A Need For Financial Literacy
It is becoming more and more difficult to make a living in today's world
, and as we move further into the future things promise to get even more challenging. Even doing something basic like paying all the bills every month, much less having any extra money to spend or save, is not easy. Too many people seem to be willing to do whatever it takes to keep up with everyone else, and it seems as though we have a serious need for financial literacy.
There is simply no real push for financial literacy through our primary education. It is even possible to get a degree from a respected college or university and still fail to have a real understanding of how to keep track of money or how to properly manage a credit rating. The only guarantee for real financial knowledge is to obtain a degree in finance, and this is simply not a practical solution for most people.
Even something as basic and essential as the ability to balance a checkbook is foreign to many. However the banks are well aware of this and because they do understand finance and all its secrets they are at a true advantage. It would be nice to think they did not use this to their advantage, however the opposite is too often true.
People walk in to a car dealership or a bank anxious to get what they want and willing, it seems, to pay any price. Unfortunately they are focused on the final payment. The idea that nothing else matters outside of the end of the month payment puts them at an immediate disadvantage. In both cases there are major considerations such as fees, interest rates, and other terms that could possibly be negotiated by a more financial literate consumer.
Certainly it is the responsibility of the parents to make certain their children are financially literate since this is not done in school. Perhaps it should be. It might be wise to require some sort of financial education for children before they graduate high school. Even teaching the basics like balancing a checkbook or understand how interest rates work might be a good idea.
Thankfully there are options to get educated on your own. Traditions classes are taught on college campuses as well as online, and the government has started to provide free courses as a way to raise the general knowledge level. Moms and Dads should make sure they are educated, and they should assure their children are up to speed as well. Financial literacy is something everyone should have. The future requires it.
Take the time to find out more about any financial education opportunities where you live. It doesn't take much knowledge to help you make better decisions about your money.
Financial Literacyby: Ernestine Day
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