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Global consumers are experiencing the adverse effects of over-indebtedness, which impacts their well-being. This study article emphasises the significant repercussions experienced by consumers regarding their welfare due to over-indebtedness. A qualitative research approach was employed to identify a deliberate sample of five registered debt counsellors and financial planners. Semi-structured interviews were employed, and theme qualitative analysis was performed. The results indicate that excessive debt adversely affects consumer well-being and quality of life. Inadequate financial well-being was recognised as the primary catalyst that exacerbated other issues for over-indebted consumers, including deteriorated physical and mental health. Moreover, stress and stigmatisation have been identified as detrimental consequences stemming from financial hardships. This article demonstrates that financial debt is correlated with and adversely affects consumer physical and mental well-being, highlighting the necessity for immediate solutions, including enhanced financial education and more robust laws.   

The research focus was on the link between Personal Financial Management (PFM) and employees' productivity in Botswana’s public sector because this particular aspect remains largely unattended despite being an important gap within African public sector management studies. The research was conducted at the Department of Social Protection and entailed applying a quantitative research paradigm with structured research interviews (n=73). Analysis shows that there was statistical significance with PFM only marginally expanding employees' productivity at 19.3% variance significance level. It was established that marital status and age were not significant factors or interests influencing PFM while education was established as an important predictor variable using multiple regression analysis. It was established that poor PFM practice translates to employees' stress caused by financial problems manifesting at workplaces indicated by employees' lack of focus and related absenteeism. The study proposes specific programs for employees' financial well-being at workplaces.

The study investigates the relationship between financial literacy and savings among individuals in South Africa, utilising data from the National Income Dynamics Study. The theoretical framework highlights the importance of financial literacy, encompassing knowledge, behaviour, and attitudes towards financial planning. Empirical analysis using OLS, Logit, Probit, and Tobit models reveals a positive correlation between financial literacy and savings. Higher financial literacy levels are associated with increased savings propensity, with significant coefficients observed across various models. The findings underscore the critical role of financial education in enhancing savings behaviour, suggesting that improved financial literacy can lead to better financial outcomes and contribute to economic growth. The study’s results have policy implications, advocating for targeted financial literacy programmes to boost savings rates and support economic development in South Africa.

This study provides an empirical assessment of financial prudence among South African individuals, focusing on savings and investment behaviour. Prior research highlights a positive correlation between national savings rates and economic growth, with countries exhibiting high saving rates often experiencing stronger economic prosperity. However, as of 2023, South Africa's gross saving rate remains around 17%, ranking the lowest among BRICS nations. In contrast, countries like China and India boast saving rates above 40% and 30% respectively, underscoring South Africa's persistent challenge in fostering a robust savings culture. Despite various initiatives aimed at increasing the national savings rate, these efforts have yet to yield significant improvements. This research explores whether financial prudence characterised by conservative spending and careful planning in the face of future income uncertainty—could contribute to higher personal savings rates. To investigate this, an experimental design was employed where participants were presented with a hypothetical lottery payout scenario to gauge their prudence and its effect on saving behaviour. Analysis of the data indicated that while individuals generally displayed a lack of prudence, prudence itself has a notable influence on savings. Based on these findings, the study recommends that financial products and services in South Africa be designed to be affordable, accessible, and suited to the needs of the population. Additionally, it advocates for government investment in small businesses, job creation, and efforts to attract foreign investment to support a more robust savings culture.

Financial knowledge and behaviour in millennials and Gen Z's turbulent and volatile environment are fundamental behavioural traits for a desirable work-life balance. They could contribute to work motivation and a comfortable social life. However, the financial knowledge, financial literacy and financial behaviour viewed from an organizational context are still far from homogeneity and linearity as Gen Y and Z have to navigate through challenging settings while thriving to enjoy financial and investment-balanced decision-making and problem-solving albeit limited disposable income against a plethora of spending pressures. This study explores the synergy between financial knowledge contribution and financial behaviour that culminates in sound investment prioritisation amongst Gen Y and Z professionals in the employment of public entities. The study used the qualitative research approach to unpack the challenges facing Gen Y and Z from fifteen professionals in navigating a prosperous financial future. The findings revealed that the existential restrictive nature of the economic climate and the sluggish economic growth, characterised by the heightened cost of living and inflationary pressure, have not exempted Gen Y and Z, while the broader society is experiencing the worst unemployment. The findings also revealed that even though the participants are in relatively well-remunerating positions from their respective positions, their financial knowledge and commensurate financial literacy could be superseded by actual financial behaviour, which is symptomatic with the current era of rampant price increases on almost every product, assets and purchases which are meant to improve their standard of living and stable quality of life.  

This article reports on a study aimed at measuring and characterising consumer over-indebtedness in South Africa, despite the existence of financial regulatory measures and legislation. The study employed quantitative analysis to examine the impact of macroeconomic variables on consumer over-indebtedness. The primary conclusion of the study indicated that the debt-to-disposable-income ratio decreased following the enactment of the National Credit Act; nevertheless, the alterations in debt levels cannot be solely ascribed to the enforcement of regulations and legislation. The study findings indicate that over-indebtedness correlates positively with gross domestic product, consumer expenditure, unemployment, and the debt-to-income ratio, while exhibiting a negative correlation with the interest rate.

