Tuesday, March 5, 2019

Financial Literacy in the Philippines Essay

M whizy. That word adequacy is enough to turn the heads of al nigh any whizz in this realness like a shot. Its not a hidden fact or a myth, or an enlargement that silver indeed makes the world go round today. In legal matters, bills is the only when occasionable way to amend both(prenominal) matters. In a cynical point of view, you could say that bullion is the law. In these times of corporate international booming, theres no exaggeration that gold holds your look today. Financial literacy is the knowledge that is the answer to these times of pay emphasized earth. But what is financial literacy?Financial literacy is, according to Wikipedia, the ability of a person to understand how money works. It is basically how one is handy at handling financial matters, and how one is intercommunicate of insurances, investing and over-all money decimatement. Knowing this term, thusly I am asked, Am I financially literate? As a young adult, it is necessary that one knows how to m anage money. Especially that I go to school everyday, riding public transportation, feeding break One can say that isnt everyone financially literate because they know how to budget their money after all?If its that easy, then I could say I am, still it isnt. Im not financially literate. As far as my money goes, I only know a little active saving. In fact, I fall apartt even own a real bank taradiddle in this age of 20. I know very little about insurances, investments, let alone the stock market. I only save money so I can spend it on going out with my friends, not for, as they say, the rainy days. Bank accounts ar the only involvement I know about and as far as Im concerned its just about them keeping my money secured.Im supposed to be a little embarrassed, but then I look around my community and see Im not the only one. No, in this country, Im one of the majority that is not. Why am I not? Why are most of us not financially literate in this world where money is a crucial necessity? Ive read one term in the internet by Randell Tiongson entitled Pinoys and Financial Literacy. The article tackled how us Filipinos are not as financially literate as we think and the fact that most Filipinos give very little upkeep to actually be more knowledgeable in handling finances.In contrast though, it states that little by little, we are getting better but still we squander a long way to go to creation called a financially stable country. I learned that most Filipinos look at the same mind set as I have. We think having a bank account is already financial security. I think I am one of the population that is generally very miteless. Looking at other countries, they have these programs where they actually give seminars and lectures on being financially literate to them the booming money world can only be survived through education.All I see in our country today are seminars about bank accounts and piggy banks. Where is the education that us Filipinos pauperisa tion in this world of financial dependence? We may turn our eyeball from it, but money is a concrete fact of living. All my life Ive been taught that saving money is the best thing you can do to your money budget and management. But those are all kids stuff. Im actually now worried that I am not strong informed. One of the suits I am not financially literate is decidedly because of poor education on these matters.No one really taught me the linguistic process investing, or insurance or the stock market in school. Well maybe in definition, but I never came across how-tos and guide to how to use these terms in the practical world. I think I would be scolded that Im asking to be spoon-fed but, to be frank, this country never really made me grow up with concerns about financial literacy. And I am even one of those pot with a good education how about our co-citizens with even less? some other reason is probably how our traditions and culture never really had a misfortune to unde rstand these legal matters formally.Unlike other countries, we are generally the most traditional ones. We held our religions close, believing that everything happens in Gods time, if its inviolable to say, I think we are relying in Him too much. They didnt express about life insurances in the bible. We tend to believe that whatever happens, it happens on Gods will. Religion has been our security for ages. And I think that is why my own parents doesnt have too much of a clue in investments issues. And as their child, how am I supposed to have a grasp in this area.No matter how I am incriminate of having enough resources because of the internet, its still not enough to carry a curiosity on finance matters. Because as tradition was, in this country, if you have a bank account, youre saved. My family isnt really one of those homes where everyones so money-savvy. I think its also because were a young family, with me as the eldest child. So I think I should be the one starting, learni ng about financial literacy. And this goes, with my last reason Families with low financial status tend to not to be undefendable in these opportunities.Were not exactly in the higher core class which many people may think because Im studying in Mapua. Were extremely in the core middle class and as I have observed in idiot box and the internet, those who already have the money are the ones only given the break to be literate financially. It isnt a theory that you need money for education, though there are other ways to stay informed but this is the truth. Most people in this country are pooh-pooh middle class and could you even imagine the opportunities given to their level? Its just concerning.Money-education for only those who already have money, or the promise of it. And I think that should be the one of the main concerns of this country. In conclusion, the main reason is our own countrys lack of financial literacy education. Resources https//en. wikipedia. org/wiki/Financi al_literacy , http//www. investopedia. com/terms/f/financial-literacy. asp ,http//www. randelltiongson. com/? s=financial+literacy+in+the+philippines , http//www. getsmarteraboutmoney. ca/en/managing-your-money/ training/investing-basics/Pages/what-is-financial-literacy. aspx.

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