Financial literacy can be defined as the education and understanding of knowing how money is made, spent, and saved, as well as the skills and ability to use financial resources to make decisions. These decisions include how to generate, invest, spend, and save money.
It also broadens to the knowledge about financial markets,their functioning and management, financial products and services, the ability to use them in full awareness of the consequences of their actions and the readiness to accept responsibility for decisions taken.
Financial literacy is an integral part of life as it gives an understanding of the economic and financial world in which we live.
Apparently, most people only know financial knowledge to the level of owning a bank account. However, it becomes a challenge for the entire country if its citizens are not financially empowered to drive the economy forward. It follows that a financially successful country has financially empowered citizens individually. For each individual to be successful financially, it is no doubt a very paramount decision to acquire financial literacy.
Finally, the economy itself will be all the better when the financial behavior of the individual citizens will have the necessary awareness and knowledge.
Lack of financial understanding has and continue to lead many to poor decisions of acquiring credit, having multiple credit cards, living beyond their means and sometimes get themselves deep in debts that takes years and years to rise back up. Mostly it may not mean they are not making money, but simply their way of spending and managing it is poorly informed. For those in the process of building wealth or coming from a place of starting up, the mindset required, the tools to use to make sure the cash flow is coming and retained is found in financial education.
Financial decisions highly falls on consumers. Let’s not be fooled or believe that being highly educated or earning high levels of income equates being financially informed and have no need of financial literacy, highly educated, high-income consumers can be just as ignorant about financial issues as less educated, lower income consumers though in general, the later do tend to be less financially literate.
Research has shown that many people die or become extremely poor upon a few years of retirement. The introduction of Pension plan was a way to help working people and even those in business to prepare for retirement. However, with the advancement of technology, there are many ways to help us build a good future for ourselves and it requires financial education to make the right choice depending on our goals. Financial literacy goes all the way to help us make better plans into our future as well as helping us build a legacy.
Many people today are feeling extreme financial anxiety and are looking for answers. While there are no guarantees or one solution to every monetary situation, knowing a few fundamentals could do wonders for your finances and your peace of mind.
Gold Finance Academy focuses on teaching financial literacy. In alignment to our core conviction and mission to inspire and disciple, we responded to the need and demand for individuals and institutions to learn about financial management and the different asset classes available for investment with the aim to preserve and grow one’s initial Capital or savings.
We achieve this mandate through the following products:
i) Class of investment
ii) Golden circle – Networking event.
From the Financial Literacy section, you find the details and form to fill into Register.