Is consumer financial education actually working in South Africa? As someone deeply passionate about financial empowerment this is one of the burning questions I find myself constantly pondering.
Author: Dr Reaan Immelman
Every year, the financial services sector commits a substantial investment to Consumer Financial Education (CFE) initiatives. Corporates regularly supplement these efforts with internal financial wellness programmes, webinars, and advisory workshops. On paper, the country has never had access to more financial literacy content.
Yet, when we look at the actual data, it gives us pause for thought and reflection. We have a negative national savings rate – in other words the average household spends more than it earns. The household debt to income ratio sits at around 60% meaning for every R1 earned, 60c is spent on debt servicing, and the estimation is that less than 10% of South Africans can afford to retire.
We also know that there is a clear link between financial stress and your overall wellbeing.
If we bring all of these factors together, in pursuit of financial peace of mind, it’s no wonder some people consider putting their money under their mattresses.
This may be a bit tongue-in-cheek, but we really do need to interrogate where we are going wrong with managing our finances.
It is critical to acknowledge that even with the best financial ambitions, we face some very real structural realities around unemployment and a cost-of-living crisis which is biting across the world. I don’t discount that and more financial education isn’t going to change what is happening in the global economy.
Rather, our question is around how we are developing good financial habits and behaviours. More specifically, why we are struggling to get the basics right.
There was some research conducted by the industry which pointed out that South Africa’s financial literacy score was around 52 out of 100. Down from 55 on the previous reading. How can it be going down if we are spending so much time and energy driving these financial literacy campaigns?
In my view, it has a lot to do with the barrier of silence around money and or the pressure of #LivingTheBestLife, as the youth so often say.
Part of the issue is that conversations about money in South Africa remain uncomfortably taboo. Discussing debt, budget shortfalls, or financial anxiety is hard, especially in a culture increasingly shaped by digital peer comparison.
On social media, feeds are dominated by curated highlights of people showing their new cars, career milestones, luxury vacations, and high-end lifestyles. This digital pressure valve distorts reality, making individual financial struggles feel like personal failures rather than shared systemic challenges.
This becomes an important social challenge and imperative. Financial confidence is built through two important elements: financial literacy – helping people make smarter everyday money decisions, from budgeting for life's biggest moments to managing unexpected expenses, and financial security – helping people recognise scams, protect their money, and keep their personal information safe.
This is why we are adopting a new approach when it comes to financial education initiatives. We want to meet our audiences where they are consuming the content that matters.
The question is how?
If traditional lectures, brochures, and corporate workshops aren't driving behavioural change, how do we make financial literacy resonate? This is where my finance and marketing brains go into overdrive.
Media consumption habits clearly show that people are more receptive to short-form, mobile-ready video content. This tells us a lot about the type of content we should be developing. Instead of formal instruction, we need to leverage narrative entertainment, like micro-dramas.
As one of the world’s fastest-growing digital entertainment formats, micro-dramas deliver compelling, serialised stories in short vertical episodes designed explicitly for cellphones. This form of storytelling is often characterised with high-impact content, built with the intention of making the viewer come back for more.
In our case, we have developed a series called For Better Or For Whatever which we are launching in September 2026, and we are intrigued to see how it is received. Distributed across platforms like TikTok, YouTube shorts, and Instagram reels, which align with modern media consumption habits: the series is easy to watch during a commute, simple to share, and inherently bingeable.
This might not replace a daily fix of your favourite long format series, but here is why I think For Better Or For Whatever might actually get some traction and mass appeal.
The storyline is centred around two South African families brought together by a major wedding where virtually nothing goes according to plan. Packed with local humour, cultural nuance and heart, the series does not preach interest rates or balance sheets. Instead, it unpacks how money quietly shapes family dynamics, personal relationships, and life's major milestones. A relatable day in the life of an average family.
By watching characters navigate financial pressure points on screen, audiences are prompted to reflect on their own spending and saving choices through entertainment rather than instruction.
Importantly we have recognised that information alone will not change behaviours, we have to deliver content to where people are feeling confident around engaging with content. With that in mind, the micro-drama will drive interaction through monthly competitions on social media where we challenge viewers to share their best financial wellness tips. Finances are such a personal topic and we believe this will be a great way to incentivise people to start having these discussions in a safe space.
It is no secret that economic conditions globally are tough right now. Household budgets are stretched, and financial anxiety is at an all-time high. To create genuine financial resilience, we must demystify money conversations and strip away the shame associated with financial stress. By breaking down barriers and adopting fresh, engaging communication channels, we can equip you with the tools and confidence to make informed, realistic decisions about how to save, invest, and spend.
