There are 5 ways financial literacy impacts life beyond the classroom

1. Increases your confidence to Make financial decisions.

When you are not aware of your financial options, you’re more likely to rely on others to make decisions for you. This might be fine for choosing a vacation destination. However, when it involves big financial decisions—like selecting a mortgage lender, saving for retirement, or paying off debt—knowing your options gives you the confidence to choose what’s right for you.

2. Gives you the Power to negotiate.

Financial literacy enables you to clearly articulate your expectations. For instance, it can help you negotiate lower interest rates or clearly state your investment goals. As a result, your ability to secure the best options improves significantly as you become more informed.

3. Heightens your ability to guard yourself.

Another important benefit of financial literacy is its role in helping you avoid fraud and scams. With online scams on the rise, staying informed makes you better prepared to protect yourself from financial fraud.

4. Enhances your chances of achieving goals.

Having financial goals is one thing, but understanding what it takes to achieve them is another. Financial literacy helps you bridge this gap by giving you the knowledge needed to turn your financial dreams into reality.

5. Improves Your Overall Quality of Life

   Financial literacy positively impacts various aspects of your life, including:

   • Reduced Financial Stress: Students with strong financial knowledge are less likely to experience stress. Effective money management reduces anxiety and promotes well-being.
   • Improved Career Prospects: Learning about budgeting and financial analysis makes students more attractive job candidates and helps them advance in their careers.

   When you understand your finances, you stress less and achieve more. This is supported by a national study conducted by the Canadian Bankers Association, which revealed that the highest-earning Canadians are also the most financially literate. Additionally, people with financial advisors tend to be more financially knowledgeable.

   The Long-Term Benefits of Financial Literacy Education

   A recent study showed that financial literacy education in high school significantly influences students’ money management attitudes and behaviors after graduation.

   Key Findings from the Study:

   • College freshmen who completed a financial literacy course in high school were more financially responsible.
   • Students who took the course scored higher on financial literacy questions, were less likely to go over their credit limits, and paid their bills on time.
   • Only 17 states currently require financial literacy courses in high schools.

   The study concluded that financial literacy courses not only improve knowledge but also positively impact attitudes and behaviors. Mary Johnson, Director of Financial Literacy for Higher One, stated, “For the first time, this shows evidence that high school preparation matters.”

   Why Financial Literacy Matters for Your Future

   Whether you want to pursue a career in financial literacy or simply improve your financial well-being, the financial literacy course offered by CFO Next equips you with the knowledge and skills to enhance your financial future. Contact us today to learn more about the course!