Financial Literacy: The Importance Of Financial Education

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The generally accepted financial literacy ideal originates by introducing financial education that would lead to financial literacy, improved financial attitudes and eventually more effective financial behaviors (Borden et al., 2008).‘Financial education helps us develop understanding and skills in financial management that are necessary for survival and success in the merciless commercial world today. It fosters financial stability for individuals, families and entire communities’ by Mr. Professor Ram Karan in Financial Education Unit, 2013. I totally agree with above statement. Mounting financial skills not only benefits individuals but also supports the entire communities to accomplish its tactical objectives in establishing a more successful…show more content…
Financial education will provide a relevant circumstance to develop knowledgeable, skilful and advanced children and young people who can take aggregate responsibility for their own lives and plan for their future. Managing money is one of the most significant and challenging features of everyday living. All organization, irrespective of its size or ownership pattern, has to manage its finances. The overall purposes of an organization cannot be accomplished in the absence of financial management. Various organizations flop in their objectives because of financial mismanagement. Therefore, financial management is vital for all types of organizations, profit making as well as non-profit making. In case of non-profit making organizations similarly the effectiveness and performance be influenced by financial resources management. Financial education also offers the opportunity to take learning beyond subject boundaries, allowing learners to make connections across different areas of learning. Examples of learning opportunities across the curriculum include: interpreting a chart or table to identify the best savings account, considering the impact of ‘fair trade’ arrangements on poor farming communities, or looking at the language used in an advert to promote a financial product. Projects and theme days in a financial setting can…show more content…
Young people find involvements in this area of the curriculum relevant and engaging. Events such as ‘Money Week’ involves staff with different expertise and experience working together. Where schools work with associates and make use of their joint expertise to plan a rational programme, adapting the many prevailing resources to the needs of their learning community, learners discover the area stirring and motivational. Support is available to develop the confidence and competence of staff to deal with the issues relating to financial education. Several high quality opportunities and resources are available. They have already been widely used in highly effective financial education programmes at every level; authority, gathering and within school. In taking this work forward all those involved in education will be assisting young people meet the financial challenges that lie

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