There are 5 ways financial literacy impacts life beyond the classroom
- Increases your confidence to form 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 will be fine when choosing a winter, spring, or summer vacation destination. However, when it involves big financial decisions in life (like choosing a mortgage lender, saving for a 4-to-5, or paying off debt) – knowing all of your options gives you the confidence to choose what's right for you.
- Gives you the facility to negotiate.
gives you the power to clearly articulate your expectations. From reducing interest rates on the cash, you borrow to stating the goals you have for the money you invest, your ability to exchange the best option will increase dramatically the more informed you’re.
- Heightens your ability to guard yourself.
Another effect of financial literacy is that fraud and online scams are on the rise, the more you stay within the know, the higher prepared you’ll be able to protect yourself from falling prey to financial fraud.
- Enhances your chances of achieving goals.
It's one thing to possess financial goals. a far better understanding of what it takes to make those goals happen, on the opposite hand, can make all the difference in making your financial dreams a reality.
- Indulges you with an overall better quality of life.
When you understand your finances, you stress less and attain more. It’s not only a philosophy but also a fact. Consistent with a national study conducted by the Canadian Bankers Association
, the very best-earning Canadians are also the most financially literate. The identical study also concluded that people with a financial advisor were also more financially literate.
- Reduced financial stress
Students who have a good understanding of financial concepts and strategies are less likely to experience financial stress. Financial literacy programs can help students learn how to manage their money effectively, which can reduce anxiety and improve their overall well-being.
- Improved career prospects
Financial literacy course can also help students develop skills that are valuable in the workplace. By learning about topics such as budgeting and financial analysis, students can become more attractive job candidates and advance in their careers.
According to a newly published study, the consequences of financial literacy education in high school continue to influence students' money management attitudes and behaviors after graduation.
The study found that college freshmen who are required to need a financial literacy course in high school are much more likely to be financially responsible than their peers who did not take the class. Only 17 states require the course.
Students who took the category performed better on the survey's financial literacy questions and were found to be more debt averse, more likely to pay their MasterCard bills on time, and less likely to go over their credit limit.
The study, which is in its second year, is the first comprehensive analysis of the effect of secondary school education. The area of financial literacy benefits
not only in knowledge but also attitudes and behavior.
"At least for the primary time, this shows some evidence that prime school preparation matters," says Mary Johnson, director of Financial literacy for Higher One.
Most of the scholars interviewed were freshmen at universities. The study found that after only one semester in college, students were more likely to own at least one credit card and pay their bills late.
Whether you want to make a profession out of financial literacy or just want to improve yourself, the financial literacy course
offered by CFO Next will provide you with the information and expertise to enhance your financial future. Contact us
to learn more information about the course.