Financial education, or financial literacy, is a life skill that benefits everyone. The real value of understanding your money is the ability to master your financial destiny and work towards both your long-term and short-term goals.
What is financial literacy?
Unlike other important info, financial literacy is something that’s often not taught at school but is vital for day-to-day life.
When you break it down, financial literacy is the ability to make knowledgeable decisions about the use and management of your money.
In today’s world, financial education is considered an important life skill to help you navigate complex decisions about your money and understand the variety of financial products and services available.
Why financial know-how is key
Financial education is essentially an investment in yourself and your future.
Having built a career in the finance industry, I’m passionate about sharing my knowledge and providing smarter solutions for everyday Aussies.
Any big thing you do in life, whether that’s buying a home or running a business, requires the understanding of how to manage money coming in – and money going out.
And I get it – it can feel overwhelming and be hard to know where to start when it comes to money matters.
You can get by with a bit of effort and a bit of luck for a while, but if you want to achieve anything, you have to develop some skills. In this case, financial skills.
When it comes to looking after your money, a bit of know-how allows you to have control over your financial destiny and live the lifestyle you want.
In this Gimmie content series, we’ll take a closer look at five key concepts to help build your financial knowledge.
Financial literacy concepts
- Setting goals : The importance of setting goals – not just the big life ones but fun ones, too – and how to stick to them.
- Budgeting : How to plan and save for the future.
- Smart spending : How to spend smarter and make better choices with the current payment options available.
- Debt management : How to get your finances under control to balance money going out and coming in.
- Saving : How to save more money and be savvier with those savings.
Once you’ve got these financial skills behind you, you’ll have the knowledge and confidence to make smarter choices about your money to build a better future. And it’s never too late to start.
For more financial education tips, head to On the Money with Mark Bouris
