Financial literacy in South Africa: results from the 2020 baseline survey

In South Africa, responsibility for day-to-day money management decisions has traditionally been considered the province of the household head (often the patriarch of the family). But in our modern country, financial decisions are increasingly made jointly by the family. On financial decision-making, we found that about a third (36%) managed household finances themselves, with another third making financial decisions jointly with someone else while a third stated that they played no role in making such decisions on finances. Interestingly, more females (37%) than males (34%) were solely responsible for day-to-day money management, and females were also more likely to be involved with money management together with someone else. This might suggest a form of financial emancipation over time. Overall, financial decisions were typically made more by the employed and the educated than the unemployed and less educated.

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Publication Details

Journal
Human Science Research Council SA
Published
2026-05-22
DOI
https://doi.org/10.14749/32365194
Primary Topic
Financial Literacy, Pension, Retirement Analysis
Type
article
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article

Financial literacy in South Africa: results from the 2020 baseline survey

Human Sciences Research Council
Human Science Research Council SA
Financial Literacy, Pension, Retirement Analysis
article

Financial literacy in South Africa: results from the 2020 baseline survey

Human Sciences Research Council
article en

Abstract

In South Africa, responsibility for day-to-day money management decisions has traditionally been considered the province of the household head (often the patriarch of the family). But in our modern country, financial decisions are increasingly made jointly by the family. On financial decision-making, we found that about a third (36%) managed household finances themselves, with another third making financial decisions jointly with someone else while a third stated that they played no role in making such decisions on finances. Interestingly, more females (37%) than males (34%) were solely responsible for day-to-day money management, and females were also more likely to be involved with money management together with someone else. This might suggest a form of financial emancipation over time. Overall, financial decisions were typically made more by the employed and the educated than the unemployed and less educated.

Human Science Research Council SA
Quality Education
Openalex Percentile: Top 2%
Financial Literacy, Pension, Retirement Analysis
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