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Financial Education [Free Topic]

by Daniel Puente | 29-12-2021 02:18 recommendations 0

Financial Education [Free Topic]


First of all we need to know what financial education is. According to a Mexican institution called Bansefi, financial education is "financial education is a process of developing skills and attitudes that, through the assimilation of understandable information and basic tools for resource management and planning, allow individuals to: a) make personal and social decisions of an economic nature in their daily lives, and b) use financial products and services to improve their quality of life under conditions of certainty." But to my mind I like the U.S. Financial Literacy Commission's definition better, Financial education is about "providing the information and knowledge, as well as helping to develop the skills needed to evaluate options and make the best financial decisions."


I believe that being able to teach this part of financial education to the vulnerable and unequal population could generate in them a mentality of generating passive income and thus help them achieve financial freedom. Applying this to various communities in the world would generate a change in society and would end the inequality gap in the world, and thus eradicate poverty.


In my opinion, one way to reach vulnerable people and capture their interest is through the playful part. Since in this way teaching with the game generates several benefits, such as everything that is learned through the game remains in our memory forever, people keep their attention for longer, the game provides pleasure and happiness, among several other things. 


Daniel Puente - 27th Eco Generation Regional Ambassador to México -


Bibliography:

The National Strategy for Financial Literacy, Financial Literacy and Education Commission, Washington D.C., 2006, p. v.


Bienestar. (2016) What is Financial Literacy? Gob.mx. https://www.gob.mx/bancodelbienestar/documentos/que-es-la-educacion-financiera


 

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  • Dormant user Daniel Puente
 
 
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2 Comments

  • Hannah Mentor says :
    Hello Daniel, this is your mentor Hannah.

    Well read the article on how financial education is needed, especially to financially vulnerable people.
    I wouldn't say that I know well the financial information or knowledge, therefore need more financial education. So does the people around me. If we're not willing to get the financial information, we wouldn't be able to because financial education isn't mandatory.
    Thank you for your great article and please keep up with your wonderful work :)

    Sincerly,
    Hannah

    Posted 01-01-2022 18:23

  • Joon Mentor says :
    Hello Daniel, this is your mentor Joon.

    Financial education is crucial for anyone. As a citizen living in modern civilization, it is impossible to take someone out of economic system. However, it is a sad fact that there are people not having access to proper education. That is why voluntary action, or approach as a government is required. We need collective action to deal with such issue. As a whole, if standard level of economy increase, we would be able to grasp the positive externalities created.

    Well read your article, and let's keep up!

    Best,

    Joon
    Posted 30-12-2021 11:26

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