Financial literacy is a vital skillset that is looked past too often. It will help you make better choices, keep your money safe, and ultimately make your money go further.
Financial literacy ultimately boils down to having the skills, knowledge, and mindset to making informed decisions about your money.
Now, who wouldn't want that?
I'm sorry to say this, but since you're reading this, the chances are: you have been failed by your education.
Financial Literacy is a core skill that is an absolute necessity in adulthood. Many of us go through school learning the bare minimum about fundamental financial information.
How many of you have heard the phrase "easy come, easy go" and "you can't take it with you" regarding money?
And how many of you have friends who despite earning a decent wage are constantly broke?
These attitudes and mindsets are symptoms of a Financial Illiterate society.
Globally it is projected that $3.5 trillion was spent in 2020 on online shopping (ecommerce). It's easier than ever to get what you want, when you want it. Amazon makes up about 47% of all ecommerce spending in the US.
The game is rigged against you. Everywhere you go, there are companies looking to take your money. They are propelled by decades of research into consumer psychology, not to mention any personalised data they hold on you.
They know when you're going to buy something before you do. How can you keep hold of your hard-earned money?
We've only just touched the surface. Being persuaded to buy things you don't really need is a relatively innocent way in which financial illiteracy may affect your life.
At its most sinister, you could end up losing your life savings or your home. That's why it's so important to learn about core concepts:
Over the next months we are building up a repository of Financial Literacy posts. We'll be focusing on the fundamentals to make sure that everyone can take control of their finances, and take control of their future.
Stick around, it's about to get (Financially) Lit(erate). Sign up to our newsletter below 👇 to get updates when we publish!