Treasury Pushes Financial Literacy and Protection for SA’s Long-Term Stability

National Treasury’s Director for Financial Inclusion, Nontobeko Lubisi, has stressed that financial literacy, sustainable savings, and fair access to financial products are key to strengthening South Africa’s long-term economic stability.

She was speaking on Monday at the virtual launch of Money Smart Week South Africa (MSWSA) 2025, a nationwide campaign aimed at empowering South Africans with the knowledge and tools needed to make informed financial decisions.

Financial Choices Under Pressure

Lubisi warned that households remain vulnerable to economic shocks, technological change, and widening inequality.

“We gather at a moment when our financial choices are tested daily. Insurance is still dominated by funeral cover, while other forms of protection remain out of reach. We must change this. By expanding access to meaningful savings and insurance products, and pairing them with financial education, we can give families the resilience to absorb shocks and bounce back stronger.”

From Access to True Inclusion

While South Africans increasingly have access to bank accounts and digital platforms, Lubisi noted that many accounts remain dormant.

“True inclusion is when people not only have financial services, but when they use them—sending money, borrowing responsibly, insuring their families, and building wealth.”

She emphasised that financial education is not just about budgeting, but also about understanding financial products, risks, and consumer rights.

National Financial Education Strategy

To address gaps in financial knowledge, government introduced the National Consumer Financial Education Strategy, but Lubisi acknowledged its fragmented implementation.

“That’s why we have now drafted a Financial Education Policy, a unified, long-term vision to empower South Africans not only to participate in the financial system, but to thrive in it.”

This new policy will align with regulatory frameworks like the Financial Sector Conduct Authority’s Treating Customers Fairly (TCF) framework and the upcoming Conduct of Financial Institutions (CoFI) Bill, which aim to ensure fairness and transparency in the financial sector.

“They are not just laws. They are promises. Promises that the system will treat people with fairness and respect.”

Digital Inclusion and Cybersecurity

As South Africa’s financial system increasingly shifts online, risks of fraud, identity theft, and cybercrime rise.

“Access to the internet alone is not enough. We need skills to use these platforms safely, to build credit profiles, and to invest wisely. Financial literacy and cyber-awareness programmes must match digital skills training to prevent consumers from falling victim to scams.”

Through initiatives like the Ya Rona Digital Skills Drive, more than 20 000 people have already received training. At the same time, the SA Connect programme is rolling out Wi-Fi to rural households, expanding access to online banking, payments, and e-commerce.

Lubisi stressed that digital access and financial literacy are interconnected. The National Digital and Future Skills Strategy provides the foundation for inclusive digital financial services by ensuring citizens have the skills and connectivity to participate safely.

Building Financial Resilience

MSWSA 2025, supported by government, regulators, and financial institutions, will focus on teaching South Africans how to:

• Manage debt responsibly,

• Use insurance beyond funeral cover,

• Save and invest for the long term,

• Protect themselves against cybercrime, and

• Exercise their consumer rights in the financial marketplace.

Lubisi concluded that building financial resilience is not just an economic imperative, but also a social one.

“Financial education matters because it gives people confidence and control. It helps them weather shocks, protect their families, and plan for the future. Ultimately, it strengthens not only households but the nation as a whole.”