Financial literacy, the ability to understand how money works in the world, is lacking among South Africans.
Such skills and knowledge allow an individual to make informed, effective decisions.
South Africans spend more than they earn and often fall into a debt trap.
Financial planning should be taught at schools so that more and more people may learn to handle their finances with confidence.
It’s also important for children to learn about financial matters from a young age, because they form opinions and habits at this critical stage.
If we’re exposed to an economic way of thinking, we’ll find it easier to adapt to real-life situations.
And we’ll be able to make better financial decisions and develop solid saving and spending habits.
