Financial literacy could be described as requiring essential knowledge and strategies on many fiscal issues to facilitate effective decision-making to help achieve private, family, or community goals. The benefits of financial literacy for seniors could very well be discounted in the long run by their childhood, parents, and other stakeholders. So, it is essential to promote and learn financial literacy among youths. The best way to do it is to join a financial education forum on IX Global. The IX global reviews are excellent, so you should try.
Referring to financial literacy for youths, teens scored an average of 58% on a national test of financial literacy. The results also show that more teens are dropping out of school due to financial problems than ever before, and about 85% of those who remain have serious credit card debt. Is there a viable platform that can be used to improve financial literacy among youth?
Embrace the Gaming Technology
Young people have embraced technology. Along with new developments in gaming comes a much better understanding of the technologies of the day. Since the first e-sports were developed, children have become familiar with the technology to enjoy this popular pastime. The massive interest in gaming, combined with rapid technological advancement, has led to increased technological literacy. In some situations, young people can understand modern technology better than their parents.
Sometimes this is used to improve financial literacy. When children are taught about finance within these opportunities, their ability to understand these topics increases, leading to greater literacy in this area, shifting the focus to more virtual and fun education that young people feel comfortable with could be crucial to increasing literacy rates.
Use Various Contents and Media
The expectation that all children will learn about finance through a single, limited medium such as books could be a major reason why youth’s financial literacy rates are shockingly low. Using software to promote financial literacy by providing diverse and appropriate content could help address youth discovery disparity. In this way, more children will learn finance at their own pace and through a more robust medium.
Did you know that audio-visual articles are the most lucrative means of attracting the attention of web users? Using a financial education program that includes videos increases children’s financial literacy. Videos are a great educational tool because they can be diverse and educational while engaging students. They are easy to create and can be customized to meet individual students’ needs, rather than being a general alternative to financial education.
Increase the Parental Involvement
The development of financial habits, attitudes, and behaviors in children and knowledge choices are often overlooked, despite their importance. A 2015 study indicates that parents allow them to build historical understanding that could lay the groundwork for improving their literacy by talking to their children about numerous financial topics. How to acquire an allowance, set up an account with a building society, and engage in mature financial ventures, such as accompanying their parents to a lender, were correlated with improved financial literacy.