, ENG2612 OCTOBER NOVEMBER PORTFOLIO
(COMPLETE ANSWERS) 2024 - DUE 9 October 2024 ;
100% TRUSTED Complete, trusted solutions and
explanations.
QUESTION ONE: Read EXTRACT A below and answer the
question that follows. Extract A Editorial: Financial illiteracy
breeds debt By Editorial Millions of South Africans are
drowning in debt. Consumers owe more than R2.5 trillion to
their creditors Millions of South Africans are drowning in debt.
Consumers owe more than R2.5 trillion to their creditors. And
that’s just what can be estimated from legal sources. Debt is
debilitating. It tears families apart, fuels crime and destroys
lives. We cannot allow ourselves to be comfortable with the fact
that so many of us are scraping by to meet monthly interest
payments. Innumerable micro- and macro-economic factors
have led us here — and rarely are two individual situations
alike. We are a grossly unequal country. Debt doesn’t
discriminate by class; it ensnares some in their interminable
pursuit of the excesses of modern life, and captures others who
hope only to put food on the table. But one factor continues to
float to the top: financial illiteracy. We are continually taken
aback by the lack of understanding of monetary matters across
all sections of society. This perception is borne out in reliable
data. According to a 2015 survey by the Financial Sector
Conduct Authority and Human Sciences Research Council,
South Africa has a financial literacy rate of 51%. In 2021, the
Organisation for Economic Co-operation and Development put
that number at 42%. A dearth of understanding first creates debt
(COMPLETE ANSWERS) 2024 - DUE 9 October 2024 ;
100% TRUSTED Complete, trusted solutions and
explanations.
QUESTION ONE: Read EXTRACT A below and answer the
question that follows. Extract A Editorial: Financial illiteracy
breeds debt By Editorial Millions of South Africans are
drowning in debt. Consumers owe more than R2.5 trillion to
their creditors Millions of South Africans are drowning in debt.
Consumers owe more than R2.5 trillion to their creditors. And
that’s just what can be estimated from legal sources. Debt is
debilitating. It tears families apart, fuels crime and destroys
lives. We cannot allow ourselves to be comfortable with the fact
that so many of us are scraping by to meet monthly interest
payments. Innumerable micro- and macro-economic factors
have led us here — and rarely are two individual situations
alike. We are a grossly unequal country. Debt doesn’t
discriminate by class; it ensnares some in their interminable
pursuit of the excesses of modern life, and captures others who
hope only to put food on the table. But one factor continues to
float to the top: financial illiteracy. We are continually taken
aback by the lack of understanding of monetary matters across
all sections of society. This perception is borne out in reliable
data. According to a 2015 survey by the Financial Sector
Conduct Authority and Human Sciences Research Council,
South Africa has a financial literacy rate of 51%. In 2021, the
Organisation for Economic Co-operation and Development put
that number at 42%. A dearth of understanding first creates debt
