The Need For Financial Literacy Education
There is a great need for financial literacy education today. Too many people are unable to understand the very basics of finance, regardless of their education level, and as a result are at the mercy of often times less than up front lenders and others in the world of finance. With just a little effort one can become competent on a basic level and even learn to master their finances.
You don’t have too look very far to witness financial illiteracy in action. All you have to do is walk in to a fast food restaurant or convenience store and buy something. If the register is not working properly the look on the clerks face when he or she realizes they must now figure out exactly how much change to give you tells the whole story.
The next time you go out to eat at a nice establishment take note that the tip is likely already incorporated in your final bill. This may very well be in response to the inability of the average customer to determine exactly how much tip should be left for the waiter or waitress. This is simple math that sadly too many people simple cannot do.
People spend lots of money on their transportation, and sales people probably love to hear a customer ask them what the monthly payment will be. The real questions are the length of the load and the finance charges, however most either don’t know or don’t care enough to discuss these items.
Another big expense that usually requires a loan is the purchase of a home. Once again, the terms are what matters, and very often things like the interest rate, points on the loan and even many of the fees involved are negotiable. The buyer signs his or her name on and endless stack of legal documents with no real knowledge of what they are.
As people become older they often began to become interested in how their money works and how to best make it work for them. Unfortunately, by this time it can be too late to begin effectively saving for retirement. More people would probably save more money if they had been offered a financial education or if they took the time to educate themselves.
Financial literacy education is now more readily available. Thankfully there are classes people can take as continuing education and the government even offers free courses. Everyone should take the opportunity to get themselves educated about their finances today and save themselves a lot of trouble later on.
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Tags: business, ethics, leadership, marketing, News, sales
News | Minerva Boyd | 
August 30, 2010 11:16 am
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