ABSTRACT
Although the Institute for Financial Literacy has recently released a report which reveals that more middle-class individuals than ever are fi ling for bankruptcy as a result of the recession, the report has also found that greater percentages of other demographic groups, such as people with low education, females, unemployed and the BME group (including Africans), are more vulnerable and more likely to experience bankruptcy (Robins, 2009). The vulnerability of these groups of people to bankruptcy is attributed to the lack of fi nancial literacy in an increasingly complex market economy (Lerman, 2006).
