By Michelle Angelitte Z. Diaz
“What is financial literacy?”, “Have you ever learned how to manage your money in a class?”, “Have you use a specific textbook on financial matters?”, “Where do you get the information about financial matters?”, “How would you define being financially literate?”, “Can you decide independently what to spend to your money on?” These questions frequently asked by most of the people regarding to financial literacy. Dealing with finances is not easy as they think and these are still important matters students must undertake with care and attention. Students should knowledgeable in making their own decisions on how to spend their money well.
Let’s try to answer those questions above…
What is Financial Literacy?
Financial literacy is the confident understanding of concepts including saving, investing, and debt that leads to an overall sense of financial well-being (McGurran, 2021). This means that we are financially aware and being educated in financial responsibility. We have the knowledge and skills in saving, budgeting, borrowing, and investing. Importance of financial literacy is to ensure prolonged financial stability.
Integration of Financial Literacy across the Curriculum
Integrating financial literacy is very important to provide students more knowledge and skills in financial management to make them succeed in their careers and life. The school must offer more programs that tackle about the importance of financial literacy. The school need to teach the students about personal financial management since financial decisions have a great impact to their future careers.
Integrating financial literacy in the curriculum provides educational opportunities and information resources about financial management or money management skills in order for them to become financial literate to success in life. The students should know how to spend their money wisely.
Financially Literate
It is true that it’s hard to save money while in college students since they need to budget their allowance day by day. Being financially literate, saving is the most important to survive in terms of financial matters. Save as much as you can and don’t buy unnecessary things. If you don’t need those things, don’t buy it. Save your extra money!
During vacation, you can work to earn money and you can save more because food, room, or living expenses are covered if you are home. If there are opportunities like scholarship or any financial assistance, don’t hesitate to apply and grab the chance. It helps you pay your living expenses and tuitions throughout your college years.
In general, teaching financial literacy in the classroom give the students’ opportunities to practice the financial skills through giving activities about financial concepts. Financial literacy classes teach them the basics of money management to avoid multiple mistakes about financial decisions. The truth is financial literacy begins at home by giving allowances for transportation, food, and other expenses to their children and saving money with their piggy banks. The parents could teach their children on how they should handle their money wisely.
You can also watch for additional information about financial literacy.
References:
Mitchell W., Abusheva, M. (2016). The actual challenges of financial literacy. SHS Web of Conferences. Tomsk Polytechnic University. https://www.shs-conferences.org.pdf.
McGurran, B. (2021, June 8). What is financial literacy and why is it important?. Experian. https://www.experian.com/blogs/ask-experian/what-is-financial-literacy-and-why-is-it-important/
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