Journal of Reviews on Global Economics, 2019, 8, 1121-1134 1121 E-ISSN: 1929-7092/19 © 2019 Lifescience Global The National Strategy on Financial Literacy: A Conceptual Review of South African Perspectives Mbukanma Ifeanyi, Ravinder Rena * and J.J. Hein Prinsloo NWU Business School, Faculty of Economic and Management Sciences, North-West University, Mahikeng Campus, Private BagX 2046, Mmbatho 2745, Republic of South Africa Abstract: The relevance of financial literacy in the lives of individuals has attracted several stakeholders from different parts of the world in the quest to provide the required financial knowledge for households to manage their financial wellbeing. Accordingly, previous studies show that financial literacy serves as a mechanism to enhance the ability of households to better allocate financial resources with regard to savings and wealth creation over their lifetimes in a world of uncertainty and imperfect insurance. Thus, this study provides a literature review on global initiatives, strategies and programmes on financial literacy as well the perspectives of financial literacy programmes in South Africa. As such, it is the objective of this study to ascertain from previous literatures the factors that hinders the smooth delivery of financial literacy programmes in South Africa. Thus, the researcher employed a descriptive literature review method to achieve this objective. The findings of this study identifies that there is a growing need for a continuous financial literacy campaign especially in South Africa as the aging populations are confronted with intensified pressure on standardised plan for future financial well-being. However, the challenges of financial literacy programmes in South Africa was ascertained which forms part of the factors that hinders smooth campaign of financial literacy programmes in South Africa. Hence, this study recommends practical intervention factors of financial literacy programme in South Africa, which is expected to assist policy makers in formulating the right financial knowledge delivery programmes in South Africa. Keywords: Financial Literacy, National Strategies, Programmes Challenges, Practical Intervention Approach. 1. INTRODUCTION Following the 2007-2008 global financial crisis, the discussion on vulnerable and less informed investors gained more momentum, as they were probably more exposed to the crisis (Guiso & Viviano, 2014). Ironically, the genesis of the financial crisis, which started in developed countries around the world, is traced back to the price bubbles of homes that have been fed by giving consumers huge access to credit, to lure consumers to make unwise investments (Adair & Adaskou, 2017; Xu, Briley, Brown, & Roberts, 2017). More prominent financial knowledge, together with culture to apply the exercise of financial knowledge, diminishes the probability that households, at any wage level, will fall prey to deceitful deal operators and buy items or administrations that are not to their greatest advantage (Fernandes, Lynch Jr, & Netemeyer, 2014). It is usually recognized that people regardless of age are frequently engaged in economic decision- making operations related to their earnings, distribution and use of their revenue. These activities come with its own financial implications and in order to make informed financial decision, individual’s needs to be financially literate. The study of Lusardi and Mitchell (2014) revealed, that the poor level of financial literacy *Address correspondence to this author at the NWU Business School, Faculty of Economic and Management Sciences, North-West University, Mahikeng Campus, Private BagX 2046, Mmbatho 2745, Republic of South Africa; E-mail: ravinder.rena@nwu.ac.za, ravinder.rena@gmail.com among individuals plus the inadequate resource management limits the assurance of proper future financial well-being of individuals. Perhaps, the need for financial literacy to help individual make sound financial decision that will favour their future financial well-being. Hence, this study aims to review related literatures within the scope of financial literacy and identify challenges as well as recommend the way forward on financial literacy in South Africa. 1.1. Objectives of the Study The objective of this research is to have a thorough literature review within the scope of national financial literacy programmes. In addition, ascertain the challenges that hinder the smooth delivery of the programmes as well as recommend practical intervention factors for financial literacy programme in South Africa. 1.2. Research Methodology Research methodology of studies includes a systematic and theoretical evaluation of the techniques applied to a field of research. It includes the theoretical assessment of the body of techniques and values related with a branch of understanding (Yang & Tate, 2012). Perhaps, numbers of literature research methods on this context exist namely; narrative review, vote counting, meta-analysis and descriptive review (King & He, 2005). For the benefit of this study, a descriptive literature review was employed. Thus, a