Financial Literacy for Young Adults
Financial literacy refers to the set of skills, knowledge and capabilities that allows an individual to make informed and effective decisions with their financial resources. Throughout our lives we have to go through the cycle of earning, saving, spending, borrowing and investing money. However, many lack the knowledge and strategy to maximize their financial decisions. A study carried out by the Nigeria Deposit Insurance Company (NDIC) with an aim to assessing the knowledge of Nigerians with respect to financial literacy identified many inadequacies. Over 50% of respondents actually admitted to not tracking their expenses at all. Given the knowledge gap and lackadaisical attitude that exists towards money management and financial planning, there is a great need to develop the necessary skills and knowledge at an early age. Against this background, it is important that schools start teaching financial literacy for the benefit of our economic future. Th...