Dissertationen zum Thema „Financial literacy – Africa“

Thesis (MDF)--Stellenbosch University, 2014.<br>ENGLISH ABSTRACT: This research assignment measures the relative odds of certain savings and debt related outcomes based on various domains of financial literacy, I.E. financial control, financial product choice and financial knowledge/understanding? It also measures the relative odds of certain savings and debt related outcomes based on individual elements of each of these domains. Finally it measures the significance in which overall financial literacy, as a product of the various domains, affect the odds of certain financial outcomes relative to other more conventional demographic determinants, such as income, education and age? The data that informs this research was obtained from the Financial Services Board (FSB) of South Africa, who commissioned the Human Sciences Research Council (HSRC) to conduct the original data collection process by means of a national survey, in 2011. The salient findings of this research include that the relative odds of savings outcomes are by and large more significantly affected by both the individual elements of– and the various domains of financial literacy, than debt related outcomes. Financial control as a domain of financial literacy has the greatest impact on the relative odds of both savings and debt related outcomes, while financial knowledge/understanding has a comparatively weak influence on the relative odds of savings and debt related outcomes. Financial control also has a significant influence on financial outcomes relative to conventionally significant determinants of financial outcomes, namely income and education, especially among lower income and or non-tertiary educated segments of the population. The individual elements of financial control that appear to be most significant in its influence on the relative odds of savings and debt related outcomes, include the use of a budget and an individual‟s reliability in paying his or her bills. The individual elements of the financial product choice domain that have the largest and or most consistent influence on the relative odds of savings outcomes are the extent of research before obtaining financial products and the level of general awareness of financial products. On the other hand, for debt related outcomes, the most influential independent variables (part of the financial product choice domain) are recent regret regarding financial product choice, recent wasteful expenditure on financial products as well as the extent to which an individual is able to identify suitable products. In terms of the individual elements of financial knowledge and understanding, the ability of individuals to understand compound interest affects the relative odds of debt related outcomes most consistently. Forevery savings outcome of interest, the predictor variable (part of the financial knowledge/understanding domain) with the most significant influence is the ability to understand interest on deposits. The research furthermore uncovered that overall financial literacy has a consistently significant influence on savings outcomes relative to conventional determinants of financial outcomes such as income, age and education if the highest categories of income and education are omitted from analysis. Financial literacy is therefore a very good predictor of saving related outcomes when considering the lower income and or non-tertiary educated segments of the population.

Despite all the efforts and initiatives put in place by governments and development finance institutions to improve financial inclusion, two billion people in the world remain unbanked. The majority of the unbanked population is in the developing countries and mostly in the Sub-Saharan region. This is of huge concern to many governments and their international development partners because it hinders inclusive economic growth. It is argued that consumers can only use products and /or services if they have enough knowledge about these. According to the 2014 World Bank Global Findex database, only 33% of the adults worldwide are financially literate and this average even goes down to 13% in developing countries. It is, therefore, imperative to improve financial literacy of the consumers to increase meaningful participation in the financial sector especially in developing countries. As such it is necessary to understand the relationship between financial literacy and financial inclusion within the Sub–Saharan region. Most of the previous researches in the area of study have been conducted in developed countries and most of them have focused on either the relationship between financial literacy and the demographic factors, or the relationship between financial inclusion and demographic factors. Very few studies have investigated the direct link between financial literacy aspects and financial inclusion indicators. This study accordingly investigates the link between financial literacy and financial inclusion. The study also investigates how socio-demographic and economic characteristics affect financial literacy levels of individuals. Due to the availability of reliable data in South Africa the study uses evidence from South Africa using data collected by the Human Sciences Research Council (HSRC). The main results of the study indicate that use /ownership of financial products is positively and significantly related to financial literacy. The results also indicate that geographical location, age and education attainment have an influence on an individual being financially literate and financially included, but there is no evidence to suggest that living standard measure has an impact on either financial literacy or financial inclusion. The implications of the results of this study are important because they highlight the focus areas for policy makers to achieve optimal results in financial literacy and financial inclusion. In addition, the study adds to the body of knowledge an analysis of a direct link between financial literacy and financial inclusion in an emerging market using widely accepted indicators and a more diverse and nationally representative sample. The study concludes that increasing financial literacy levels would increase the uptake of financial products/services. Based on the results of the study, this research presents conclusions, policy recommendations and recommendations for further research studies that are necessary to improve aspects of financial literacy and financial inclusion.

Black South Africans historically experienced discrimination with regard to access to basic rights, including the right to financial services. This culminated in the marginalisation of economic activities for large parts of the population, and subsequent economic inequality among the population. Guided by the proposition that access to formal finance improves welfare, the post-Apartheid government embarked on an aggressive programme to rectify this situation. The Usury Act of 1968 was repealed and the Financial Sector Charter was instituted in 2003. These reforms aimed to increase access to finance for all who required it, for economic activity and/or for consumption smoothing. But access to finance may not necessarily lead to better welfare. Empirical studies show that in order for access to finance to translate into improved welfare individuals need to possess the relevant financial skills. A financially literate population can effectively participate in the formal financial sector in a manner that improves their livelihoods, with spill-overs for the broader economy. This thesis investigates whether there are significant differences in the welfare of South Africans who used formal financial services compared to those who did not, during the period 2005 - 2010. The study also investigates the distribution of financial literacy, and its role in the use of especially formal financial products in the country. Such an exercise is important, given that the country has a sophisticated financial sector akin to those in developed economies, and an equally sophisticated informal financial sector. If indeed financial skills are crucial, then a society that is averse to inequality would ensure that welfare is enhanced through acquisition of the appropriate financial knowledge for effective use of finance, making access to finance a worthwhile pro-poor policy. In this study data for the period 2005 to 2009 is used to construct a measure of financial literacy.

