11:48 AM
Government-Initiated Financial Literacy
stormbreaker
People are not making money simply because they do not know more about money. When I say not making money, it means that making money more than what they need – a process of creating residual income through effective financial management. One of the causes of this financial illiteracy is that money and finances, on how to properly manage them, is not thought in schools. In fact, most of the time, though indirectly, children are encouraged more to buy than to save. That is why when these children grew up, they end up in debts rather than individuals enjoying the fruits of their assets.
For me, another way of introducing or teaching the public on financial literacy is for an institution, aside from the education system, to take initiative in educating the public about this matter. The best institution to do this is the government itself especially that the government will also benefit from the products of this endeavour. It is good to know that the UK has started this initiative in informing its citizens on topics such as financial and debt management. Mortgage management and even planning for retirement are also included in this step, a move will surely equip its people of how to effectively deal with their finances.
For me, another way of introducing or teaching the public on financial literacy is for an institution, aside from the education system, to take initiative in educating the public about this matter. The best institution to do this is the government itself especially that the government will also benefit from the products of this endeavour. It is good to know that the UK has started this initiative in informing its citizens on topics such as financial and debt management. Mortgage management and even planning for retirement are also included in this step, a move will surely equip its people of how to effectively deal with their finances.