FINANCIAL LITERACY AS AN INSTRUMENT
Date
2011-05-19
Authors
MONAMA, KOKO
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Abstract
South Africa is characterized by high levels of illiteracy in general as well
as high levels of financial literacy in particular. The lack of financial
literacy, among other things, results in people (especially the poor) being
unable to access financial services and people then make uninformed
financial decisions.
The purpose of this research was to understand whether financial literacy
(in low-income households) could be a vehicle for accessing and using
financial services. For the purpose of this research report, a qualitative
method of research was applied because a qualitative approach is,
amongst others, a method of inquiry that seeks to understand social
phenomena within the context of the participants’ perspectives and
experiences.
The major findings of this report show that, as much as financial literacy is
a necessary vehicle to ensuring access and usage of financial services, it
is not a panacea for the problems of financial access and usage, and
furthermore, that financial literacy is a process, not an event
Description
MM - P&DM
Keywords
Financial literacy, Financial services