Financial Literacy Essay

Financial Literacy Essay-54
A longitudinal study on the impact of financial literacy education on attitudinal and behavioural change is on-going.The baseline study on financial literacy in Singapore Schools 2008/9 (Koh, 2011) involved more than 6000 students and a thousand school teachers.A number of Australian universities offer financial literacy subjects, such as Monash University BEX2001: You, Money & Life]), Macquarie University AFAS300: Principles of Financial Literacy, The University of Western Australia (FINA1109: Managing Your Personal Finance) and The University of Melbourne (FNCE30008: Street Finance).

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In terms of spending habits, the study indicated that items such as mobile phones and travel accounted for nearly 80 percent of purchases.

Regarding financing their lifestyle, 46 percent of youth relied on their parents to fund big ticket items.

Many of these researchers argue for a financial literacy education that is more critically oriented and broader in focus; an education that helps individuals better understand systemic injustice and exclusion, rather than one which understands financial failure as an individual problem and the character of financial risk as apolitical.

Many of these researchers work within social justice, critical pedagogy, feminist and critical race theory paradigms.

Financial literacy is the possession of the set of skills and knowledge that allows an individual to make informed and effective decisions with all of their financial resources.

Raising interest in personal finance is now a focus of state-run programs in countries including Australia, Canada, Japan, the United States and the United Kingdom.

The Australian Government also runs a range of programs (such as Money Management) to improve the financial literacy of its Indigenous population, particularly those living in remote communities.

In 2011 ASIC released a National Financial Literacy Strategy — informed by an earlier ASIC research report 'Financial Literacy and Behavioural Change' — to enhance the financial wellbeing of all Australians by improving financial literacy levels.

Additionally, a growing number of financial literacy researchers are raising questions about the political character of financial literacy education, arguing that it justifies the shifting of greater financial risk (e.g.

tuition fees, pensions, health care costs, etc.) to individuals from corporations and governments.


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