Implications of financial literacy on financial wellness: a case study from a selected University in Cape Town, South Africa

This study examined the implications of financial literacy on the financial wellness of students at a selected university in Cape Town, South Africa. Given the increasing financial pressures on students, the research focused on four constructs of financial literacy as identified in the literature. This included financial knowledge, financial attitudes, financial behaviours, and financial self-efficacy. The study followed a post-positivist paradigm and employed a quantitative survey approach. A non-probability convenience sampling method was used to select participants. Following ethical clearance from the university, data were collected via a structured online questionnaire designed to measure students’ financial literacy. The target population comprised 11,771 commerce students at the selected university out of a total of 35,541 registered students at the time, with 163 completing the survey in full. Although the response rate was relatively low, the data provided valuable insights into respondents’ financial literacy. Descriptive and inferential statistics, which included ANOVA and correlation analysis, were used to examine relationships between financial literacy and financial wellness outcomes. Participation was voluntary, and ethical protocols of anonymity, confidentiality, and informed consent were strictly followed.

Grantor dc:publisher.institution

Universty of the Western Cape

Year dc:date.issued

2025

Author dc:creator

• Johnson, Ian Lyndon

• debt management
• financial behaviour
• financial literacy
• financial wellness
• higher education

Licence

• https://uwcscholar.uwc.ac.za/bitstreams/18b4fe5c-5aa9-4502-b24f-37490c845e44/download