastructural and human capital development enhanced economic growth in the transitional economies. Although the literature is awash with studies which investigated the separate impact of infrastructure and human capital development on economic growth, no study that the author is aware of has so far explored whether the interaction between infrastructure and human capital development enhances economic growth. The study mainly used a dynamic panel generalised methods of moments (GMM) approach by Arellano and Bond (1995), a framework that takes into account the dynamic nature of economic growth data and addresses the endogeneity issues normally associated with economic growth regression functions. Panel data analysis approaches such as pooled ordinary least squares (OLS), and fixed and random effects were used for comparison purposes and robustness tests. According to the dynamic GMM framework, the interaction between infrastructure and human capital development improved economic growth in transitional economies, in line with theoretical and empirical predictions. Random effects and pooled OLS show that the interaction between infrastructural and human capital development had a deleterious effect on economic growth, whilst according to the fixed effects approach, the interaction between these two variables had an insignificant positive influence on economic growth in transitional economies. Considering that the results from a dy34 Kunofiwa Tsaurai, Adam Ndou namic panel GMM are considered to be more accurate due to the approach’s ability to address the endogeneity problem and the dynamic nature of economic growth data, the current study recommends that transitional economies should implement policies that improve human capital development in order to enhance infrastructural development’s ability to influence economic growth. Future studies should investigate not just one (human capital development), but all the conditional factors which must be in place before economic growth advantages triggered by infrastructure development are realised.

Recently, demographic factors that influence financial literacy have become increasingly important for policymakers than ever before. The primary purpose of this study was to establish the relationship between demographic factors and financial literacy among adults in a rural and low-income areas of South Africa. The objectives were to determine which gender uses a budget, which age cohort keeps copies of financial documents, which category of education level is saving for retirement, and the correlation between education level and saving for retirement. Descriptive statistics and correlation analysis were used to analysed data. The results showed that males used a budget more than females by a low margin. Adults struggled to keep copies of financial documents; however, adults between the ages of 41-50 kept copies of financial documents the most. Those with matric were better savers for retirement than other levels of education, besides the fact that most adults were not saving for retirement. The study also revealed a negative correlation between education level and retirement savings. Thus, the relationship between demographic factors and financial literacy was negative. The study concludes by suggesting interventions that could help adults improve their financial literacy and manage and sustain their financial well-being.

Parental financial socialization is becoming increasingly important globally due to poor financial behavior amongst young adults, especially those in developing countries and rural and lowincome areas. This study makes a unique contribution to the body of knowledge by investigating the relationship between parental financial socialization and financial behavior. Using a quantitative research approach, parental financial socialization was extended through parental financial teaching, discussions, monitoring, and financial modeling. We collected a selfadministered questionnaire from young black African adults in two low-income and rural areas in South Africa (Intsika Yethu and Fetakgomo Tubatse municipalities) and showed a significant positive relationship between parental financial teaching, parental financial discussions, and financial behavior. Results revealed that parental financial discussions had a significant and positive relationship with financial behavior, while parental financial monitoring was adversely associated with financial behavior. Finally, findings demonstrated that parental financial modeling had no relationship with financial behavior. The results suggest that parents should teach and discuss financial matters with young adults to improve financial behavior. Also, financial educators should design financial education programs to assist parents in improving their financial behavior to transfer responsible financial behavior to young adults.

Culture has become an important aspect of parental financial socialization in rural and low-income areas across the world, and there is an increasing need for these studies in this field. This study heeds this call and investigates the relationship between culture and parental financial socialization in rural and low-income areas in South Africa. Parental financial socialization is measured through parental financial behavior, parental financial monitoring, parental financial discussion, parental financial communication, and parental financial teaching. A quantitative research approach is adopted in this study. A self-administered questionnaire is used to collect data in Fetakgomo Tubatse and Intsika Yethu municipalities, as they are the most rural and lowincome areas in South Africa. Correlation analysis is used to analyze data. The results show a negative relationship between Culture and Parental financial socialization. Thus, parents who uphold cultural values are less likely to engage in parental financial socialization. Based on the results, this study provides important recommendations to parents, financial educators, and the government to improve parental financial socialization. This study also offers suggestions for future studies in the field of culture and parental financial socialization

This study investigated the impact of parental financial socialisation on financial decision-making of young black African adults in rural and low-income area in South Africa. Data was collected through self-administered questionnaire from 423 young black African adults in Fetakgomo Tubatse and Intsika Yethu local municipalities, low-income and rural areas in South Africa. Multiple regression analysis was used to test the relationship between parental financial behaviour, parental financial monitoring, parental financial discussion, parental financial communication, and parental financial teaching with financial decision-making. The results indicated that parental financial communication had a significant positive relationship with financial decision-making. While parental financial behaviour, parental financial monitoring, parental financial discussion, and parental financial teaching had no positive relationship with financial decision-making. Therefore, the overall results indicated that parental financial socialisation has no impact on financial decision-making of young black African adults in rural and low-income area in South Africa. This study provided recommendations to parents, young black African adults, financial educators, financial services institutions, and financial counsellors.