Steer Your Money Matters

FINANCIAL LITERACY: UPSKILL TO GET TOOLS TO ENABLE MAKING INFORMED DECISIONS

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In a time when it looks as if most consumers will never find financial security as inflation increases and interest rates remain high, the good news is that you can take control and improve your financial security.

With Human Rights Day celebrated on Friday, it was a time to reflect on the fundamental freedoms everyone is entitled to – but what about the rights people deserve?

Sharon Hamman, senior legal advisor at Momentum, said one of these rights should be the right to financial literacy that paves the way to the ability to not just survive but thrive.

A recent Financial Sector Conduct Authority survey, conducted in partnership with the Human Sciences Research Council, found that only 51% of South Africans are financially literate.

Hamman said without financial knowledge and the right foundations in place, many South African consumers remain vulnerable to economic hardships that can strip them of opportunities and stability. She believes financial security is not a privilege, but a right we should fight for.