By Ivy Nyamvumba | November 15th, 2017
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“A good financial plan is a roadmap that shows us exactly how the choices we make today will affect our future” Alexa Von Tobel
Speaking about finances might make some people uncomfortable, this might be because they aren’t knowledgeable when it comes to the topic of finance. Being financially literate is crucial in maintaining a sufficient lifestyle. There are many ways to define Financial Literacy, for example, ‘Having the ability to use knowledge and skills to manage one’s financial resources effectively for lifetime financial security’ (National Financial Educators Council). However, financial security is not always guaranteed due to economic factors. Financial Literacy enables us to be competent and respond effectively to ever-changing economic circumstances.
Equipping yourself with financial literacy will help you in the long run. Here are some reasons it’s beneficial to be financially literate.
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You Protect yourself from Fraud and Scams.
Over the years scams have become more elaborate, and realistic. Unfortunately, scams have affected hundreds of people financially. Being financially literate will help you detect scams and fraud better, that way you’ll avoid being financially compromised.
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Debt Prevention/Management
Financial Literacy will help you prevent debt from happening or if you’re already in debt it will help you manage it better.
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Making Better Choices
With so many options available to consumers, such as different kinds of credit cards, loans, and investments it’s hard to know what is the best financial decision for yourself. However, having basic financial knowledge will help you make better and wiser financial decision.
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Less Stress, More Confidence
Being financially literate puts you in a position that lets you worry less about being in compromised financial situations, and more confident in where you stand financially.
There are tons of resources to help you in your quest to become financially literate. From online tools to in-person classes and institutions, there’s enough help to get you on the right track.
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Sources
“Financial Literacy Definition by NFEC, Jump$Tart & GAO.” NFEC, 2013
