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

Abstract

Financial literacy is of utmost importance for individuals and investors to understand and master financial products and services. Individuals need financial skills to survive in today’s volatile economic environment. The objective of the study was to review the current literature on financial literacy in South Africa and suggest research areas that currently lack rigorous investigation. The study thoroughly reviewed the extant literature on financial literacy in South Africa. Fifteen papers, journal articles, theses and dissertations covering the period between 2006 and 2014 were obtained through internet searches. The searches indicated that financial literacy has stimulated many studies in South Africa. The studies focused primarily on individuals, students and small and medium enterprises owners’ financial literacy. An analysis of the studies of financial literacy revealed that researchers have used different measuring instruments for the same research objective. This often leads to different conclusions. The areas for further research are suggested. DOI: 10.5901/mjss.2014.v5n20p409