Investigating financial literacy to improve financial behaviour among Black consumers
Due to South Africa’s high unemployment rate and large uneducated population, consumers’ low savings levels and high debt levels are of concern. Previous South African research in the domain of financial behaviour focused only on the population’s debt and savings behaviour and the statistics thereof...
| Main Authors: | , |
|---|---|
| Format: | Article |
| Language: | English |
| Published: |
AOSIS
2015-07-01
|
| Series: | Journal of Economic and Financial Sciences |
| Subjects: | |
| Online Access: | https://jefjournal.org.za/index.php/jef/article/view/104 |
| _version_ | 1818337008226926592 |
|---|---|
| author | Chantal Rootman Xolile Antoni |
| author_facet | Chantal Rootman Xolile Antoni |
| author_sort | Chantal Rootman |
| collection | DOAJ |
| description | Due to South Africa’s high unemployment rate and large uneducated population, consumers’ low savings levels and high debt levels are of concern. Previous South African research in the domain of financial behaviour focused only on the population’s debt and savings behaviour and the statistics thereof. There is little research on identifying solutions to poor debt and savings behaviour, as well as improvements in financial literacy and behaviour. As it is essential to improve consumers’ financial literacy, increase their financial inclusion and change their financial behaviour to their financial benefit, it is important to investigate the relationships between these financial aspects. This exploratory study investigates aspects relating to financial literacy, financial inclusion and financial behaviour, specifically among black consumers in Nelson Mandela Bay. A total of 335 black consumers were respondents in an empirical investigation. The main results showed that saving and responsible spending behaviours can be improved as consumers’ financial knowledge and inclusion increase. Based on the results, the article presents conclusions and recommendations regarding the financial education necessary to improve aspects relating to financial literacy, financial inclusion and financial behaviour. |
| first_indexed | 2024-12-13T14:48:23Z |
| format | Article |
| id | doaj.art-bc2bbae436364a3589e52895da355dc1 |
| institution | Directory Open Access Journal |
| issn | 1995-7076 2312-2803 |
| language | English |
| last_indexed | 2024-12-13T14:48:23Z |
| publishDate | 2015-07-01 |
| publisher | AOSIS |
| record_format | Article |
| series | Journal of Economic and Financial Sciences |
| spelling | doaj.art-bc2bbae436364a3589e52895da355dc12022-12-21T23:41:25ZengAOSISJournal of Economic and Financial Sciences1995-70762312-28032015-07-018247449410.4102/jef.v8i2.104101Investigating financial literacy to improve financial behaviour among Black consumersChantal Rootman0Xolile Antoni1Department of Business Management, Nelson Mandela Metropolitan UniversityDepartment of Business Management, Nelson Mandela Metropolitan UniversityDue to South Africa’s high unemployment rate and large uneducated population, consumers’ low savings levels and high debt levels are of concern. Previous South African research in the domain of financial behaviour focused only on the population’s debt and savings behaviour and the statistics thereof. There is little research on identifying solutions to poor debt and savings behaviour, as well as improvements in financial literacy and behaviour. As it is essential to improve consumers’ financial literacy, increase their financial inclusion and change their financial behaviour to their financial benefit, it is important to investigate the relationships between these financial aspects. This exploratory study investigates aspects relating to financial literacy, financial inclusion and financial behaviour, specifically among black consumers in Nelson Mandela Bay. A total of 335 black consumers were respondents in an empirical investigation. The main results showed that saving and responsible spending behaviours can be improved as consumers’ financial knowledge and inclusion increase. Based on the results, the article presents conclusions and recommendations regarding the financial education necessary to improve aspects relating to financial literacy, financial inclusion and financial behaviour.https://jefjournal.org.za/index.php/jef/article/view/104financial educationfinancial literacyfinancial inclusion and financial behaviour |
| spellingShingle | Chantal Rootman Xolile Antoni Investigating financial literacy to improve financial behaviour among Black consumers Journal of Economic and Financial Sciences financial education financial literacy financial inclusion and financial behaviour |
| title | Investigating financial literacy to improve financial behaviour among Black consumers |
| title_full | Investigating financial literacy to improve financial behaviour among Black consumers |
| title_fullStr | Investigating financial literacy to improve financial behaviour among Black consumers |
| title_full_unstemmed | Investigating financial literacy to improve financial behaviour among Black consumers |
| title_short | Investigating financial literacy to improve financial behaviour among Black consumers |
| title_sort | investigating financial literacy to improve financial behaviour among black consumers |
| topic | financial education financial literacy financial inclusion and financial behaviour |
| url | https://jefjournal.org.za/index.php/jef/article/view/104 |
| work_keys_str_mv | AT chantalrootman investigatingfinancialliteracytoimprovefinancialbehaviouramongblackconsumers AT xolileantoni investigatingfinancialliteracytoimprovefinancialbehaviouramongblackconsumers |