Your money-making expert. Financial journalist, TV and radio personality.
The UK ranks above average in many areas, but financial literacy doesn’t appear to be one of our population’s strong points.
According to the Organization for Economic Co-operation and Development (OECD), the UK population falls short in comparison to other countries when it comes to being what we call financially literate.
Ranked 15th out of 29 OECD countries, the UK discovered that only 67% of adults feel completely competent and confident in managing their money.
If you’re thinking you could benefit from learning financial literacy, you came to the right place.
The following article paints a clear picture of what it entails to be considered good with money, why it holds such great significance, and how you, too, can master this essential life skill.
Best described as the ability to comprehend and utilize various money-wise skills and concepts, financial literacy results in better-informed financial decisions.
Being money-savvy doesn’t just mean you know how to balance a checkbook. It means you hold the skills required to understand the ins and outs of how money works, the implications of spending (both good and bad), and the avenues available for maximizing your resources and growing your profit.
Research revealed that 39% of adults (20.3 million) in the UK don’t feel confident in their ability to make wise decisions regarding their money. Understand how to manage your money effectively, and you’re much less likely to overspend and make costly mistakes.
Financial literacy encompasses a wide array of knowledge, including:
Essentially, being “good with money” means you can easily navigate the complex world of personal finance with total confidence and competence.
According to research, only 6% of 16-24-year-olds say they’ve learned about finances in school.
It’s no wonder the UK is struggling to meet the standard of financial literacy.
Imagine the positive impact it would have to implement financial classes into our education system, preparing students to be smart with their money at a young age.
This isn’t just a fancy new term to add to your vocabulary; being financially sound is a fundamental life skill that impacts every aspect of our lives.
Keeping your financial data safe and secure is no longer an option in 2023. With online transactions becoming the norm, the need for cybersecurity is greater than ever.
Here are some tips to enhance your online financial security:
Financial literacy is no longer just a skill you learn. It’s a superpower.
Make smart decisions with your money, and don’t forget that once you expand your knowledge (and hopefully your savings), protecting your account is crucial to ensure safe banking practices.
Utilize cybersecurity tools to be certain that your financial information remains confidential and secure in our increasingly interconnected world.
Get the most out of your financial resources and experience the reward of financial security, peace of mind, and a brighter future.
Disclaimer: MoneyMagpie is not a licensed financial advisor and therefore information found here including opinions, commentary, suggestions or strategies are for informational, entertainment or educational purposes only. This should not be considered as financial advice. Anyone thinking of investing should conduct their own due diligence.26