Investigating the financial well-being of millennials through strategic literacy in the North West Province

Abstract

Financial well-being remains a significant challenge for South African millennials, particularly in the North West Province, where high unemployment, income instability, debt burdens, and cultural obligations such as "Black Tax" exacerbate financial vulnerability. While financial literacy is widely regarded as a key contributor to financial well-being, limited qualitative research exists on how millennials in this province experience and apply financial knowledge within their specific socio-economic and cultural context. This study aimed to investigate the financial well-being of millennials in the North West Province through the lens of strategic financial literacy. Data were collected through semistructured interviews with 19 millennials selected purposively using an interpretivist paradigm and qualitative single-case study design. Braun and Clarke's (2006) six-phased thematic analysis was used to analyse the data. These findings showcase seven major themes: learning financial literacy through life experience, income and employment, coping and survival strategies, debt and financial vulnerability, family responsibility and cultural influence, the need for practical financial education and mentorship, and financial socialisation. Although participants knew about financial principles, they were often unsure how to interpret their knowledge into good longterm financial behaviour because of structural constraints and cultural obligations. The study concludes that financial knowledge alone is insufficient to improve financial wellbeing. Practical, context-specific, and culturally sensitive interventions are essential. These findings contribute qualitative, province-specific insights to the literature and offer recommendations for policymakers, educators, employers, and financial institutions.