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Financial Literacy in South Africa

Lwanga Elizabeth Nanziri and Matthew Olckers
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Lwanga Elizabeth Nanziri: Newton International Fellow of the Royal Society and a British Academy Scholar.

No 242, SALDRU Working Papers from Southern Africa Labour and Development Research Unit, University of Cape Town

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.

Keywords: financial literacy; gender; pension; mutual funds (search for similar items in EconPapers)
Date: 2019
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