A practical approach is the key to your financial literacy: research

A more practical approach is important in helping people from diverse social and educational backgrounds to be financially literate.

This is according to Dr Elizabeth Nanziri from the University of Cape Town (UCT)'s School of Economics, who researched the role of financial literacy in people's use and understanding of financial services.

The fact that somebody is poor, below the average income, it doesn't make that person financially illiterate

Dr Elizabeth Nanziri

Speaking on #NightTalk's Money Matters feature, Dr Nanziri says that financial services which are offered and communicated in a layman's language could improve people's access and knowledge of financial concepts and benefits which exist in the country.

Individuals that are under the age of 30, these are culprits of people who are not financially literate overall

Dr Elizabeth Nanziri

Dr Nanziri says that although people who received a formal education until matric tend to have knowledge of financial concepts, the transferring of this knowledge into practice has not been good.

She says that people's practical understanding of financial literacy is gathered by their experiences of seeing how people they are closely associated to, like their parents, behave with their finances.

What our parents have versus us, we have the knowledge, they have the experience

Dr Elizabeth Nanziri

Listen to the conversation below:

NightTalkers on Twitter also engaged on how they became financially literate...

Read More
Money Matters: Do relationships between a saver and a non-saver last?

Money Matters: Do relationships between a saver and a non-saver last?

Angelique Ruzicka describes whether relationships between people who save and those who do not can be successful.

Money matters on copyright in music

Money matters on copyright in music

Two experts from the music industry weigh in on the issue of stealing music beats and the copyright behind that.

Money Matters: How cross border money transfers can be made easier

Money Matters: How cross border money transfers can be made easier

Gugs Mhlungu and Sizwe Dhlomo spoke to Raphael Grojnowski, Founder and Director of Mama Money about the company's low cost system.

Money Matters: How to manage a good credit record

Money Matters: How to manage a good credit record

Salem Dyafta, Consumer Brand Manager at TransUnion, spoke to #NightTalk's Gugs and Sizwe about how one can manage a good credit score.

Money Matters: Why it is so difficult for young people to buy property

Money Matters: Why it is so difficult for young people to buy property

It is very difficult for young people for young people to buy property in South Africa. Igshaan Higgins describes the reasons behind this.

Money Matters: More South Africans getting debt counselling

Money Matters: More South Africans getting debt counselling

More South Africans are falling into severe debt and are seeking debt counselling. Magauta Mphahlele, National Debt Mediation Association CEO, spoke to #NightTalk's Gugs and Sizwe about this.

Popular articles
Roger Moore has died, age 89

Roger Moore has died, age 89

Listen to Roger Moore opening up to CapeTalk's Melanie Verwoerd about his life, acting and being James Bond.

Budget 2017: DA hoped for spending cuts, not tax increases

Budget 2017: DA hoped for spending cuts, not tax increases

The DA believes that raising taxes is not the answer to South Africa's economic woes and propose more cost-cutting for government.

Meet self-made millionaire (net worth – R400m!) property mogul Sisa Ngebulana

Meet self-made millionaire (net worth – R400m!) property mogul Sisa Ngebulana

How did Ngebulana build his empire? The Money Show’s Bruce Whitfield interviewed him for his weekly “ShapeShifter” feature.

Earn peanuts? How to best invest very small amounts...

Earn peanuts? How to best invest very small amounts...

Got a spare R200 or R300 a month? Here’s how to make that money work hard and grow…

How Naspers paid peanuts for Tencent (China’s most valuable company)

How Naspers paid peanuts for Tencent (China’s most valuable company)

In 2001 Naspers invested $32 million in (then tiny) Tencent. Learn more about the wildly profitable Chinese behemoth...

Blesserfinder: Matching you with a sugar daddy near you

Blesserfinder: Matching you with a sugar daddy near you

Is social trend Blesserfinder, where girls are allegedly matching up with rich 'benefactors' in exchange for sex, a real thing?

5 reasons why the tourism industry is sceptical about the latest numbers

5 reasons why the tourism industry is sceptical about the latest numbers

The tourism industry is questioning the veracity of the surprisingly upbeat tourism figures and the timing of their release.