Denise Neethling, Head of Marketing at Paymenow
As South Africa marks National Savings Month this July, new data reveals an extraordinary appetite for financial education amongst fintech users. Paymenow, a leading earned wage access provider, reports that its users have completed more than 2.5 million financial education modules, demonstrating a clear desire among South Africans to improve their financial literacy and build better money-management habits.
Yet despite this clear hunger for knowledge, access to quality financial education remains limited for many South Africans. Studies show that financial literacy rates are lowest among those who arguably need it most, including women, young adults, and those without matriculation certificates. This education gap perpetuates cycles of debt and prevents the development of a savings culture that could transform individual lives and strengthen the broader economy.
The stark reality of South Africa’s savings crisis makes this surge in educational engagement particularly significant. With household savings rates sitting at negative one percent and national savings at just 15 per cent of GDP (compared to a global average of 28 per cent), the need for intervention has never been clearer. Yet the enthusiasm shown by Paymenow users suggests that given the right tools and knowledge, South Africans are eager to change their financial futures.
The data paints a compelling picture of where South Africans are focusing their learning efforts. Credit-score education tops the list with over 716 000 module completions, followed by basic financial wellness at nearly 519 000. Significantly, modules on savings options, budgeting and loan management each attracted more than a quarter of a million completions, indicating that users are actively seeking knowledge across all aspects of financial management.
Over 76 000 users have now completed modules on the new two-pot retirement system, while more than 70 000 have learned about avoiding scams. This breadth of interest suggests that South Africans recognise financial literacy as encompassing not just basic money management but also understanding complex financial products and protecting themselves from financial risks.
“When people understand how credit scores work, how to create budgets, and what savings options are available to them, they make fundamentally different financial decisions,” says Denise Neethling, Head of Marketing at Paymenow. “The enthusiasm we’re seeing for financial education shows that South Africans want to save and build wealth. They simply need access to the knowledge and tools to do so effectively.”
The impact of financial education on savings behaviour is already evident among Paymenow users. Four in five Paymenow customers report that their ability to save has improved since joining the platform, with 92 percent saying they would have had to borrow money without access to the service. Research shows that users who complete more financial education modules make smarter financial choices, including choosing vouchers over cash withdrawals to benefit from lower fees.
“The completion of 2.5 million modules is both encouraging and sobering,” Neethling continues. “It shows us what’s possible when financial education is made accessible and engaging. But it also highlights how much more needs to be done. If we’re serious about building a savings culture in South Africa, we need to ensure that all citizens have access to financial education, not just those fortunate enough to work for employers who offer platforms like Paymenow.”
As National Savings Month draws attention to the importance of building financial reserves, the message from these statistics is clear: South Africans are eager to learn their way to better financial health. The challenge now is ensuring that everyone has the opportunity to access the education that can transform not just individual financial futures, but the savings culture of an entire nation.
ENDS
