Financial Literacy Interview

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The InterviewRecently, I came across a rather fascinating and intriguing article indicating that most young adults are not financially literate. More specifically, the article indicated that young adults, i.e. those in the 18 – 26 age bracket lack the knowledge and capabilities to make sound financial decisions, i.e. in relation to budgeting, saving for retirement, investing, etc. I was interested in finding out whether this is indeed the case, and if there is anything that can be done to salvage the situation. Towards this end, and following an introduction from a close acquaintance, I sought the insight and opinion of XXXX XXXX, the Chief Investment Officer at XXXX Bank.I established that the findings made by the authors of the article in question were indeed true to the effect that most young adults lack the skills and capabilities to effectively manage their finances. All that one needs to do to ascertain this fact is to peruse the social media profiles of most persons in the aforementioned age group. Displayed therein are varying levels of extravagance fueled by the desire to show off. To a large extent, this could be termed an indication of lack of financial management skills as the money…

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…literacy – specifically among young adults – cannot be overstated.

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There are various interventions that could be deployed on this front. One such intervention is the integration or blending of financial literacy education into the curriculum of the relevant education institutions, with the overall intention in this case being to equip young adults with practical money skills. The said curriculum should ideally focus on equipping learners with the various skills and capabilities to enable them engage in effective management of their personal finances. Key areas of focus could also be inclusive of, but they are not limited to; investing, budgeting, credit….....

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