Education plays a vital role in creating a better future for all. For instance, education helps prevent the poor from being exploited, provides hope for a better life, and offers the individuals the opportunity to take charge of their life by acting as advocates for economic change within their community! Educating our global population is an investment for our future!
According to UNESCO, 61 million children of primary school age are not in school. In addition, there are still 758 million illiterate adults worldwide, most of whom are women. Yet, a child whose mother can read is 50 percent more likely to live past age five.
Why Financial Education is needed
The Standard & Poor's Global Financial Literacy Survey found that:
- Low levels of financial literacy around the world
- Numeracy and inflation are the most understood concepts
- Risk diversification is the least understood concept
- Women’s financial literacy levels are lower than men’s
- The young are a vulnerable group and an important target for financial education programs
Overall, Financial literacy is truly a global problem as it acts as a barrier to financial inclusion. Because of the lack of knowledge about finance and financial products, many people are unable to access banking and financial services, and are therefore put at a disadvantage.
Early Childhood Education
According to UNICEF, early childhood development has a profound impact on a child's future. It's the foundation of a full and productive life for a child. In fact, when given the environment, children develop the skills needed to embrace opportunity and bounce back from adversity. Recognizing this importance, FinMango focuses on providing a positive environment while teaching financial literacy. We use the sustainability, beauty, and popularity as a symbol of our exciting, non-traditional, fun and positive methods of teaching.
What is Financial Literacy?
To be financially literate, an individual does need to be fluent in personal finance, but also in global economics, entrepreneurship, and investing -- all on a platform of real-time technology.
Financial literate individuals save, invest, spend, plan, and donate. They develop a better well-being and become more resilient to financial challenges. It's critical that we promote Financial Education in our youth.
THE IMPORTANCE OF FINANCIAL Literacy
We understand that being smart with money is one of the most critical skills we can impart to our children. With ⅔ Americans considered financially illiterate (TIAA-CREF Institute, 2015) and with nearly 20 percent of Americans living beyond their means, education about personal finance is critical. Research indicates that teaching finance to students yields greater money-management skills that carry well into adulthood. Students who receive personal financial education are able to manage their money better because they...
- Have fewer maxed out credit cards
- Have higher savings
- Do more comparison shopping
- And pay debts on time
Students exposed to financial education achieve significantly higher savings and net worth as they age.