Who Needs Financial Education
Many people have a general idea about what financial education is, but they think it's not something that can benefit directly. Often times, people think financial education is about investing wisely in stocks, bonds, business initiatives or other investment plans or opportunities. While this is a popular genre, financial education also encompasses courses about budgeting, understanding how credit works and general consumer-centric mathematics.
When seen in this light, it's easy to see who benefits from financial education – everyone does. Since the spectrum of financial education is so broad, people from just about any walk of life can benefit somehow from it through every stage of their life.
A student still studying at University can learn how to make the most of his or her financial aid from the school, various grants, help from family and any part time work they are able to take on. Knowing the best ways to make every dollar stretch can help students focus more on their studies and less on paying bills.
Once our student graduates, he or she may still struggle for the first few years as they take on lower paid jobs that help them to get their foot in the door to begin to advance their career. Once again, good financial education helps them to spend more wisely, stretch their paycheck and even save up for long term goals such as a nicer work wardrobe or a more reliable car.
Later on, our student may meet someone, fall in love and get married. That begins an entirely new part of life – one where you begin to learn about shared finances. Financial education at this stage is about saving for the future, improving your present and learning how to manage your money and achieve your goals, without getting into debt.
As a couple begins to grow together and each one begins to succeed in their career, it may turn out that one or the other wants to do something else. Those with a good foundation for financial education will be able to plot out business plans, set achievable goals and use their current savings and income to help fund the career of their dreams. Later, as retirement gets closer, financial education can help you to plan for your suture once you've retired from work.
Financial education provides a foundation through every stage of our lives. No matter who we are, where we come from or what our goals are, being able to put what money we have to good work helps us to achieve what's important to each one of us.