FINANCIAL LITERACY OF YOUNG BLACK AFRICAN ADULTS IN RURAL AND LOW-INCOME AREAS IN SOUTH AFRICA

Adam Ndou
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Adam Ndou: Department of Finance, Risk Management and Banking. University of South Africa, Pretoria, South Africa.

Studii Financiare (Financial Studies), 2023, vol. 27, issue 3, 6-24

Abstract: This study determined the level of financial literacy of young black African adults in rural and low-income areas in South Africa. This study adopted a quantitative research approach and used a self-administered questionnaire to collect primary data among young black African adults in Fetakgomo Tubatse and Intsika Yethu local municipalities as these municipalities were considered the most rural and low-income areas in South Africa. Young black African adults’ level of financial literacy was found to be moderate in terms of financial knowledge and decision-making, but low in financial behaviour and financial attitude. Furthermore, young black African adults performed well concerning Financial decision-making. However, the overall level of Financial literacy amongst young black African adults was low. This has implications for the financial management of young black African adults. This study recommended strategies to improve the financial literacy of young black African adults in Fetakgomo Tubatse and Intsika Yethu municipalities.

Keywords: financial education; financial knowledge; quantitative analysis (search for similar items in EconPapers)
JEL-codes: D14 G51 G53 (search for similar items in EconPapers)
Date: 2023
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Persistent link: https://EconPapers.repec.org/RePEc:vls:finstu:v:27:y:2023:i:3:p:6-24

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