The importance of financial literacy among young adults Research Paper

The importance of fiscal literacy among young adults - Research writing Examplerogram during decision-making and feedback time other stakeholders should be requested to give their input as experience push aside reveal many underlying factors. Fin wholey, they should have mentors to guide them on dos and donts of successful act of financial literacy skills.According to Chan and Stevens (2003), financial literacy can be explained in two main ways including drug abuse of a persons grasp of mathematical concepts, and understanding and use of financial terminologies. However, financial literacy is unlike from other engineers of financial education by the fact that it is practice-oriented. For instance, a person whitethorn have all the information on sound financial management but if this information is only in the form of the theoretical basis, then this person is illiterate on financial literacy terms. Therefore, for unrivaled to be considered financially competent, one mustiness have a full understanding of all financial terminology and apply it in the appropriate context. Moreover, one should have the capacity to use the classroom learnt mathematical concepts at a realistic level. The level of use of these two main components of financial literacy should be high, and the two must relate seamlessly to kick upstairs the financial competence of an individual. This means that a fine grasp of terms and financial ideas should be go with by direct or indirect application to ones life in financial decisions without application of learnt skills, a person remains financially incompetent regardless of how much one may know about personal finance (Hilgert, Hogarth and Beverly, 2003). Therefore, any syllabus on financial competence must include practical aspects like case studies, real-life examples, and mentorship.Studies have established that though all people get instructions on financial literacy, the levels differ with various factors, most of which are contri buted by environmental scene of a person to instances of financial competence application. This means