Many South Africans are ignorant of the basics of personal finance, a trait that transcends income levels. Neil Roets, who heads Debt Rescue, a debt-counselling firm, says new clients are first asked for their household budget. Most do not have one.
The Economist: In South Africa, more people have loans than jobs
- Do you understand the basics of personal finance?
- Do you have a monthly household budget, and know when you’re over/under it, and why?
Ignorance of personal finance basics, and lack of a household budget – I’m sure a good proportion of people, across income levels, in India and the UK, would fail this test.