Hello everyone and welcome to my blog at this hour. The importance of financial education can not be overemphasized because the power of individuals and nations as a whole depends on their level of financial education. A nation will be financially strong when individuals are armed with the knowledge of how to make good financial decisions. A society will be healthy, and progressive when there are less people who make financial blunders. Well, sit back, relax and enjoy all that I have packaged for your reading pleasure.
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Most educational centers focus more on subjects like Mathematics, English, Biology and the likes but pay less attention to financial education. Financial education is important in our world today such that anyone who isn't financially educated is incomplete. This topic should be taught to children from home at tender ages but surprisingly some parents and guardians are not financially educated as well. There are still young and old people out there who do not have an idea of the great benefits of financial literacy.
Financial education is a tool that help you to understand the real meaning of money from a young age and it will reduce the rate at which young people depend on their parents to get money. It is not appropriate for children to solely depend on their parents for money when they reach a certain age. Financial education means financial knowledge. A child that is knowledgeable about everything that have to do with the finance can easily stand on his or her own.
When we talk about financial education it has to do with the ability to understand money related issues from how to make money, invest, save, spend and so on. Financial education helps you to have the right knowledge on how to manage your income and expenditure, that is, budgeting. It may be hard to have a stable financial life if you don't master how to budget. The people who lack adequate financial knowledge are the ones you see who invest wrongly in unprofitable schemes or spend lavishly on things they do not need.
Have you heard of people who retire after working for 35 years in service or at the age of 60 who end up nothing to bank on after retirement. This is due to the fact that they lack financial education. One who has financial knowledge would know that he or she need to save for retirement by spending less on things that do not matter. When you retire the money in your savings can be used to fund some projects while you await your entitlement (gratuity, pension) from your place of work.
Nowadays, there are different financial companies such as Commercial or Microfinance banks, insurance companies, real estate firms, property management companies and so on who may present a juicy offer to you but you may make the wrong decision of your life if you don't have enough financial education to make the right choice. Therefore, it is important to equip yourself with the right financial tools so that you won't be deceived by companies into fraudulent schemes.
There are people who have lost millions due to lack of knowledge to scam businesses. These businesses will promise a huge ROI which is not attainable in order to attract gullible investors and after a while they'd close the business and disappear with people's funds. A popular one in Nigeria is companies that hide under the guise of Agriculture to scam people of their hard-earned money.
It is important to have financial knowledge in this our world in order to live an easy life.
All contents are originally written by me, @williams-owb
ABOUT THE AUTHOR
Williams Oluseyi is a Linguist by discipline from one Africa's Most Prestigious Citadel of Learning, Obafemi Awolowo University. He developed interest for blogging at very early stage which motivated him to study English Language in College. He is a prolific writer, an inquisitive and judicious reader, to say the least. To get his daily bread, he is currently working in a Logistics company in Nigeria.
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I coud'nt agree more. Financial education is ones of the tops subjects to pay attention today, another that I would suggest is war, becouse both answer two important question for a person: How can I survive as an individual if I find myself envolved in a conflict and how can I use the resource I've got in a more efficient way to have a better lifestyle now and for the future, for the next generation to come. People tend to rely in the government to deal with these issues, I don't feel happy with the ideas that someones gets full control of my very own destiny.
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