Thesis (PhD (School of Public Management and Planning ))—University of Stellenbosch, 2009.<br>ENGLISH ABSTRACT: Since 1994, education and training in South Africa has experienced various changes, driven mainly by the Green Paper on Skills Development and the White Paper on Education which set objectives and outcomes and gave guidelines on how education and training should be approached, planned, and managed. The White Paper on Education necessitated change in SA tertiary institutions such as Stellenbosch University and its respective faculties. The Faculty of Military Science, which is situated at the South African Military Academy (SAMA) in Saldanha, accepted the challenge of contributing to the full personal development of students, by undertaking to shape people capable of organising and managing themselves and their human activities, including their financial activities, responsibly and effectively. The success of higher education institutions in empowering young people to be financially capable is questioned by various publications and surveys. Preliminary findings from surveys in 2004 and 2005 among students at the SAMA suggest that they are largely financially illiterate, thus potentially economically volatile. These findings introduce the research problem and serve as a foundation for the development of a scientific, socially relevant, valid and reliable financial literacy measurement instrument. A combined qualitative and quantitative research methodology is applied to develop a measurement instrument, which is then assessed for validity and reliability by applying it in a case study. The secondary objective of this research is the social study of the financial knowledge, financial behaviour and financial attitude levels of individuals. To ensure relevance between the case study and the measurement instrument, financial literacy is initially evaluated as a management competency. Financial literacy is stated as a key competency in the South African National Defence Force (SANDF). The financial literacy measurement instrument was constructed after an exploration of the contextual and conceptual nature of financial literacy. A questionnaire was selected as the ideal method of gathering the required information. The questionnaire’s validity and reliability were assessed as part of descriptive research in the development phase, as well as in the case study. The face and content validity were proven through input from respondents and subject experts. Reliability of the measurement instrument was assessed by calculating item difficulty, item discrimination, means, standard deviations and ultimately the internal consistency of the financial knowledge, behaviour and attitude sections of the measurement instrument. In the case study first-year students achieved an average of 50.17% for their financial knowledge although they rated their own knowledge levels to be 60.8%. The respondents struggled most with questions pertaining to investment, insurance, and inflation, and least with retirement and income and expenditure questions. This research underlines the importance of financial literacy as a management competency and its importance at a global, national, organisational and personal level. It produces a valid and reliable financial literacy measurement instrument that can be used by different stakeholders in South Africa to assess financial knowledge, behaviour and attitude, and thus indicate where intervention is required. Having a valid and reliable measurement instrument for measuring financial literacy creates opportunity for future research and development.<br>AFRIKAANSE OPSOMMING: Sedert 1994 het die opvoeding- en opleidingsteater in Suid-Afrika dramatiese veranderinge ondergaan met veral die die Groenskrif op Vaardigheidsontwikkeling en die Witskrif op Opvoeding, wat die doelwitte en uitkomste gestel het en die toon aangegee het in terme van hoe opvoeding en opleiding aangepak, beplan en bestuur behoort te word. Verandering genoodsaak deur die Witskrif op Opvoeding sou by assosiasie ook verandering noodsaak in SA tersiêre inrigtings soos Stellenbosch Universiteit en haar fakulteite. Die Fakulteit Krygskunde, gevestig by die Suid-Afrkaanse Millitêre Akademie (SAMA) in Saldanha, het die uitdaging aanvaar om by te dra tot die totale persoonlike ontwikkeling van studente deur te onderneem om mense te vorm wat in staat sal wees om hulself en hul aktiwiteite verantwoordelik en doeltreffend te bestuur, insluitend hul finansiële aktiwiteite. Hoër Onderwys se sukses met die bemagtiging van jong mense tot finansieel vaardige individue is deur verskeie navorsingsverslae bevraagteken. Voorlopige bevindinge van studies in 2004 en 2005 onder voograadse studente van die SAMA is dat hulle grootliks finansieel ongeletterd is en gevolglik ekonomies kwesbaar. Die bevindinge is die vertrekpunt van die probleemstelling vir hierdie studie, en vorm die basis vir die ontwikkeling van 'n wetenskaplik- en sosiaalrelevante, geldige en betroubare finansiële geletterdheidsmetingsinstrument. 'n Gekombineerde kwalitatiefkwantitatiewe navorsingsmetodologie is toegepas in die ontwikkeling van 'n metingsinstrument, en die verbandhoudende bepaling van sy geldigheid en betroubaarheid deur die toepassing daarvan in 'n gevallestudie. Die sekondêre doelwit van hierdie navorsing is die sosiale studie van die finansiële kennis-, finansiële gedrags- en finansiële houdingsvlakke van individue. Ten einde relevansie tussen die gevallestudie en die metingsinstrument te verseker, is finansiële geletterdheid aanvanklik as 'n bestuursvaardigheid geëvalueer. Finansiële geletterdheid word in die Suid-Afrikaanse Nasionale Weermag (SANW), as kernvaardigheid aangedui. Die finansiële geletterdheidsinstrument is gekonstrueer na 'n verkenning van die konteksuele en konsepsuele aard van finansiële geletterdheid. 'n Vraelys is geselekteer as die ideale metode om die relevante data te bekom. Die vraelys se geldigheid en betroubaarheid is as deel van deskriptiewe navorsing in die ontwikkelingsfase, en ook tydens die gevallestudie, bepaal. Die gesigs- en inhoudsgeldigheid is bevestig deur respondentterugvoer en vakspesialisinsette. Betroubaarheid van die metingsinstrument is bepaal deur die berekening van itemmoeilikheidsgraad, itemdiskriminasie, gemiddelde, standaardafwyking en uiteindelik interne betroubaarheid van die finansiële kennis-, gedrags- en houdingsafdelings van die metingsinstrument. In die gevallestudie, het eerstejaarstudente 'n gemiddeld van 50.17% vir die kennisfaktor behaal, alhoewel hulle hul eie kennisvlakke gemiddeld as 60.8% aangedui het. Respondente het hoofsaaklik gesukkel met kennisvrae wat handel oor beleggings, versekering en inflasie. Hul het die minste gesukkel met kennisvrae wat handel oor aftrede en inkomste en uitgawes. Hierdie navorsing bevestig die belangrikheid van finansiële geletterdheid as bestuursvaardigheid, asook op 'n globale, nasionale, organisatoriese en persoonlike vlak. Hierdie studie het 'n geldige en betroubare finansiële geletterdheidsmetingsinstrument opgelewer; een wat deur diverse finansiële geletterdheidsaandeelhouers in Suid-Afrika aangewend kan word. Hierdie metingsinstrument sal empiriese inligting oor finansiële kennis-, gedrags-, en houdingsvlakke genereer en aantoon waar intervensie benodig word. Die belangrikheid van finansiële geletterdheid, sowel as die noodsaak vir 'n geldige en geloofwaardige metingsinstrument, is geleenthede vir verdere navorsing en ontwikkeling.

