Financial Literacy Studies in South Africa: Current Literature and Research Opportunities

Fatoki, Olawale; Oni, Olabanji

doi:10.5901/mjss.2014.v5n20p409

Cited by 26 publications

(23 citation statements)

References 17 publications

(10 reference statements)

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“…The essence of individual financial literacy in the context of South African lies in the agitation to enhance people's financial knowledge and attitude (Eniola & Entebang, 2016;Fatoki & Oni, 2014). The present financial environment in South Africa, has great complexity and challenges as mentioned earlier, confronting households at the macro and micro scale levels (Littlewood & Holt, 2018).…”

Section: National Strategy On Financial Literacy In South Africamentioning

confidence: 99%

“…Various organizations such as the OECD, in partnership with the FSB, the South African Banking Association, non-profit organisations, old mutual organizations, the housing industry and private businesses have also made a major contribution to the various financial literacy awareness programs in South Africa (Alsemgeest, 2015;Fatoki & Oni, 2014). Policies such as the Green Paper on Developing skills and the 1997 White Paper on Education also brought about a major shift in the approach to education and training in South Africa (Van Nieuwenhuyzen, 2009).…”

Section: Financial Literacy In South Africamentioning

confidence: 99%

“…In essence, financial literacy has become a fast growing field in South Africa (Alsemgeest, 2015), and the initiative and campaign has been advanced by major financial institutions and educational programmes of schools. Despite these efforts, Fatoki and Oni, (2014) and Roberts et al (2012) reported that the country scored poorly in international surveys on financial literacy and economic terms. Perhaps, households are experiencing increased financial distress, with the household debt-to-income increasing while household savings to income ratio is on a negative territory (Wentzel, 2016).…”

Section: Financial Literacy In South Africamentioning

confidence: 99%

See 2 more Smart Citations

The National Strategy on Financial Literacy: A Conceptual Review of South African Perspectives

Mbukanma¹,

Rena²,

Prinsloo³

2019

J. Rev. Global Econ.

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The relevance of financial literacy in the lives of individuals has attracted several stakeholders from different parts of the world in the quest to provide the required financial knowledge for households to manage their financial wellbeing. Accordingly, previous studies show that financial literacy serves as a mechanism to enhance the ability of households to better allocate financial resources with regard to savings and wealth creation over their lifetimes in a world of uncertainty and imperfect insurance. Thus, this study provides a literature review on global initiatives, strategies and programmes on financial literacy as well the perspectives of financial literacy programmes in South Africa. As such, it is the objective of this study to ascertain from previous literatures the factors that hinders the smooth delivery of financial literacy programmes in South Africa. Thus, the researcher employed a descriptive literature review method to achieve this objective. The findings of this study identifies that there is a growing need for a continuous financial literacy campaign especially in South Africa as the aging populations are confronted with intensified pressure on standardised plan for future financial well-being. However, the challenges of financial literacy programmes in South Africa was ascertained which forms part of the factors that hinders smooth campaign of financial literacy programmes in South Africa. Hence, this study recommends practical intervention factors of financial literacy programme in South Africa, which is expected to assist policy makers in formulating the right financial knowledge delivery programmes in South Africa.

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Section: National Strategy On Financial Literacy In South Africamentioning

confidence: 99%

Section: Financial Literacy In South Africamentioning

confidence: 99%

Section: Financial Literacy In South Africamentioning

confidence: 99%

See 1 more Smart Citation

The National Strategy on Financial Literacy: A Conceptual Review of South African Perspectives

Mbukanma¹,

Rena²,

Prinsloo³

2019

J. Rev. Global Econ.

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“…Subsequently, connecting company strategy to business orientation presents challenges in business research (Lechner and Gudmundsson, 2014). Notice that the orientation of entrepreneurship has pointed as a possible solution to the problems that businesses faced in order to achieve an advancement in competition (Fatoki and Oni, 2014). Thus, understanding of this orientation, especially in SMEs context has a great impact on strengthening business competitiveness (Jantunen et al, 2005).…”

Section: Entrepreneurial Orientation As a Predictor Of Competitive Admentioning

confidence: 99%

Antecedent Factors of Competitive Advantage and its Impact on Performance

Andriyanto¹,

Arifin²,

Ayuningtyas³

2019

Proceedings of the Proceedings of the 1st International Conference on Economics, Management, Accounting and Business, ICEMAB 20

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The endurance of small and medium enterprises (SMEs) contributed in each the traditional and modern sectors that successively that affect national development. However, they still encountered a growing challenge, expressly since the Indonesian government signed an agreement with Association of Southeast Asian Nations Economic Community (AEC). The agreement forced small and medium-sized enterprises to form their development and creative thinking amidst serious challenge. The point of this examination was to get a clarification of elements influencing the aggressiveness of SMEs and the impact competitive advantage on business performance. The respondents SME's in Kudus City diagrammatic by the embroidery business owners that since three years before they need fully fledged the decreasing in profit. They expressed their response to research variables like competitiveness, orientation, adaptability, internal resources, and performance. The utilization of structural equation modeling (SEM) was required to inspect the connection among components and the direct/indirect effect from exogenous elements to endogenous elements with the assistance of AMOS programming. The outcomes demonstrated that the capability to evolve to business conditions and internal resource affected their business position. Finally, the pioneering introduction of an entrepreneur, SMEs competitive advantage and internal assets (budgetary, physics, human being and nature) affect the business performance exactly.

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“…It shows that the financial education is one of sources of financial literacy. Fatoki and Oni (2014) argue that the financial literacy contributes financial behavior of individuals through saving, borrowing, investment, and retirement planning and portfolio choices. Here they have connected financial behavior through particular financial indicators; however there are other several indicators as well.…”

Section: Contribution Of Financial Literacy To Behaviormentioning

confidence: 99%

Contribution of Financial Literacy to Behavior

Chaulagain¹

2015

JEBS

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Almost all the people around the world behave with money in daily lives whereas understanding how they behave is important. It is obvious that the education, which can not affect behavior of people, is worthless. Financial literacy also is believed to change financial behavior of individuals. Financial literacy implies two sides, i.e. concept and application of personal finance. The concept consists financial knowledge and basic skill of numeracy and financial decisions; the application consists the financial behavior. The focus of the article is to discuss how the financial literacy contributes financial behavior and thereby financial wellbeing of individuals. For this, the article presents a transmission mechanism of financial knowledge and skill to the financial behavior through a framework. However, there are some contexts, conditions and criterions to transmit the financial knowledge and skill into financial behavior and well-being. Moreover, categorizing the financial behavior of individuals is a significant issue in study of financial literacy. Particularly for the survey research, a new categorization and degree of the financial behavior is presented, which is ranked as good, moderate and weak financial behavior in comparative ways. The study establishes the relevancy of the evaluation criteria of financial behavior and also presents a framework on how the financial educations work contribute in financial behavior.

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Financial Literacy Studies in South Africa: Current Literature and Research Opportunities

Cited by 26 publications

References 17 publications

The National Strategy on Financial Literacy: A Conceptual Review of South African Perspectives

The National Strategy on Financial Literacy: A Conceptual Review of South African Perspectives

Antecedent Factors of Competitive Advantage and its Impact on Performance

Contribution of Financial Literacy to Behavior

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