South Africa Ranks Lowest in Financial Literacy

A Remitly survey of 27 countries found South Africans overwhelmingly back mandatory financial education for school-age children.

Updated on Nov. 10, 2026 in Financial Planning

South Africa Ranks Lowest in Financial Literacy

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Should financial education be mandatory for school-age children in your community?

South Africa ranked lowest in financial literacy among 27 countries in a Remitly survey of more than 5,000 respondents. Nearly all South Africans surveyed, 98.5%, said financial education should be mandatory for school-age children.

Why it matters

The findings add weight to the National Treasury's draft national consumer financial education policy, which cites consumers struggling to use financial products safely and confidently. They also suggest that wider access to financial products has not necessarily improved outcomes for South African consumers.

Only 20.5% of South Africans said school gave them plenty of knowledge to manage money, while 16.4% said it gave none, against 98.5% backing mandatory financial education. The South African sample was 201 respondents, so the figures are indicative rather than nationally representative.

The players

Remitly

Remitly is a digital financial services provider that moves money across borders and conducted the 27-country financial literacy survey.

National Treasury

The National Treasury is South Africa's national government department responsible for public finances and economic policy, and published the draft consumer financial education policy.

The details

Digital financial services provider Remitly ran the survey across 27 countries, drawing South African respondents in proportion to the number available in each market. South Africa's 53% average financial literacy score over the past decade, first recorded in 2012 at 55%, was also cited.

April 2026: National Treasury published a draft financial education policy for public comment.
10 November 2026: Remitly survey findings were published.

Market Dynamics

The findings sit against the National Treasury's April 2026 draft national consumer financial education policy, which argues that growing product choice has not translated into better consumer outcomes. The survey's evidence of widespread financial worry gives that policy's rationale a concrete public-opinion basis.

With only 20.5% of South Africans saying school equipped them to manage money, adults may need to take a more deliberate approach to budgeting and planning. Those who feel uncertain about managing finances can focus on basic money-management habits and seek trusted guidance on everyday financial decisions.

The takeaway

The survey suggests that many South Africans feel unprepared for everyday money decisions, even as they strongly support teaching financial skills in schools. Building basic money-management knowledge early and revisiting it regularly can help close that gap.