If you do not have financial education, you will work your entire life just for money.
You grow rich and become wealthy by also letting money work for you. You learn this only by knowing how money works, that’s financial education.
Unfortunately, the sad truth in the current scenario is that most people don’t have any idea how to make and handle money, as most people in Africa live from paycheck to paycheck. Such people are often in debt, often short of money, are always cribbing about the lack of money in their lives, and will continue to live their lives like this forever.
It is a vicious cycle that can be broken if you sit down and understand your financial health, make financial goals for the future, and then start working toward them. If not done, you will continue to earn and spend on a month-by-month basis, not saving/investing anything for the future.
In such a scenario, you may have money to spend, but all you need is 1 month to go berserk and you will fall into trouble. You will have to continue working your entire life to support yourself and your family.
We can solve this major problem by significantly improving financial awareness and financial literacy.
Financial literacy is the understanding and the effective use of a set of skills and knowledge – the essential principles to smart money management, the foundation to personal finance knowledge – that allows you to address everyday money decisions in an informed manner. This empowers people to:
•Make wiser informed lifelong money decisions
•Work more efficiently with financial professionals & product providers to get the best results from time & money
•Get and keep their financial house in order by having current financial, estate, and gift plans
•Pass on your values, knowledge, and assets to future generations and your charitable causes to help make this a better world
•Have the highest probability to reach your family dreams while you live out a financially successful life.
The common definitions of financial literacy are varied and it appears that many also use the terms financial literacy, financial education, and financial knowledge interchangeably.
In most definitions, there is a reference to a ‘set of skills’ or ‘skill set’ and ‘body of knowledge that helps one make informed financial decisions, though this particular skillset or body of knowledge is not clearly defined.
We believe that the ‘set of skills’ or ‘skill set’ and ‘body of knowledge is the ‘essential principles to smart money management as illustrated in The FA Infinity Lifelong Learning Symbol and detailed in TFAF Personal Financial Publication Set.
Understanding Financial Literacy
Financial literacy also involves the proficiency of financial principles and concepts, such as financial planning, compound interest, managing debt, profitable savings techniques, and the time value of money.
The lack of financial literacy may lead to making poor financial choices that can have negative consequences on the financial well-being of an individual.
Consequently, The Improving Financial Awareness and Financial Literacy Movement in Ghana and Africa, which provides resources for people who want to learn more about financial literacy is working hard to touch every single person on the planet earth, at least twice a year.
Henceforth, it is a good course that seeks the support of government of countries, the central bank of countries, key stakeholders, public institutions, corporate organizations, financial service and product providers, nonprofits, philanthropists and concern parties to channel their vast community resources into improving financial awareness and financial literacy education.
We strongly believe improving financial awareness and financial literacy is necessary to survive the global financial crisis and ensure stable economic growth.
We also believe having the essential principles to personal finance knowledge changes your world and the world around you, FOREVER!
To learn more about The Movement, click these links:
The Movement in Ghana
The Movement in Africa
How to support and participate in The Movement in Ghana
The Worldwide Movement
For personal finance coaching and planning , group financial coaching and planning, business planning and development, corporate training and presentation, public speaking; contact PKAN Consulting.
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