While growing up, when some of our parents saw us with junks, they scolded us for spending lavishly and advised that we save money. When we decide to, we sometimes end up still squandering the money or our parents collect it all with no record of what they used it for. No matter how smart I am, I can never outsmart my parents. I don’t know about you.
When you put the word FINANCE to a layman, he’ll tell you it involves MONEY. He is quite correct. However, let us break this concept down.
DEFINITION OF TERMS.
This simply means an effort to make financial products and services available, but in this context, we say it is empowering people to meet basic needs.
When literacy means the ability to read and write, financial literacy then involves the skillfulness, financial principles, budgeting, investing, borrowing, taxation, personal financial management, forecasting and saving techniques
The 21st Century Child
When we say children of nowadays, GEN Z, they are the 21st century children, the ones who are technologically inclined. Those who have simpler ways to do things. CHILDREN OF THE DIGITAL AGE.
Putting all this together means educating the young people who are the 21st century children about the importance of finances, its management, and their ability to make sound financial decisions.
Learning how to manage finance is one of the key strategies to building wealth and to become financially stable. Every individual’s financial status today is the result of the active steps/mistakes of yesterday. That is why it is expedient to instill in our young ones what financial literacy is. Many of us grow into adulthood without knowing what financial management, planning, budgeting, and so on is.
Why the need for Financial inclusion and literacy of the 21st century child?
Acquiring financial skills and knowledge affects the “acquired” wellbeing and the economy of the nation.