A Legal Conspectus of Some Role-Players in the Development of Financial Education in South Africa

Abstract

Financial education can be described as the process by which financial consumers could improve their understanding of financial concepts, products and risks through objective advice, information and/or instructions. This article discusses the role of the selected role-plyers in the development of financial education in South Africa. Accordingly, the roles of the National Treasury and the National Consumer Financial Education Committee (NCFEC), the Banking Association South Africa (BASA), the South African Reserve Bank (SARB), the Pudential Authority, the Provincial Consumer Protection Authorities (PCPAs), the Provincial Consumer Protection Offices (PCPOs), the debt counsellors and estate administrators are discussed. The role of these selected role-players is discussed to determine whether they have adopted appropriate and adequate measures to ensure the robust and consistent combating of financial illiteracy among low-income earners in South Africa. Moreover, this article also discusses the enforcement of the duties of these role-players in so far as they are supposed to develop financial education in South Africa, especially against the backdrop of the ongoing coronavirus (COVID-19) pandemic.

Keywords

• financial education
• low-income earners
• financial literacy
• financial illiteracy
• financial planning