The article aims to promote financial literacy among youngsters from low-income backgrounds, encouraging them to engage in cost-effective investments that will enable them to accumulate wealth in the future. The article outlines a novel approach in life skills that entails shifting away from relying on uncertain grants and supports. Instead, it proposes utilizing a straightforward and practical mathematical model to generate money starting from a young age. The authors demonstrate that by utilizing a highly efficient investing option, young children have the ability to generate substantial wealth. To exemplify, we demonstrate the suggested methodology utilizing sequences and summations. Our method/proposal facilitates the enhancement of boundless wealth generation by enabling those who can invest more than the minimum requirement to accumulate greater wealth. The efficacy assessment of the new method is validated through the computation of the smallest investment, which is merely symbolic, yet yields boundless financial outcomes. The study findings, which have the potential to enhance governmental decision-making, can also be utilized for personal betterment. This work is innovative as it presents an alternative approach that imparts discipline, consistency, and honesty. It allows individuals to easily adopt the model with appropriate adjustments, hence facilitating the creation of wealth.

Financial literacy (FL) is a crucial skill set that police officers must possess, particularly in managing their funds during their tenure in the police force and as they approach retirement from their service. The extent of an individual's FL will directly impact the extent of their financial planning knowledge and budgeting abilities required as a police officer, commencing from the initial stages of their career. The primary objective of this study is to investigate the level of FL within the police force, with a particular emphasis on the factors of financial knowledge, attitude, and behaviour. The study employed a simple random sampling technique to gather data from a sample of 68 law enforcement employees stationed in Vosman and Klipfointein. The data was acquired through survey questionnaires. The data were descriptively analysed using the Statistical Package for the Social Sciences (SPSS). The results of the study suggest that police officers often possess low to moderate levels of FL. However, there is a positive correlation observed between the variables under investigation. The recommendation proposes that the government should implement ongoing training and short-term interventions focused on FL, with a particular emphasis on tailoring these initiatives to individuals' income levels and lifestyles. This study utilized intervention and transformational learning theory to support law enforcement professionals in enhancing their financial planning both prior to and following their employment, by means of financial education.

The moderating effect of parental income on parental financial communication and financial literacy is increasingly becoming important. The objective of this study was to determine whether the relationship between parental financial communication of young adults and their financial literacy is moderated by parental income. Financial literacy was measured through financial knowledge, financial behaviour, financial attitudes, and financial decision-making. Quantitative research approach was adopted for this study. Self-administered questionnaire was used to collect data among young adults in South Africa. Moderated regression analysis was used to analyse data. Four hypotheses were tested. The results showed that parental income moderated the relationship between parental financial communication with financial knowledge, financial behaviour, financial attitude, and financial decision-making. Therefore, the overall results indicated that the relationship between parental financial communication and financial literacy is moderated by parental income.  This study is amongst the first to investigate whether the relationship between parental financial communication and financial literacy is moderated by parental income. This study concluded by providing recommendations and suggestions for future research.

Recently, demographic factors that influence financial literacy have become increasingly important for policymakers than ever before. The primary purpose of this study was to establish the relationship between demographic factors and financial literacy among adults in a rural and low-income areas of South Africa. The objectives were to determine which gender uses a budget, which age cohort keeps copies of financial documents, which category of education level is saving for retirement, and the correlation between education level and saving for retirement. Descriptive statistics and correlation analysis were used to analysed data. The results showed that males used a budget more than females by a low margin. Adults struggled to keep copies of financial documents; however, adults between the ages of 41-50 kept copies of financial documents the most. Those with matric were better savers for retirement than other levels of education, besides the fact that most adults were not saving for retirement. The study also revealed a negative correlation between education level and retirement savings. Thus, the relationship between demographic factors and financial literacy was negative. The study concludes by suggesting interventions that could help adults improve their financial literacy and manage and sustain their financial well-being.

This study investigated the impact of parental financial socialisation on financial attitude of young black African adults in rural and low-income area in South Africa through quantitative research approach, survey design and self-administered questionnaire. Data was collected from young black African adults in Fetakgomo Tubatse and Intsika Yethu local municipalities, low-income and rural areas in South Africa. Multiple regression analysis was used to test the relationship between parental financial behaviour, parental financial monitoring, parental financial discussion, parental financial communication, and parental financial teaching with financial attitude. The results showed that parental financial communication and parental financial teaching had a significant positive relationship with financial attitude. While parental financial behaviour, parental financial monitoring and parental financial discussion had no significant positive relationship with financial attitude. Therefore, the overall results indicated that parental financial socialisation has no impact on financial attitude of young black African adults in rural and low-income area in South Africa. This study provided recommendations to parents, young black African adults, financial educators, financial services institutions, financial counsellors and the government.