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QUESTION ONE: Read EXTRACT A below and answer the question that follows. Ext...
ENG2612
EXAM PORTFOLIO 2024
UNIQUE NO.
DUE DATE: OCTOBER/NOVEMBER 2024
, ENG2612
Exam Portfolio 2024
Unique Number:
Due Date: October/November 2024
Applied English Language for Foundation and Intermediate Phase Home
Language
Question 1
Title: The Perils of Financial Illiteracy and Its Role in South Africa’s Debt Crisis
Introduction
South Africa is grappling with a severe debt crisis, with consumers owing over R2.5
trillion to creditors. This alarming situation is exacerbated by widespread financial
illiteracy, which is a significant factor in the accumulation and perpetuation of debt. This
editorial delves into the complexities of financial illiteracy, the stigma surrounding debt,
and the urgent need for intervention to address the debt crisis affecting millions of South
Africans.
Body
Financial illiteracy is at the heart of South Africa’s debt problem, with the financial
literacy rate dropping to 42% as of 2021. This lack of understanding about monetary
matters affects individuals across all social classes. For some, financial illiteracy leads
to reckless borrowing in pursuit of a lifestyle they cannot afford, while others are trapped
in a cycle of debt simply trying to meet their basic needs. The situation is made worse
by the predatory lending practices of loan sharks and unscrupulous microlenders, who
take advantage of vulnerable consumers seeking quick loans.
The fear of discussing debt further complicates the issue, creating a stigma that forces
many to suffer in silence. People are often made to feel ashamed of their financial
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