The main aim of the study was (1) to identify errors committed by learners in financial mathematics and (2) to understand why learners continue to make such errors so that mechanisms to avoid such errors could be devised. The following has been hypothesised; (1) errors committed by learners are not impact upon by language difficulties, (2) errors committed by learners in financial mathematics are not due to prerequisite skills, facts and concepts, (3) errors committed by learners in financial mathematics are not due to the application of irrelevant rules and strategies. Having used Polya’s problem-solving techniques, Threshold Concept and Newman’s Error Analysis as the theoretical frameworks for the study, a four-point Likert scale and three content-based structured-interview questionnaires were developed to address the research questions. The study was conducted by means of a case study guided by the positivists’ paradigm where the research sample comprised of 105 Grade-10 Mathematics Literacy learners as respondents. Four sets of structured-interview questionnaires were used for collecting data, aimed at addressing the main objective of the study. In order to test the reliability and consistency of the questionnaires for this study, Cronbach’s Alpha was calculated for standardised items (α = 0.705). Content analysis and correlation analysis were employed to analyse the data. The three hypotheses of this study were tested using the ANOVA test and hence revealed that, (1) errors committed by learners in financial mathematics are not due to language difficulties, as all the variables illustrated a statistical non-significance (2) errors committed by learners in financial mathematics are not due to prerequisite skills, facts and concepts, as the majority of the variables showed non-significance and (3) errors committed by learners in financial mathematics were due to the application of irrelevant rules and strategies, as 66.7% of the variables illustrated a statistical significance to the related research question.

The effective and efficient management of personal finances is critical for everyone, particularly in a world where uncertainties prevail. Owing to continuous change, new financial challenges frequently confront individuals that culminate ultimately in uncertainties concerning individuals’ financial position and future. Having low levels of debt, an active savings and retirement plan, as well as following an expenditure plan, will lead to financial wellness, which demonstrates an active state of financial wealth. A comprehensive financial plan makes individuals attentive when dealing with financial issues, and acts as a guide when making financial decisions. Owing to insufficient financial literacy and skills, personal financial management is challenging and often results in erroneous financial decisions. Financial knowledge forms the basis for financial skills and competence, which are influenced by personal attitudes in both spending and saving. Therefore, in order to plan effectively, and control and manage financial risks and opportunities in the future, financial skills and abilities are essential. Adequate financial knowledge and skills lead to effective personal financial management and sound financial decisions in the short-term as well as in the long-term. Planning for financial independence should start as early as possible during the financial life cycle, usually at 18 years of age. Students are a rewarding market for financial institutions such as banks, insurance companies, pension funds and brokerage companies, potentially leading the way forward to establish brand-loyalty throughout adulthood. However, the lack of financial management and planning experience, as well as financial literacy and financial skills, make students particularly susceptible to the aggressive marketing tactics of financial institutions, which may be harmful to students’ financial freedom. As such, financial institutions and professionals have to gauge effective ways to convey financial knowledge and product information to a target market to deliver improved financial service as well as understand the relevant consumer behavioural aspects of a target market when developing marketing strategies. Published literature on the South African Generation Y consumer behaviour is limited and none that is focused specifically on attitudes towards personal financial planning, financial literacy and perceived personal financial management skills of the significantly sized black Generation Y cohort. This cohort is defined as individuals born between 1986 and 2005. In South Africa, Generation Y individuals accounted for 38 present of the South African population, with the black Generation Y individuals representing 83 present of this generational cohort. Additionally, the black Generation Y cohort of South Africa account for approximately 32 present of the total population, resulting in a highly salient market segment. Of particular interest to marketers and professionals, including financial institutions and those involved in financial management, especially financial planning, are those individuals attaining tertiary qualifications, and as such they are likely to enjoy higher earnings and a higher social standing, which together is likely to make them opinion leaders and trendsetters amongst their peers. The primary objective of this study was to investigate black Generation Y students’ knowledge of and attitudes towards personal financial management within the South African context. The target population, relevant to this study, was defined as full-time undergraduate black Generation Y students, aged between 18 and 24 years, enrolled at South African registered public higher education institutions (HEIs). From the sampling frame, comprising 23 registered South African public HEIs, one traditional university and one university of technology located in the Gauteng province, were selected using a judgement sampling method. A convenience sample of 400 full-time black Generation Y students, who were enrolled at these two South African HEIs during 2013, was drawn for this study. To conduct this study, a structured format was applied where lecturers of the applicable classes were contacted and permission was requested to carry out the survey. Thereafter, during the scheduled class times of the full-time undergraduate students, hand delivered self-administered questionnaires were distributed for completion, which were collected thereafter. The students’ attitudes towards personal financial planning were measured on a six-point Likert scale, whereby participants were requested to indicate the extent of their agreement/disagreement with items pertaining to personal financial planning. The students’ financial literacy was measured, using multiple-choice questions, whereby the students were asked to choose one of the four alternatives provided. The students’ perceived personal financial management skills were measured on a six-point Likert scale, whereby the participants were requested to indicate the extent of their agreement/disagreement with items pertaining to personal financial management skills. Additionally, certain demographical data were requested from the participants. The findings of this study indicate that South African black Generation Y students exhibit a positive attitude towards personal financial planning, have low levels of financial literacy and perceive themselves as being equipped with having the necessary personal financial management skills. More specifically, students’ attitudes towards estate planning were ranked the highest, whereas attitudes towards the financial planning process were raked the lowest. In terms of financial literacy, students scored the highest in general financial knowledge and the lowest in spending related financial literacy questions. Students’ perceptions towards decision-making skills were rated the highest, whereas stress management skills were rated the lowest. Insights gained from this study will help academics, government, financial institutions and other economic role players understand current black Generation Y consumers’ attitudes towards personal financial planning, their level of financial literacy and their perceived personal financial management skills.<br>MCom (Business Management), North-West University, Vaal Triangle Campus, 2014

