We are regularly reminded that less than 6% of South Africans will be able to retire in a financially sound position. While part of this – in recent years – could be attributed to poor investment markets, much of it has to do with the failure to understand basic financial concepts.
For many South Africans, financial concepts such as:
- The crippling impact of debt
- How compound interest works against you
- The true financial cost of consumerism
all compound to drive up the cost of living in a world where salaries are stagnant.
A key way to tackle this is improving financial literacy.
In this TEDx talk Natalie Torres-Haddad, positions financial literacy as a “foreign language” which can be mastered. One of the more powerful elements of the talk is that she lays bare the emotional impact of financial insecurity – something that many South Africans can relate to:
