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Financial Literacy

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29 views3 pages

Financial Literacy

Uploaded by

sheinlover88
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as DOCX, PDF, TXT or read online on Scribd
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PASCUAL, JOSSARY VIEN B. ASYNCHRONOUS ACT.

BTLED HE 2-2 Mr. BENJIE BUENDICHO

Financial literacy It involves budgeting, savings, investments, retirement planning,

debt and risk management, and understanding financial products and concepts. It is one of the

most crucial thing every individual must know and be aware of. It can help us to improve and

upgrade our lives in many different ways. Being financially literate enhances your ability to

plan for the future. Prevention is always better than cure, better be knowledgeable. Aside

from financial health, it empowers individuals, and fosters a sense of security. In our country,

even without reading researches, you can obviously see that very few are literate financially.

And it is our duty as the young people to represent our generation in spreading knowledge

about Financial literacy. Every day, we all face our different struggles and all but being

literate in this financial thing will create a big difference. Every peny we spend daily, big or

small amount still matters and to have enough knowledge how, where and when to spend it

will help you save money, stress and energy.

Source: The Benefits of Financial Literacy (2024), Why Financial Literacy Is Important And
How You Can Improve Yours (2023)

Our country is considered as a developing country, this is not a very bad thing

compared to other countries that do suffer extreme poverty but compared to the devoloped

countries, we are far from good. According to the study I've read, there's a low level of

financial liferacy among students in a certain area of the Philippines. In the MIMAROPA

region, where they conducted an online survey they found that educational attainment and

marital status affects the financial literacy of the Filipinos. Usually those married couples are
those who are knowledgeable financially and have better plans for future. Sadly, there are

more live in couples and single parent today in our country, and didn't finished their studies at

the same time. It would be a lot better if children are taught to be responsible students, sons

and daughters so that they will have a brighter future, and being financially literate comes

with it. Our future is in our hands, our daily decisions will pave our path, so we better be

aware of how we spend and save our money.

Source: Senior High School Leaners' Financial Literacy and Numeracy: A Correlational
Study Corresponding Author (Mondejar et al., 2023), Determinants of Financial Literacy in
the MIMAROPA Region ( Bangco et al., 2022)

Just like in any other fields, developing financial literacy is not that easy but as long

an individual is interested and committed to learn it will be more convenient. According to

the article I've read, there are seven (7) steps to follow to develop financial literacy; learn

how to budget, understand your credit score, open savings account, understand loans, expect

risks, secure your future and reduce spending. If only all the people or at least even 80% of

the Filipinos developed their financial literacy, our country will upgrade year by year, we

already have the potential and opportunities, the only problem is the people, the leaders and

the followers. Developing this literacy includes building effective buying/spending habits.

We do spend pennies daily to survive and developing financial literacy will be a great help

for each and every Filipino people.

Source: 7 Steps to Financial Literacy (2024), Guide to Financial Literacy: Definition and
How To Improve (2024)
How does financial literacy impact your daily financial decisions?

Spending and buying is a significant part of us humans, for us to eat, travel, and

basically, survive. We decide daily regarding this matter, should "I buy this or that?" "Or

should I just save my pennies?" these are only few among all the questions being asked by an

individual to himself every day. However, being financially literate creates a big difference,

personally it helped me to be decisive and wise on making decisions financially. It didn't only

helped me save money but it save me from confusion and stress too. Being financially literate

saves me a lot of time deciding whenever I have to buy or pay for anything. Seeing how other

Filipino people, especially the Youth who suffers from their wrong decisions makes me more

appreciative of learning financial literacy. Our country is being left out because of

unresponsible Filipino people, there are many victims of Scam up until now because of

financial illiteracy. This broaden my knowledge regarding saving, managing debt and

investments, and as a young individual, I am grateful to be knowledgeable in the field.

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