The role of selected regulatory bodies in the promotion of financial education in South Africa

Abstract

Financial education entails the process of improving financial consumers’ knowledge, understanding, skills and confidence regarding their use of financial services and financial products as well as the risks involved through consistent and objective advice from the relevant regulatory bodies and related stakeholders. Financial education is vitally needed to enhance financial consumers’ knowledge on, inter alia, budgeting, better saving and better investment for their short and long-term financial goals in their respective countries and jurisdictions. In this regard, the role of regulatory bodies in the promotion of financial education through the adoption of adequate and appropriate measures to improve the financial well-being of financial consumers is indispensable. Accordingly, this article discusses the role of selected regulatory bodies in the promotion of financial education in South Africa. To this end, the role of the Financial Sector Conduct Authority (FSCA), the National Credit Regulator (NCR), the National Consumer Tribunal (NCT) and the National Consumer Commission (NCC) is discussed. This is done to investigate whether the stated regulatory bodies and/or related agencies have adopted sufficient measures for the promotion of financial education in South Africa.