Financial literacy is one of the key factors that impact on the success of small and medium enterprises (SMEs) globally. The low levels of financial literacy of entrepreneurs influence the SMEs ability to grow and achieve sustainable results. The objective of this study is to understand the extent to which entrepreneurs in the SME sector pursue the financial literacy concepts, namely, budgeting, investing and borrowing in managing their business finances. The study also aims to establish the relationship between the use of financial literacy concepts and the performance of the SMEs. This study was quantitative and descriptive in nature. The data was collected through questionnaires during face to face structured interviews. A total of 53 entrepreneurs from the Gert Sibande and the Emalahleni municipality districts in Mpumalanga Province participated in this study. The results of the study indicated that most of the SMEs did pursue all the three financial literacy concepts in managing their business finances. Furthermore, the study revealed that entrepreneurs lacked the knowledge regarding other sources of capital such as venture capitalist funds and government agencies. The study also provided evidence of a positive relationship between the use of financial literacy concepts and the economic success of SMEs. This study recommends that key stakeholders such as government, private sector and academics use the outcomes of this study to develop educational programmes aimed at improving the financial literacy levels of entrepreneurs in the SME sector. This study focused on the SMEs in the mining industry, sampling for future studies could be broadened to include other sectors such as manufacturing, construction, tourism, etc.<br>Mini Dissertation (MBA)--University of Pretoria, 2015.<br>ms2016<br>Gordon Institute of Business Science (GIBS)<br>MBA<br>Unrestricted

In 2015, United Nations implemented seventeen Sustainable Development Goals along with 169 sub-targets with the ambition to transform the world through achieving sustainable development and, hence annihilate poverty. In light of the foregoing, both authoritative and non-governmental entities accentuated the significance of ‘financial inclusion’ which, in turn, has developed into an evangelical advocacy reminiscent of the extensive publicity that microfinance received at the end of last century which, in turn, has led to an unprecedented passion among philanthrocapitalists, transnational corporations, and other benefactors to financially and socially assist the impoverished. In order to attain the objectives enforced by the United Nations, it is essential to elevate the people located at the bottom of the social hierarchy by minimizing the wealth and gender inequalities that exist. By providing women with equal access to education, job opportunities, financial resources, and representation in economic and political decision- making processes, both domestic and international prosperity will follow. Upon providing access to microfinancial services, microfinance institutions and similar entities have developed into essential tools for empowering women. Academic evidence has previously illustrated a positive association between the probability of accessing these services and the possession of an adequate understanding of economic knowledge – financial literacy. However, the underlying mechanisms of financial literacy and their possible connections to the access of microfinance are complex processes that often have been neglected in current academia. Hence, the purpose of this study is to determine the significant factors of financial literacy and examine how they interplay with the access to microfinancial activities. Accordingly, the objective of this paper is to answer the following research question. How does financial literacy favor women’s access to microfinancial services in developing countries? In order to obtain a greater insight into the subject matter, this paper utilizes a single-case study of Hand in Hand Eastern Africa’s operations in Kenya. The empirical findings presented in this qualitative study were collected through semi-structured interviews with managers working on both a local and nationwide level. Upon analyzing the findings, the authors found support in the argument that it is essential for an individual to be financially literate in order to obtain microfinancial services such as microcredit, microinsurance, and loans in kind. Although external forces in the form of social capital, social learning, and dynamic capabilities do not impact the access to microfinance directly, the empirical evidence indicated that an indirect influence on financial literacy exists. A myriad of previous academia has gravitated to emphasize the correlation between financial literacy and women empowerment rather than justifying the association through the examination of the underlying mechanisms. Hence, this thesis should provide valuable acumen about the elements of financial literacy and how they influence the microfinancial machinery as well as women’s socio-cultural and economic empowerment.

