The influence of parental financial socialisation on financial literacy of young black African adults in rural and low-income areas in South Africa

Abstract

Parental financial socialisation is becoming increasingly important globally, due to low levels of financial literacy amongst young adults, especially those in developing countries, rural and low-income areas, and black communities. However, studies in parental financial socialisation remain scant. Therefore, this study was aimed at adding to the knowledge in this field by investigating the influence of parental financial socialisation on the financial literacy of young black African adults in rural and low-income areas in South Africa. This study followed a quantitative research approach and survey design, where data were collected through questionnaires administered to young black African adults in Fetakgomo Tubatse municipality in Limpopo province and Intsika Yethu municipality in Eastern Cape province, because these municipalities met the inclusion criteria, being the most rural and low-income areas in South Africa. The data were analysed through descriptive statistics, factor analysis, correlation analysis, analysis of variance (ANOVA), regression analysis, moderated regression analysis, and structural equation modelling (SEM). The results showed that young black African adults are not financially literate. Furthermore, the results indicated that young black African adults were financially socialised by their parents. The results further showed that there is a significant difference in parental financial socialisation across socioeconomic status; there is no significant difference in parental financial socialisation according to the child’s gender; there is a significant difference in parental financial socialisation across parental gender; there is a significant negative relationship between culture and parental financial socialisation; and there is a significant positive relationship between parenting style and parental financial socialisation. Furthermore, an empirical result of the study is that there is a significant positive relationship between parental financial socialisation and the young adult’s financial literacy. This study is amongst the first to investigate the moderated relationship between parental financial socialisation, financial literacy, social structural factors, and individual factors. It was found that the relationship between parental financial socialisation and the young adult’s financial literacy is moderated by social structural factors. It was found that individual factors do not moderate the relationship between parental financial socialisation and the young adult’s financial literacy. The results of the SEM underpin the proposed Parental Financial Socialisation Framework. This study offers recommendations to improve the financial literacy of young black African adults.

Kuitele kune vhathu vha funzwa nga vhabebi vhavho nga ha masheleni na matshilisano ku khou ṋaṋa u vha kwa ndeme ḽifhasini ḽoṱhe, nga nṱhani ha ḽeveḽe ya fhasi ya pfunzo ya zwa masheleni kha vhaaluwa vhaswa, nga maanḓa avho vha re kha mashango ane a kha ḓibvelela, vha mbuelo ya fhasi na vha vhuponi ha mahayani, na zwitshavha zwa vharema. Naho zwo ralo, ngudo dza nga ha kuitele kune vhathu vha funzwa nga vhabebi vhavho nga ha masheleni na matshilisano ku dzula ku songo lingana. Nga zwenezwo, ngudo heyi yo livhiswa kha u engedza nḓivho kha heḽi sia nga u sengulusa ṱhuṱhuwedzo ya kuitele kune vhathu vha funzwa nga vhabebi vhavho nga ha masheleni na matshilisano nga ha pfunzo ya zwa masheleni kha vhaswa vha vharema vha Afrika vha mbuelo ya fhasi vhuponi ha mahayani Afrika Tshipembe. Ngudo heyi yo tevhedza nḓila ya ṱhoḓisiso ya khwanthethivi na nyolo ya savei, he data ya kuvhanganyiwa nga kha mbudzisambekanywa dzo livhiswaho kha vhaswa vhahulwane vha vharema vha Afrika masipalani wa Fetakgomo Tubatse ngei vunduni ḽa Limpopo na masipalani wa Intsika Yethu vunduni ḽa Eastern Cape, ngauri mimasipala heyi yo swikelela ṱhoḓea ya u katelwa, u vha vhupo ha mahayani tshoṱhe na mbuelo ya fhasi Afrika Tshipembe. Data yo saukanywa hu tshi shumiswa zwitatisiṱika zwa mbuletshedzo, zwiṱaluli zwa u saukanya, u saukanya vhushaka, u saukanya phambano (ANOVA), u saukanya u fhungudzea, u saukanya u sedzuluswa hafhu ha u fhungudzea, tshiedziswa tsha u vhambedza ndinganyiso (SEM). Mvelelo dzo sumbedza uri vhaswa vha vharema vha Afrika a vha na pfunzo ya zwa masheni. U i sa phanḓa kha zwenezwo, mvelelo dzo sumbedzisa uri vhaswa vha vharema vha Afrika Tshipembe vho vha vha tshi funzwa nga vhabebi vhavho. Mvelelo dzo isa phanḓa na u sumbedzisa uri hu na phambano khulwane nga maanḓa kha pfunzo ya masheleni nga vhabebi kha zwiimo zwoṱhe zwa ikonomi ya matshilisano, a hu na phambano khulwane kha pfunzo ya masheleni nga vhabebi zwi tshi ḓa kha mbeu ya ṅwana; hu na phambano khulwanesa kha pfunzo ya masheleni nga vhabebi kha mbeu dzoṱhe dza vhabebi; hu na vhushaka vhu si havhuḓi vhuhulwanesa vhukati ha mvelele na pfunzo ya zwa masheleni nga mubebi; na uri hu na vhushaka havhuḓi vhukati ha nḓila ya kualusele na pfunzo ya zwa masheleni nga mubebi. U isa phanḓa ngauralo, mvelelo dza u sedza dza ngudo ndi dza uri hu na vhushaka havhuḓi ha ndeme vhukati ha pfunzo ya zwa masheleni nga mubebi; na pfunzo ya zwa masheleni ya vhaswa vha vhaaluwa. Ngudo vhukati ha tsedzuluso ya u sedzulusa vhushaka vhu re vhukati ha pfunzo ya zwa masheleni nga mubebi, pfunzo ya zwa masheleni, zwiṱaluli zwa zwivhumbeo zwa matshilisano, na zwiṱaluli zwa muthu nga muthu. Ho wanuluswa uri vhushaka vhukati ha pfunzo ya zwa masheleni nga mubebi na pfunzo ya zwa masheleni ya vhaswa vha vhaaluwa i vhukati kha zwiṱaluli zwa tshivhumbeo tsha matshilisano. Ho wanuluswa uri zwiṱaluli zwa muthu nga muthu a zwi vhi vhukati ha vhushaka vhukati ha pfunzo ya zwa masheleni nga mubebi na pfunzo ya zwa masheleni ya muswa wa mualuwa. Mvelelo dza SEM dzo kwaṱhisedza u dzinginywa ha Furemiweke ya Pfunzo ya zwa Masheleni nga Mubebi. Ngudo heyi yo ṋetshedza themendelo u khwinisa pfunzo ya zwa masheleni ya vhaaluwa vha vhaswa vha vharema vha Afrika.

