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The Importance Of Financial Literacy Essay

703 words - 3 pages

THE IMPORTANCE OF FINANCIAL LITERACY
  Making improvements on our financial literacy results in a wave of impacts on our economy and the financial health in our society because of responisble behiavior with our finances. These modifications to our behavior are neccesary because it let's us address primary cultural problems, for example over-credits on your purchases, mortgages possibly resulting in debt, dealing with expectations on inflation and also planning on your retirement.
  Statistics suggest about 32% of consumers are going to over estimate the rating on their credit, while only around 4% are going to under estimate the rating on their credit. Ones who will overestimate the quality ...view middle of the document...

In the context of savings for retirement, conclusions from a test reveal that self-regulatory state, possible future orientation and more and better financial knowledge can and most likely will influence a consumers intentions for retirement investments, for example, setting up a 401K in the USA. Other studies suggest consumers who show higher amounts of future orientation are usually more likely to start up a retirement plan. Studies also show that financial knowledge and financial orientation toward ones future can help to influence the chances of one participating in a 401K plan. Other various studies have made a connection with consumer financial knowledge and whether or not they have responsible financial behavior.
CONCLUSION
  Helping to Improve Societys rates for financial literacy should be a primary objective for nations today, especially nations that were unfortanately hit during the financial crisis of 2008. Evidence written above show that the small amount of financial literacy has affected the economy in more than one way and policy makers should address this. Evidence from researchers showed that using financial literacy not only shows possession of knowledge but also...

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