5 thoughts on “The Importance of Financial Literacy

  1. I like what you typed here.

    I think Financial Literacy is more of a term that many people in the Middle East are not yet exposed to. Schools should start teaching financial literacy. The idea of working for money does not necessarily work anymore. I say this because schools and colleges have taught us continuously to study so that we can work and get a good job. Does this sound familiar? Of course! I highly recommend "Rich Dad Poor Dad" by Robert Kiyosaki if any of the readers here have not heard of the book. It totally depicts the difference between a financially literate person and the society's normal hard working man.

    I like your post for the reason that it actually shed light upon this particular subject. People need to seriously get exposed to the beauty behind being a financial literate man/woman. The way of life that most of us lead nowadays HAS to change in terms of career/business. People are starting up and owning businesses.

    "Education in this region is not yet mature in this sort of literacy, except when it comes to students who are specializing in the finance and accounting fields" <– THIS, I like! However, even finance/accounting students/graduates are not capable of changing their mindsets. They still think that they should work for money instead of letting money work for them.

    A big part of financial literacy (or any area in life for that matter) is dealing with the psychology behind it. We have been conditioned so much by society to do certain things, feel certain emotions, know what is BAD for us, and be held back in order to stay SAFE. This is why the rich people fear losing their money the more they gain more of it. Financial security to them implies making more money. Financial literacy totally deals with embracing the fear, letting go, and taking risks by letting money work for you.

    Good stuff Iman!

    Khaled

  2. I totally agree with you Khaled, and yes of course all seems familiar, I've read that book couple of years back and it did liberate the way I think about money, and since then I've been trying to raise awareness round me, as you may expect, the psychology that was built in them from young ages: work to get money is so rooted deep for a lot of them.
    But I see changes starting to happen, not for the exact reason we have, but the new generations who are just now entering adulthood, a lot of them are amazing believers of starting up their own thing or work for few years to start their financial Independence, which on its own a huge shift from the way the previous generations thought: work till your old enough to retire and then maybe think of starting something, by then you're too exhausted anyway from corporate life and cant start it as youngsters can!
    So yes, I'm a huge advocate for financial literacy, I have more hope for it to come from families than from education though, it needs to be built inside the home at young ages.
    Aside of its reflection on career/business life, it also reflects their lives as consumers and community givers or takers!

    Thanks again Khaled on this comprehensive discussion!

    Regards,
    Iman

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