Financial Literacy in the Philippines

Topics: Investment, Lower middle class, Middle class Pages: 3 (1089 words) Published: July 26, 2013
Money. That word enough is enough to turn the heads of almost any one in this world today. It's not a hidden fact or a myth, or an exaggeration that money indeed makes the world go round today. In legal matters, money is the only reasonable way to amend some matters. In a cynical point of view, you could say that money is the law. In these times of corporate international booming, there's no exaggeration that money holds your life today.

Financial 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 ability of a person to understand how money works”. It is basically how one is skilled at handling financial matters, and how one is informed of insurances, investing and over-all money management. Knowing this term, then I am asked, Am I financially literate?

As a young adult, it is necessary that one knows how to manage money. Especially that I go to school everyday, riding public transportation, eating out; One can say that isn't everyone financially literate because they know how to budget their money after all? If it's that easy, then I could say I am, but it isn't. I'm not financially literate. As far as my money goes, I only know a little about saving. In fact, I don't even own a real bank account in this age of 20. I know very little about insurances, investments, let alone the stock market. I only save money so I can spend it on going out with my friends, not for, as they say, the rainy days. Bank accounts are the only thing I know about and as far as I'm concerned it's just about them keeping my money secured. I'm supposed to be a little embarrassed, but then I look around my community and see I'm not the only one. No, in this country, I'm one of the majority that is not. Why am I not? Why are most of us not financially literate in this world where money is a crucial necessity?

I've read one article in the internet by Randell...
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