Financial Literacy

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Financial Literacy

Financial literacy is a system of knowledge and skills on how to efficiently manage your money, understand financial services, and not to fall in financial scams.

Being financially literate today not only important, but also prestigious. Proper financial management is the right key to financial well-being!

Threats of low financial literacy are expressed in the increasing number of financial abuses, in the accumulation excessive loans that people unable to pay off, in the inefficient allocation of personal savings. This is an extra source of stress — why do we need it???

Financial literacy helps us effectively plan and use a personal budget; make decisions in the area of personal finances, based on our long-term interests and desires; avoid unnecessary debt; understand complex financial services and products offered by banks and other financial institutions; identify threats and reduce the risk of fraud.

We, being financially literate, are better prepared for crisis situations and can better protect ourselves: to deal with tax returns, to choose our own pension plans, to save money, to make the right investment and other financial decisions, and not to panic. Then we can not worry about our financial weel-being. 😉

Financial literacy involves the ability of people to live within their means, to monitor the state of their finances, to plan future revenues and costs, to choose the right financial products and understand the financial matters.

The image of the financially literate person:

1. Keeps track of their own income and expenses (that is important to know how much money you get, how much money you spend, what is the balance between income and expenses).

2. Spends less than earns (financially literate person does not have a bunch of loans in different banks and/or MFIs, this person knows how to live within their means and saves available funds).

3. Understands the world of finance (knows where to find the necessary information). It is impossible to keep track of everything, but you need to know and understand where to get the information you need (from reliable sources) and use it to the maximum benefit for yourself.

4. Makes rational choice of financial services. It is necessary to monitor the reliability of financial institutions, in order not to lose the money.

5. Has their own emergency fund — «financial airbag». This is one of the most important rules of financial literacy. You could lose your job, get sick and go to the hospital for a long time, and money from this fund will help you to pay for your own needs and required payments without any significant loss of quality of life.

6. Knows how the rights of the consumer of financial services are protected (this person knows whom to contact when their rights are violated in the financial market).

Financially literate person

You should not completely rely on your government and «come what may» — it is necessary to think about your financial future and improve your financial literacy today.

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