Individuals are faced with making important economic decisions regarding retirement, savings, investing, and insurance. Across the globe, developed and emerging economies are experiencing growth in the sophistication of financial markets and products. Individuals require a greater degree of financial literacy to understand and explore these sophisticated and emerging financial markets and products. A review of literature revealed African Americans, however, lack the decision-making tools to function in the financial world. The purpose of this study was to assess the extent to which African Americans have financial knowledge. The sample size was 382 African Americans residing in Columbus, Ohio. The study was based on the planned behavior theory, self-determination theory, and transtheoretical theory, all of which emphasize autonomy and competency. Data were collected utilizing the Jump-$tart Coalition survey instrument for measuring financial knowledge. Survey questions focused on personal finance topics including income, money management, savings and investment, and spending and credit. Data were analyzed using t test and ANOVA. On average, participants demonstrated a lower knowledge level of personal finance. Results (M = 45%) were compared with the Jump-$tart Coalition national average (M = 48%). Results however, indicated that, formal financial education has a positive impact on knowledge of personal finance. There was significant knowledge difference (t = 12.921, p = .00) between participants who took courses in finance and economics and participants who did not. This study has positive social change implications in that it could lead to improvement in economic well-being of African Americans as well as the health of the nation's economy.

Financial literacy has been identified in previous studies as an area that has not been researched extensively in South Africa. This is particularly true for Black South Africans who have been previously disadvantaged and excluded from the mainstream economy and financial services in the apartheid regime. Lower savings and over-indebtedness amongst this group can be attributable to the lower financial literacy levels emanating from the inequalities of the past. This study aims to assess the financial literacy of Black South Africans with a commercial tertiary qualification working in Pretoria and Johannesburg based on descriptive research and structured questionnaires. The study first establishes that although people with a commercial tertiary qualification are more financially literate than those with non-commercial tertiary qualification, Black South Africans are nevertheless less financially literate than their Coloured, Indian and White contemporaries. Secondly, those who have savings have higher financial literacy than those who do not have savings.<br>Mini Dissertation (MCom)--University of Pretoria, 2016.<br>Financial Management<br>MCom<br>Unrestricted

The South African Postbank Limited has been tasked by Government with a social mandate to provide basic financial services to people receiving low income and people living in rural areas. Personal financial literacy is an essential element which affects financial inclusion in the target market of a state–owned bank. To achieve the bank?s social mandate and its objective, it would be vital to determine whether people in low income and rural demographics are financially literate. Financial literacy is defined as the ability to manage your money on a day–to–day basis, do future financial planning, choose sound financial products and have appropriate financial knowledge and understanding. Various factors influence the level of financial literacy of a person and in order to improve the financial literacy of a person, cognisance should be taken of that person?s age, gender, living conditions, income–level and socio–economic elements. It will be beneficial for a state–owned bank, in order to reach its social mandate, to implement financial educational programmes to increase financial literacy. The latter will increase the amount of potential customers and thus promote financial inclusion in the long run. The sample in low income and rural areas has been found to be the most wanting in financial literacy and therefore it is crucial to address this shortcoming in the target market of the state–owned bank in order to reach the social mandate of financial inclusion.<br>Thesis (M.B.A.)--North-West University, Potchefstroom Campus, 2012.

A Research Report submitted in fulfillment of the Degree of Master of Commerce (Economics/Economic Science) in the School of Economic and Business Sciences, University of the Witwatersrand, 27 September 2019<br>This study uses a panel data estimation approach to estimate the relationship between financial inclusion and economic growth using the case of 34 countries in Sub-Saharan Africa. The study uses panel data sourced from the World Bank which include the Global Financial Index survey and World Development Indicators covering the periods of 2011, 2014 and 2017. The study analysis is based on two models, the first model measures the relationship between financial inclusion and economic growth and the second model measures the relation between financial inclusion and financial development. The results of the first model established a relationship between financial inclusion (measured by account ownership and a composite financial index) and economic growth (measured by Logarithm of GDP). This confirms what is in the literature, that financial inclusion stimulates economic growth. The results from the second model established that financial development (measured by the ratio of credit to GDP) is significantly related to financial inclusion (measured by account ownership and the composite index of financial inclusion). Overall, the results indicate that the use of composite variable and General Least Squares estimation approaches improves the robustness of the regression models. Based on these findings, the study, therefore, recommends among other things that the government promote financial inclusion through reforms in education, trade and industrialisation.<br>PH2020

