Question

Which results are more likely for someone without personal finance skills? Select three options.

Answer 1

higher tax rates
less preparation for emergencies
increased long-term challenges

Answer 2

When a person does not have the required personal finance skills then they face the following issues

Lesser prepared for any kind of problems and emergencies

Not prepared for the challenges of life in the future

They pay higher tax rates

Explanation:

• People who do not have the personal finance skill are lesser prepared for the problems that can come up in their lives in form of emergencies. They end up paying higher tax rates to the government due to their lack of knowledge
• People who are not financially trained are not able to plan their future and manage the finances amicably. They are not organized with their finances and their lack of knowledge of managing funds does not provide them with methods for tackling the the future challenges
• Having the right skill for personal finance entails people with better quality of life. They are better prepared for emergencies and are able to make effective long term investments for a better future for themselves

To know more about personal finance

How personal finance is different from public finance

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