개인 금융 : 은행 계좌는 있지만 당황스러운 상황: 남아프리카 공화국의 금융 역량 격차를 해결하기 위한 국가 재무부의 노력

April is Financial Literacy Month and South Africa’s National Treasury recently published a draft National Consumer Financial Education Policy that aims to strengthen financial literacy, improve financial decision-making, and ultimately enhance financial wellbeing across households and small businesses.

The policy positions financial education as a core pillar of the broader financial sector reform agenda, alongside consumer protection and financial inclusion.

The key problem we face is that although SA has achieved high levels of financial access, with more than 90% of adults holding bank accounts, this has not translated into better financial outcomes. Many consumers continue to struggle with debt, savings, insurance and long-term planning, highlighting a gap between access to financial products and the ability to use them effectively.

A key insight in the document is that knowledge alone is not enough. The policy distinguishes between financial literacy, which refers to understanding concepts, and financial capability, which reflects the ability to apply that knowledge in real-world situations. In a nutshell, many consumers may understand financial concepts in theory, but fail to act on them in practice.

The document also highlights structural challenges shaping financial behaviour. These include low savings rates, heavy reliance on credit, limited insurance coverage, weak digital financial literacy, language barriers and a growing exposure to scams and fraudulent activity. These factors are compounded by broader socioeconomic pressures such as income instability and inequality.

Digitalisation is identified as both an opportunity and a risk. While digital financial services can expand access and convenience, they also increase complexity and expose consumers to new forms of financial harm. The policy therefore places strong emphasis on improving digital financial literacy to ensure consumers can navigate online and app-based financial systems safely.

To address these issues, the policy sets out five core priorities:

A central feature of the policy is its focus on coordination. Financial education is framed as a shared responsibility across government, financial institutions, regulators, schools and civil society. The National Consumer Financial Education Committee is positioned as the key coordinating body to align initiatives and ensure resources are used effectively.

Ultimately, the draft policy is less about introducing new programmes and more about creating a coherent national framework to improve how financial education is delivered and measured. It acknowledges that without better coordination, targeted interventions and a stronger focus on behaviour, increased access to financial services may continue to amplify vulnerability rather than improve financial wellbeing.

There are numerous financial literacy programmes alive and well in SA, so we rounded up four programmes that you can access via your bank:

Worth offers structured online courses including Wealthy Me and Wealthy Couples, built around budgeting, debt, cash flow, money habits and longer-term wealth-building. The flagship format is a 60-day course, and Discovery Bank says its clients can access Worth courses through the Discovery Bank app at reduced prices as part of its financial education offering.

Neesa’s take: This one seems like a great offering but I couldn’t get out the starting block because it kept telling me it didn’t recognise my username and/or password. Reaching out for help got me an email telling me to check my emails.

Capitec’s MoneyUp Academy is probably one of the more developed consumer-facing bank programmes right now. It offers free online courses on saving, budgeting, credit and even business basics, and Capitec says the courses are designed as short, gamified learning modules with weekly targets. The bank also layers in MoneyUp Chat on WhatsApp and a broader “Money Guide”, which makes it feel more like an ecosystem than a once-off course.

Neesa’s take: I found this one very helpful except for the fact that it seems to think my name is Manju. I suspect I was taking the mickey when it asked for my name and now I giggle every time I get a message addressed to Manju. The actual quiz assignments were fun and easy to do, with clear examples.

Standard Bank’s best-known financial education initiative is WalletWise, which the bank describes as a programme aimed at helping people manage money and make informed financial decisions. It covers the usual core terrain: budgeting, debt, saving, fraud awareness and practical money management. Standard Bank also now folds related learning into its broader “Learn” hub, including tracks for under-25s and kids/teens.

Neesa’s take: I’m not a Standard Bank customer so I couldn’t check this via the app. The WalletWise offering on the website seemed very basic with articles and wasn’t as interactive as the other bank offerings. However, it may work differently with the app if you are a customer.

This sits inside nav: Money on the FNB app. You pick an activity such as “spend less than I earn” and have to complete activities to earn a badge. Activities include listening to an eight minute podcast, reading an article, viewing an infographic and then taking a two-minute quiz – under 15 minutes to complete the activity.

Neesa’s take: This was simple and easy to use. I liked the combination of the podcast, article and infographic followed by a quiz. The combo means the messages are reinforced and work for audio as well as visual learners. DM