Financial literacy continues to be a significant factor affecting small and medium enterprises (SMEs) in their ability to access finance worldwide. Both new and existing SMEs rely on external financing to grow and expand operations. However, financial literacy remains low among entrepreneurs, resulting in restricted access to finance which leads and contributes to the high failure rate of SMEs. The objective of the study is to determine whether a relationship exists between financial literacy and financial access among SMEs. This study followed a descriptive and quantitative research design. Primary data was gathered in a survey by means of self-administered questionnaires distributed to 397 entrepreneurs in the Ekurhuleni Metropolitan Municipality, Gauteng. The study revealed that entrepreneurs in Ekurhuleni did not fully understand basic financial concepts and thus portrayed low levels of financial knowledge. The study also indicated that access to finance was a major challenge for the majority of the SMEs in the municipality. Furthermore, the study established a positive relationship between financial literacy and financial access among SMEs in the municipality. Recommendations were provided to government, financial institutions, academic institutions and entrepreneurs suggesting measures that could be implemented in an effort to improve the levels of financial literacy and financial access among entrepreneurs. This study is the first to examine the financial literacy-financial access relationship among SMEs in Ekurhuleni Metropolitan Municipality and provides a benchmark for future research studies in this area.<br>Ukufundiswa ngezezimali kuqhubeke njalo kuba yisithikamezo esikhulu esithinta amabhizinisi amancane nalawo asakhasayo (SMEs) kwikhono lawo lokuthola izimali emhlabeni wonke. Zombili lezi zinhlobo zamabhizinisi akhona ama-(SMEs) encike phezu koxhaso lwezimali oluvela ngaphandle ukuze zihlume futhi zidlondlobalise imisebenzi yazo. Yize-kunjalo, izinga lokufundiswa ngezimali lihlala liphansi phakathi kosomabhizinisi, lokhu kudala ukutholakala kwezimali kube wumnqansa omkhulu, lokhu kusuke kuholele futhi kube nomthelela omkhulu ekudaleni izinga eliphezulu lokwehluleka kwama (SMEs). Inhloso enkulu yocwaningo wukuthola ukuthi ngabe ubudlelwano bukhona yini phakathi kokufundiswa ngezimali kanye kanye nokutholakala kwezimali phakathi kwamabhizinisi amancane nalawo asakhasayo (SMEs). Ucwaningo lulandela indlela yocwaningo echazayo kanye naleyo esebenzisa ulwazi. Idatha yokuqala yaqoqwa ngokwesaveyi ngokusebenzisa imibhalo yemibuzo yokuzenzela, eyasatshalaliswa kosomabhizinisi abakumasipali Ekurhuleni Metropolitan Municipality, eGauteng. Ucwaningo luveza ukuthi osomabhizinisi base-Ekurhuleni abazange bazwisise ngokugcwele amagama ezimali awulwazi oluyisisekelo kanti lokhu kwaveza amazinga aphansi olwazi lwezimali. Ucwaningo futhi luyaveza ukuthi ukutholakala kwezimali kwakuyinselelo enkulu kwiningi losomabhizinisi abancane nalabo abasakhasayo (SMEs) kumasipali. Ngaphezu kwalokho, ucwaningo luye lwancoma ukuthi kukhona ubudlelwano obuhle phakathi kokufundiswa ngezezimali kanye nokutholakala kwezimali phakathi kwamabhizinisi amancane nalawo asakhasayo (SMEs) ngaphakathi komasipali. Izincomo kanye nemihlahlandlela eqondiswe kuhulumeni, kumaziko ezezimali, kumaziko ezemfundo kanye nosomabhizinisi kuye kwanikezwa, kanti lokhu kungasetshenziswa kwimizamo yokuthuthukisa amazinga okufundiswa ngezimali phakathi kosomabhizinisi. Lolu wucwaningo lokuqala oluhlola ubudlelwano obumayelana nokufundiswa ngezimali kanye nokutholakala kwezimali phakathi kosomabhizinisi abancane nalabo abasakhasayo (SMEs) ngase-Ekurhuleni Metropolitan Municipality kanti futhi lolu cwaningo luye lwandlala isisekelo lapho ezinye izinhlelo zocwaningo zingaqhutshekiswa khona ngalesi sihloko<br>Die finansiële geletterdheid van klein en medium ondernemings (KMO’s) bepaal die mate waarin hulle toegang tot wêreldwye finansiering verkry. Sowel nuwe as bestaande KMO’s steun op finansiering om hulle werksaamhede uit te brei. Omrede min entrepreneurs finansieel ongeletterd is, geniet hulle beperkte toegang tot finansiering, en misluk KMO’s meestal. Die doel van hierdie studie is om vas te stel of daar ʼn verband tussen die finansiële geletterdheid van KMO’s en hulle toegang tot finansiering bestaan. ʼn Deskriptiewe en kwantitatiewe navorsingsontwerp is in hierdie studie gevolg. Die primêre data is ingewin met vraelyste wat deur 397 entrepreneurs in die Ekurhuleni Metropolitaanse Munisipaliteit in Gauteng ingevul is. Uit die studie het geblyk dat entrepreneurs in Ekurhuleni ʼn gebrekkige begrip van basiese finansiële begrippe het, en gevolglik oor weinig finansiële kennis beskik. Daar is bevind dat finansiering ʼn groot struikelblok vir die meeste KMO’s in die munisipaliteit is. Hierdie studie het vasgestel dat daar ʼn bepaalde verband tussen finansiële geletterdheid en finansiering onder die KMO’s in die munisipaliteit bestaan. Aanbevelings word gedoen om die finansiële geletterdheid en finansiering van entrepreneurs te verbeter. Hierdie riglyne is vir die regering, finansiële en akademiese instellings, en entrepreneurs bedoel. Aangesien dit die eerste ondersoek na die verband tussen finansiële geletterdheid en finansiering onder KMO’s in die Ekurhuleni Metropolitaanse Munisipaliteit is, stel hierdie studie ʼn standaard vir ander studies in hierdie streek.<br>Business Management<br>M. Com. (Business Management)

