Financial Literacy in the Philippines Essay

M iodiney. That word becoming is fair to middling to period of play the heads of al close any genius in this dobriny of a function today. Its non a hidden concomitant or a myth, or an exaggeration that property and so makes the world go round today. In legal liaisons, bullion is the further logical panache to amend some matters. In a cynical point of view, you could hypothecate that coin is the law. In these times of integrated international booming, in that respects no exaggeration that bills holds your animateness today. m cardinaltary literacy is the dwellledge that is the answer to these times of pay emphasized earth. But what is monetary literacy? monetary literacy is, according to Wikipedia, the ability of a mortal to watch how money works. It is basic completelyy how one is skilled at practise financial matters, and how one is informed of insurances, expend and over-all money management. K straightwaying this term, and so I am asked, Am I financ ially literate? As a four-year-old adult, it is necessary that one knows how to manage money. especially that I go to school e preciseday, equitation public transportation, eating out mavin can 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, comely it isnt. Im non financially literate. As far as my money goes, I only know a niggling around saving. In fact, I dont even accept a real bank bill in this age of 20. I know very inadequate about insurances, investments, allow alone the nisus market. I only save money so I can spend it on termination out with my friends, not for, as they say, the rainy days. Bank accounts be the only occasion I know about and as far as Im concerned its just about them keeping my money secured.Im supposed to be a little embarrassed, but then I smell around my community and specify Im not the only one. No, in this country, Im one of the absolute majori ty that is not. Why am I not? Why argon most of us not financially literate in this world where money is a authoritative necessity? Ive read one article in the internet by Randell Tiongson entitled Pinoys and Financial Literacy. The article tackled how us Filipinos be not as financially literate as we return and the fact that most Filipinos give very little attention to actually be much knowledgeable in handling finances.In contrast though, it states that little by little, we be getting better but quiet down we collapse a long way to go to be called a financially stable country. I learned that most Filipinos have the same mind raise as I have. We think having a bank account is already financial security. I think I am one of the population that is generally very clueless. 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 procreation.Al l I see in our country today atomic number 18 seminars about bank accounts and piggy banks. Where is the development that us Filipinos need in this world of financial dependence? We may issue our eyes from it, but money is a concrete fact of living. All my life Ive been taught that saving money is the ruff 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 really taught me the words spend, or insurance or the stock market in school. Well mayhap in definition, but I neer came across how-tos and guide to how to use these terms in the practical world. I think I would be scolded that Im asking to be spoon-fed but, to be frank, this country never really do me grow up with concerns about financial literacy. And I am even one of those batch with a good education how about our co-citize ns with even less? another(prenominal) reason is probably how our traditions and culture never 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, believe that everything happens in idols time, if its safe to say, I think we are relying in Him too much. They didnt slop about life insurances in the bible. We dispose to believe that whatever 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 carry 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 puppylike 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 bear reason Families with low financial shape tend to not to be unresolved in these opportunities.Were not scarce in the higher midway form which many people may think because Im studying in Mapua. Were extremely in the middle middle class and as I have observed in picture and the internet, those who already have the money are the ones only given the chance to be literate financially. It isnt a possibleness that you need money for education, though there are other ways to reside informed but this is the truth. Most people in this country are freeze off middle class and could you even count on the opportunities given to their level? Its just concerning.Money-education for only those who already have money, or the promise of it. And I think that should be the one of the main concerns of this country. In concl usion, 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.