Siz The World team debates why South Africans struggle with saving money
Katlego Sekhu
The Siz The World team weighed in on reports that only 40% of South Africans have emergency savings, as Money Smart Week highlights the urgent need for better money management skills.
The team posed the question: is financial literacy something you are born with, something you learn, or a matter of discipline?
Sizwe Dhlomo noted that he has seen financial advisers who understand money but do not practise what they know.
“You can know the right things to do, but your discipline can still be out the window. Just like entrepreneurship and leadership, perhaps being good with money is something that is bestowed upon you.”
Mpho Maboi, however, argued that financial literacy is learnt.
“Unfortunately, many of us as black people only learn how to handle money once we start earning it, and by then, we are just cruising and think we are rich.
“You start accepting credit offers and suddenly think you are living large. Only when you find yourself deep in debt does it hit you that you don’t really have money. Sadly, we are still not at a point where financial literacy is taught to children in school,” she said.
To hear the full discussion about financial literacy, listen to the podcast.
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