Investing for Individuals

Financial Education

south africa | 01 October 2015

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The shock headline statistic is that interventions to improve financial literacy have a mere 0.1% impact on changing financial behaviour and consequently a negligible effect on achieving better financial outcomes. The funding of financial education initiatives is the easy part. Under the Financial Sector Code, financial services firms may apply 0.4% of their net profit after tax to financial education for scorecard points and in terms of the revised scorecard, 0.5% expenditure has the reward of a bonus point. And of course

let’s not forget the variety of self-motivated incentives driving corporate expenditure on financial literacy initiatives. So if money is not the obstacle, what is? Getting it right is.

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