Until recently, personal financial management has become increasingly important for consumers as in the past. Literature indicates that consumers in rural and low-income areas are the most financially vulnerable and depends mostly on unsecured loans to finance their daily expenses. The primary objective of this study was to evaluate the level of financial literacy among adults in Vhembe District Municipality in Limpopo, South Africa. The results indicate that the level of financial literacy among adults in Vhembe District Municipality is low (38.73%). The low levels of financial literacy have serious consequences for an adult’s personal financial management skills and lead to their inability to make correct financial decisions. The study concludes by suggesting interventions that could help adults to improve their level of financial literacy, manage and sustain their financial well-being.<br>Business Management<br>M. Com. (Business Management)

This study assessed the link between financial literacy and levels of debt among junior permanent bank employees. Based on the mixed purposive and simple random sampling approach, a structured questionnaire was used to collect primary data from a sample of 275 junior permanent bank employee participants. Frequencies, descriptive statistics and binary logistic regression techniques were applied to analyse data using the SPSS 23 statistical package. The Cronbach’s alpha criterion and Keiser-Meyer-Olkin measure of sampling adequacy results indicate that the research instrument’s items were statistically reliable and statistically valid. The descriptive statistics results on the financial behaviour and attitude dimension indicate that permanent junior bank employees on average pay reasonable attention to their financial affairs. The classification summary statistics indicate that financial literacy and financial behaviour and attitudes were significant predictors of the debt level. The Nagelkerke R-square indicates that some significant amount of overall variation in debt level was accounted for by financial literacy and financial behaviour and attitudes. Based on the odds ratios results, a statistically significant relationship between financial literacy and debt level was found in the study. Conversely, the estimated odds ratios results indicate a statistically significant negative relationship between financial behaviour and attitudes, and the level of debt<br>Business Management<br>M.Com. (Business Management)

MCom (Economics)<br>Department of Economics<br>This study assesses the level of financial literacy and its impact on financial decision making exercised by the tertiary students in South Africa, using the University of Venda (Univen) as a case study. The study does this in three steps. First, it provides the financial literacy levels of students at Univen assessed through an evaluation score that the sampled students responded to. Second, it analyses the relationship between the demographic and socio-economic characteristics of students and their financial literacy levels. Third, it assesses the possible effects of financial literacy on financial decision making among students using correlation and regression analysis. The study uses primary data gathered by the author from the University of Venda registered students in the form of questionnaires. A stratified random sampling method was used to identify the students to form the sample of the study, which is 373. Percent slightly above 50 per cent of these students were found to be financially literate and there were more female students who were financially literate compared to male counterparts. Using the odds ratios, the study compared the financial literacy levels of all schools to the school of Management Sciences, respectively. Only students in Environmental Sciences and Law have higher literacy levels, which are statistically significant, compared to the students in the school of Management Sciences. The results also show that the age and the parent’s educational background have a statistically significant relationship with the student being financial literate. Furthermore the results indicate that there is a statistically significant relationship on good financial decision making (that is, budgeting, savings and investments) and being financial literate, compared to being financial illiterate. This result is not true when borrowing is used as a measure of financial decision making.<br>NRF

Managerial and Financial Management (MAF) has traditionally been perceived by students as a difficult subject. Students do not fully grasp the underlying disciplinary concepts and struggle to transfer knowledge from one context to another. There is a dearth of research, particularly in South Africa, into how students learn in accounting programmes. This study sought to explore MAF students’ experiences of learning in a Writing Intensive Tutorial (WIT) programme at the University of KwaZulu-Natal. The WIT programme is based on the principle of using informal exploratory writing, writing-to-learn, to support students’ learning of MAF. Informal writing is low stakes, ungraded, and encourages critical thinking and the learning of concepts, rather than focusing on grammatical correctness. The study was informed by the tenets of social constructivism and was conducted within a qualitative interpretative framework. Principles of case study research were applied in the data generation process. Purposive sampling was applied that reflected the MAF population in regard to race and gender demographics and academic ability. The participants were 15 MAF students who voluntarily participated in an 18-week WIT programme. Interactive Qualitative Analysis (IQA) (Northcutt & McCoy, 2004) was used for the research design and as a data analysis tool. Following IQA protocol, focus groups were used to generate affinities (themes) of students’ experiences of learning in the WIT programme. From the affinities generated a system diagram was constructed. In-depth semi-structured individual interviews were conducted at the end of the programme to further probe participants’ learning experiences. The primary affinity driving the system was the programme structure. which drove the other affinities – understanding of concepts, challenging the participants, the written tasks undertaken (secondary drivers), making learning fun, improved study techniques and test preparation, criticism of the programme (secondary outcomes), increased personal confidence and the interactive nature of the programme (primary outcomes). The thesis concludes with a proposal of an inductively theorised model. The model derives from the major findings in the study regarding students’ experiences of learning in the WIT programme. The model offers insights for higher education programme designs that utilise writing-to-learn pedagogies and can provide opportunities for students’ to develop deep, conceptual learning in higher education.<br>Thesis (Ph.D.)-University of KwaZulu-Natal, Durban, 2012.

