Financial education on new Nedbank clients in the Durban central business district.
Financial literacy is about making individuals aware and skilled in making decisions regarding financial services and products which will benefit them. The need for financial literacy in South Africa is huge considering the low levels of literacy, the large section of the population which remains unbanked, the high debt levels of individuals in the country, the poor savings culture and the increase in the number of people black listed for poor or non-payment of accounts. Hence, financial education is needed to improve the consumers, investors’ understanding of financial products and concepts. Consumers can through information received, instruction and objective advice, develop the skills and confidence to become more aware of financial risks and opportunities, to make informed choices, to know where to go for help, and to take other effective actions to improve their financial well-being. The aim of this research is to evaluate the level of financial education of new Nedbank clients in the Durban Central Business District. The study was based on a quantitative method with a selection of 110 new Nedbank clients from the Durban CBD who participated in this study. A convenience sampling technique was used to select the sample desired. Bank consultants assisted to administer the research instrument during consultation with new clients. Respondents were asked who in their households was responsible for day-to-day decisions regarding the management of household finances. Of all the clients, 47.5% indicated that they assumed sole personal responsibility for daily financial management in their households. This comprised of 33.3% females. Therefore, approximately 70% woman clients directly play a role in managing the household budget. Respondents were asked what they personally used credit facilities for; 39.4% indicated that they used it to pay bills and 31.3% indicated they used it to buy food; therefore 70.7% of clients used credit facilities to cover day-to-day expenses and living expenses. Respondents were asked to report on whether they are saving setting aside emergency or rainy day funds that would cover their expenses hopefully for three months, in case of sickness, job loss, economic downturn, or other emergencies. 30% of respondents reported that they do not implying that they would not be unable to cover expenses for three months in case of an emergency.
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