Passing on financial literacy to the younger generation

Financial literacy involves one knowing how to manage his or her personal finance properly. This knowledge comes when one is matured and ready to handle finances. Most people learn this in time, while others learnt it very late in their lives and I believe all of these happen because of the circumstances we fine ourselves.

I can say that some people are very lucky in life when it comes to financial literacy because they are opporturned to grow up in the environment were they get to know about it early. For me, I don't want to use the word unfortunate, but that is the only word that I can use to describe my situation right now. When I was growing up, I don't really care about keeping money or management. All I know is what I get is what I will spend that day. It is not as if no one complains about it. I could remember vividly when I traveled home with my aunt, my mother called me and complained that I don't save any money at all. She said that my aunt told her that I just consume everything that I get and I don't get to keep anything for tomorrow. I was so angry with both of them because I don't even know why I should save or keep track of the money that I get. Maybe I was too naive at the moment.

WHEN SHOULD WE TEACH PEOPLE ABOUT FINANCIAL LITERACY?

I believe that even our children should know as soon as possible. When it comes to financial literacy no one is too small to know. Once a child can understand how to read and write we should begin to teach them that. We need to keep singing it into their ears until the get use to it.

WHEN WE TALK ABOUT FINANCIAL LITERACY, WHAT EXACTLY ARE WE POINTING TO?

We need to take a look at these particular aspect when discussing these issues 👇

• Budget: This is the aspect were we keep track of all income and expenditure. This helps us to know what we have at hand and what we need to spend out of it. Most people don't take time to check their income and that is why they can spend anyhow without checking if it will affect the capital or not.
• Savings: This the area where we keep some money aside for the purpose of tomorrow. Is possible someone may be making alot of money, but don't really have use for it now, it can be saved for the future.
• Loan: You know that loan is also part of it. Sometimes people needs to know what they are getting into when collecting loan. But because we don't educate them enough they go into loan that take them back for the rest of their lives.
  All of these and more is what we mean by financial literacy. If I had someone who told me half of what I know today 30 years ago I would have been a billionaire by now. I know nothing about financial literacy and I just ate up everything and today when I look at those who knew it back then I blamed myself. But I am not gonna be too hard on myself because once there is life there is hope.

The images used in this post belongs to me.