Studies as described in the literature review indicate that most South Africans are highly in debt. The South African Reserve Bank’s quarterly bulletin is one of the prominent barometers for measuring household debt in the country and over the last five years has been indicating a steady decline but still very high household debt among South Africans. Studies have also shown that this relates to poor financial literacy and consumer ignorance in applying basic financial management practices. This is discussed in Chapter two of the study. The aim of the study was to determine the consumer debt level of the Department of Health public servants in Mahikeng, North West Province. This study used a consumer survey to measure consumer indebtedness among public servants in Mahikeng. The results of the study support literature in that the study found that most public servants are indebted. The findings also showed that 63% of the public servants spent more than 20% of their income in servicing debt. Thirteen per cent of the public servants taking part in the study had been served with either garnishee or emolument orders. The results of the study seem to suggest that public servants working for the Department of Health in Mahikeng and taking part in the study were indebted.<br>Business Management<br>M. Com. (Business Management)

The thesis deals with the emergence of bank and non-bank entities that provide a range of unique transaction-based payment services broadly called Mobile Financial Services (MFS) to unbanked, underserved and underbanked persons via mobile phones. Models of MFS from Mobile Network Operators (MNOs), banks, combinations of MNOs and banks, and independent Mobile Financial Services Providers are covered. Provision by non-banks of ‘bank-type’ services via mobile phones has been termed ‘transformational banking’ versus the ‘additive banking’ services from banks. All involve the concept of ‘branchless banking’ whereby ‘cash-in/cash out’ services are provided through ‘agents.’ Funds for MFS payments may available through a Stored Value Product (SVP), particularly through a Stored Value Account SVP variant offered by MNOs where value is stored as a redeemable fiat- or mobile ‘airtime’-based Store of Value. The competitive, legal, technical and regulatory nature of non-bank versus bank MFS models is discussed, in particular the impact of banking, payments, money laundering, telecommunications, e-commerce and consumer protection laws. Whether funding mechanisms for SVPs may amount to deposit-taking such that entities could be engaged in the ‘business of banking’ is discussed. The continued use of ‘deposit’ as the traditional trigger for the ‘business of banking’ is investigated, alongside whether transaction and paymentcentric MFS rises to the ‘business of banking.’ An extensive evaluation of ‘money’ based on the Orthodox and Claim School economic theories is undertaken in relation to SVPs used in MFS, their legal associations and import, and whether they may be deemed ‘money’ in law. Consumer protection for MFS and payments generally through current statute, contract, and payment law and common law condictiones are found to be wanting. Possible regulatory arbitrage in relation to MFS in South African law is discussed. The legal and regulatory regimes in the European Union, Kenya and the United States of America are compared with South Africa. The need for a coordinated payments-specific law that has consumer protections, enables proportional risk-based licensing of new non-bank providers of MFS, and allows for a regulator for retail payments is recommended. The use of trust companies and trust accounts is recommended for protection of user funds. | vi<br>Public, Constitutional and International Law<br>LLD

In recent times, financial literacy has become increasingly important. This is true for a number of reasons including the increased number and complexity of financial products available to the consumer. The problem however is that people around the world appear to have low levels of financial literacy. Furthermore, existing research finds a number of variables to be associated with financial literacy however the results are contradictory. Thus, the objective of this study was to assess financial literacy levels of South African university students and furthermore identify which variables are associated with financial literacy of university students. This study surveys 373 students from a single South African university. Results show that students have moderate basic financial literacy. While students are found to have low levels of sophisticated financial literacy, overall, students are considered moderately financially literate. Self[assessed financial literacy is also found to be a proxy for financial literacy. A univariate analysis reveals that a number of factors were found to significantly influence the overall financial literacy of students. In summary, the variables found to be significantly associated with basic financial literacy scores of students were gender, race, previous finance course, faculty of study, perceived socio[ economic status and money management. The variables significantly associated with sophisticated financial literacy score are gender, race, previous finance course, faculty of study, mother s education and father s occupation. Lastly, the variables significantly associated with total financial literacy score were gender, race, previous finance course, faculty of study, father s occupation and perceived socio[economic status. Logistic regression was used to analyse variables in a multivariate context. The purposeful method was used to select variables for the logistic regression. The variables race, faculty of study and previous participation in a finance course were found to be significant determinates in overall financial literacy of students in a multivariate model. This study contributes to the existing research that finds students to have overall moderate levels of financial literacy. Furthermore, this study adds to the existing research that finds a number of demographic variables to be associated with financial literacy in a multivariate context.<br>Dissertation (MCom)--University of Pretoria, 2016.<br>Financial Management<br>MCom<br>Unrestricted

This study’s primary aim was to quantitatively measure financial literacy levels in South African (SA) high school learners, an exercise which had not been done before. Differences in literacy levels were identified for different demographic and psychographic profiles and between four categories (General Finance Knowledge, Saving, Spending, and Debt). Another aim was to compare SA and US financial literacy levels, based on the 2006 Jump$tart Coalition’s Personal Financial Survey of High School Seniors. Finally, the study aimed to determine if financial literacy and the ability to delay gratification are related. A quantitative survey was conducted amongst 12th grade learners consisting of different population groups and genders in seven public or private, rural or urban schools in South Africa. The sample comprised 536 respondents, of which 508 submitted useable responses. The results indicate significant differences in financial literacy levels of 12th graders from different schools, population groups, and public vs. private schools, but not across different genders. Significant differences exist between different psychographics, and between financial literacy categories. An unclear relationship exists between financial literacy and propensities for debt, saving and spending, suggesting the need for further research. As expected, SA financial literacy levels are poor and lower than for US youth. Finally, financial literacy and ability to delay gratification are unrelated. A model is proposed relating SA financial literacy to the major conclusions from the tested null hypotheses. The results should enable SA business, educational settings and government to understand the impact of demographic, psychographic and educational differences on financial literacy and the need for improvement in financial literacy.<br>Dissertation (MBA)--University of Pretoria, 2010.<br>Gordon Institute of Business Science (GIBS)<br>unrestricted