Ku dyondzisiwa hi vatswari hi swa timali swi ya swi va swa nkoka eka misava hinkwayo hikokwalaho ka leswo vantshwa a va na vutivi hi swa timali, ngopfu ngopfu eka matiko lama ya ha hluvukaku, eka tindhawu ta le makaya na le ka tindhawu ta vanhu lava va holaku miholo yitsongo na le ka tindhawu ta vaaki ta vantima. Kambe, mindzavisiso hi swa vudyondzisi hi swa timali eka vatswari a yi kona kahle. Hikokwalaho, ndzavisisi lowu wu nga xikongomelo xa ku ngetela eka vutivi eka xiyenge lexi hi ku endla ndzavisiso hi nkucetelo wo dyondzisa vatswari hi swa vutivi bya swa timali eka vanhu lavakulu va vantima va Maafrika eka tindhawu ta le makaya na lava va holaku katsongo eAfrika Dzonga. Ndzavisiso lowu wu landzelela fambiselo ra quantitative research na dizayini ya savheyi laha ku hlengeletiwaka kona vutivi hi nongonoko wa swivutiso leswi tsariweke ku na questionnaire eka vanhu lavakulu va vantima va Maafrika eka masipala wa le Fetakgomo Tubatse eka provhinsi ya Limpopo na le ka masipala wa le Intsika Yethu eka provhinsi ya Kapa Vuxa, hikuva vamasipala lava a va hlanganyetana na khrayitheriya, ku nga ku va tindhawu ta le makaya laha vanhu va holaku katsongo eAfrika Dzonga. Vutivi byi xopaxopiwile hi ku tirhisa descriptive statistics, factor analysis, correlation analyisis na analysis of variance (ANOVA), regression analysis, moderated regression analysis, na structural equation modelling (SEM). Vuyelo byi kombise leswo vanhu lavakulu va Maafrika a va na vutivi hi swa timali. Nakambe, vuyelo byi kombise leswo vanhu lavantshwa va vantima va Maafrika va dyondzisiwe hi swa timali hi vatswari va vona. Vuyelo byi tlhele byi kombisa leswo ku na ku hambana kukulu eka ku dyondzisiwa hi vatswari hi swa timali eka swiyenge swo hambana swa ta nhlayiseko wa vanhu na ikhonomi; a ku na ku hambana kukulu hi ku dyondzisiwa hi vatswari hi swa timali eka n'wana ku ya hi rimbewu; ku na ku hambana kukulu hi ku dyondzisiwa hi vatswari hi swa timali eka rimbewu ro hambana ra vatswari; ku na vuxakelani lebyi nga ri ku lebyinene exikarhi ka mfuwo na madyondziselo ya vatswari hi swa timali; kasi ku na vuxakelani lebyinene eka switayele swa vatswari na madyondziselo ya vatswari hi swa timali. Nakambe, vuyelo bya vumbhoni bya ndzavisiso hi leswo ku na vuxakelani lebyinene exikarhi ka madyondziselo ya vatswari hi swa timali na vutivi bya lavantshwa hi swa timali. Ndzavisiso lowu hi wun'wana wa mindzavisiso yo sungula ya vuxakelani bya ku dyondzisiwa hi vatswari hi swa timali, vutivi hi swa timali, na tifekthara ta swa nhlayisano wa vanhu na tifekthara ta munhu hi wun'wewun'we. Ku kumeke leswo vuxakelani bya swa ku dyondzisiwa hi vatswari hi swa timali na vutivi hi swa timali eka vanhu lavantshwa, swi pfunetiwa hi tifekthara ta xivumbeko xa ntshamisano wa vanhu. Ku kumeke leswo tifekthara ta munhu hi wun'wewunwe a swi pfunetiwe ngopfu hi vuxakeleni bya swa ku dyondzisiwa hi vatswari hi swa timali na vutivi bya swa timali eka vanhu lavantshwa. Vuyelo bya SEM lebyi seketeriweke hi rimba leri pimanyetiwaka ra Parental Financial Socialisation Framework. Ndzavisiso wu bumabumela ku antswisiwa ka dyondzo hi swa timali eka vanhu lavantshwa va vantima va Maafrika.