Financial Literacy in the Philippines Essay

Mvirtuosoy. That word luxuriant is enough to offer the heads of al close to any whiz in this g exposit today. Its non a hidden fact or a myth, or an exaggeration that coin indeed makes the world go round today. In legal matters, m whizy is the exactly reasonable way to cleanse some matters. In a cynical point of view, you could say that m wholenessy is the law. In these clock of corporate international booming, theres no exaggeration that money holds your life today. fiscal literacy is the knowledge that is the answer to these times of finance emphasized earth. But what is financial literacy?Financial literacy is, according to Wikipedia, the capability of a person to understand how money works. It is basically how one is skilled at discourse financial matters, and how one is informed of insurances, investiture and over-all money management. Knowing this term, then I am asked, Am I financially literate person? As a young adult, it is necessary that one knows how to manage money. Especially that I go to school everyday, riding prevalent transportation, eating out One hobo say that isnt everyone financially literate because they know how to budget their money after all?If its that easy, then I could say I am, but it isnt. Im not financially literate. As far as my money goes, I simply know a lower-ranking about saving. In fact, I dont even own a real bank account in this age of 20. I know very teenyr about insurances, investments, let alone the stock market place. I only keep on money so I can spend it on liberation out with my friends, not for, as they say, the rainy days. Bank accounts ar the only thing I know about and as far as Im concerned its just about them retentiveness my money secured.Im supposed to be a little embarrassed, but then I look around my community and trance Im not the only one. No, in this rural area, Im one of the majority that is not. why am I not? Why are most of us not financially literate in this world where mo ney is a crucial necessity? Ive interpret one article in the internet by Randell Tiongson entitled Pinoys and Financial Literacy. The article tackled how us Filipinos are not as financially literate as we suppose and the fact that most Filipinos give very little attention to actually be more knowledgeable in handling finances.In contrast though, it states that little by little, we are getting break up but still we devote a long way to go to creation called a financially stable country. I learned that most Filipinos have the same mind set as I have. We imply having a bank account is already financial security. I believe I am one of the population that is for the most part very clue little. looking at other countries, they have these programs where they actually give seminars and lectures on being financially literate to them the booming money world can only be survived through education.all(a) I see in our country today are seminars about bank accounts and piggy banks. Where is the education that us Filipinos get in this world of financial dependence? We may turn our eyes from it, but money is a concrete fact of living. All my life Ive been taught that saving money is the best thing you can do to your money budget and management. But those are all kids stuff. Im actually now worried that I am not well informed. One of the reasons I am not financially literate is definitely because of poor education on these matters.No one genuinely taught me the words investing, or insurance or the stock market in school. Well maybe in definition, but I never came across how-tos and guide to how to use these footing in the pragmatical world. I forecast I would be scolded that Im petition to be spoon-fed but, to be frank, this country never really made me suppurate up with concerns about financial literacy. And I am even one of those people with a good education how about our co-citizens with even less? Another reason is probably how our traditions and culture ne ver really had a chance to understand these legal matters formally.Unlike other countries, we are generally the most traditional ones. We held our religions close, believing that everything happens in Gods time, if its safe to say, I think we are relying in Him too much. They didnt talk about life insurances in the bible. We tend to believe that some(prenominal) happens, it happens on Gods will. Religion has been our security for ages. And I think that is why my own parents doesnt have too much of a clue in investments issues. And as their child, how am I supposed to have a grasp in this area.No matter how I am accused of having enough resources because of the internet, its still not enough to hold a curiosity on finance matters. Because as tradition was, in this country, if you have a bank account, youre saved. My family isnt really one of those homes where everyones so money-savvy. I think its also because were a young family, with me as the eldest child. So I think I should be the one starting, learning about financial literacy. And this goes, with my give out reason Families with low financial status tend to not to be exposed in these opportunities.Were not exactly in the higher(prenominal) eye class which many people may think because Im studying in Mapua. Were extremely in the middle middle class and as I have observed in television and the internet, those who already have the money are the ones only precondition the chance to be literate financially. It isnt a theory that you need money for education, though there are other ways to pacify informed but this is the truth. Most people in this country are lower middle class and could you even imagine the opportunities given to their train? Its just concerning.Money-education for only those who already have money, or the secure of it. And I think that should be the one of the of import concerns of this country. In conclusion, the main reason is our own countrys lack of financial literacy education. Resources https//en. wikipedia. org/wiki/Financial_literacy , http//www. investopedia. com/terms/f/financial-literacy. asp ,http//www. randelltiongson. com/? s=financial+literacy+in+the+philippines , http//www. getsmarteraboutmoney. ca/en/managing-your-money/planning/investing-basics/Pages/what-is-financial-literacy. aspx.