Research shows that worldwide, just about one in three adults show an understanding of basic financial concepts. However, it was found that most people are unprepared to deal with rapid changes in the financial landscape.
So how do you improve your financial literacy?
Rose Miller, head of the JN BeWi$e financial empowerment programme suggests that you take advantage of the wealth of information that is now readily available online.
“YouTube is a good resource for information. There are countless videos online that can help you raise your financial IQ. You can subscribe to online newsletters like investopedia.com that provides a wealth of information. Also, there are several financial literacy seminars that take place across the country annually, so look out for the opportunities and take advantage of them,” she said.
The JN Foundation manager also recommends that persons read at least four books on the subject per year.
Some titles she suggests are:
- The Automatic Millionaire
- Raising Financially Confident Kids
- Money Master the Game
- Think and Grow Rich
- Money Masters
- Rich Dad, Poor Dad
- The Millionaire Next Door
- The Richest Man in Babylon
- The Total Money Make Over
- Start Late Finish Rich
- Debt-Proof Living Living
- The Intelligent Investor
“There’s a myriad of information out there. Many of these books are available online, so we have no excuse to remain uninformed. There is too much at stake and financial ignorance can be quite costly,” Mrs Miller stated.