In a 500-word essay, explain why financial literacy is so important to you as an individual, and describe the goals that achieving financial literacy will help you meet. Please answer the following questions in your essay:
What does financial literacy mean to you and why is it important?
How will this type of knowledge allow you to succeed in the future?
What types of mistakes will this knowledge help to prevent?
How will this knowledge enable you to become better at making good financial decisions?
Answers
Answer:Every day in the news media, we read about the crisis in the housing market, excessive fees charged by banks for credit cards, burdensome student loan debt — all coming on top of the 2008 financial crisis and its aftermath.
In addition, we are frequently reminded of major changes on the way with respect to the demographic makeup of the global workforce. As more and more baby boomers retire, fewer and fewer workers are available to take their place — a phenomenon now apparent in most industrialized nations. These demographic changes will force the United States and other countries to revamp government-sponsored entitlement programs such as Medicare and Social Security. The bottom line: The world is becoming both more complex and more integrated — with serious consequences for the global financial systems that affect our everyday lives.
In a 500-word essay, explain why financial literacy is so important to you as an individual, and describe the goals that achieving financial literacy will help you meet. Please answer the following questions in your essay:
What does financial literacy mean to you and why is it important?
How will this type of knowledge allow you to succeed in the future?
What types of mistakes will this knowledge help to prevent?
How will this knowledge enable you to become a better leader?
Explanation: