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Opinion

Band 4+: Financial literacy, or the ability to understand and effectively manage one's personal finances, is a critical life skill that many people lack. Why is it important for individuals to become financially literate, and what are the potential consequences of not having this knowledge?

Note: Both the topic and the essay were created by one of our users.

We use money everyday,and the rihgt usage of it with the minimum lacks is called financial literacy.Society seems to avoid this topic nowadays so i will write down below how does it affect people and their lives.

Firstly,a lot of cash is getting used for the most absurd and needless things in the world.If you see everything you like and immediately buy it you won’t have any currency left for your next month existence.Even in companies workers try to spend as less as possible for the corporate events,while some pay extra.This type of situations clearly shows us how the usage of this skill significantly enhace their budget if it used properly.This skill is an advantage in a lot of spectors,starting from your own house economy and ending with your workplace.

Secondly,why do people need this skill?This question might appear in a lot of minds,as people downgrade it.But if you want to get better positions in life this is a must have.CEOs of big companies need to learn it for decades,to get good deals.Individuals without it,tend to get used all the time and suffer from money ensurancy.While developing it, might give you some privileges,for example not wasting your salary on other folks and leaving most for yourself is making you more stable in economy.Also better looking in other eyes,leaving a good first impression.

To summarise everything above,individuals should definitely require this skill.Not only for work purposes but the basic communication as it’s being the most parts of our lifes.

Word Count: 248

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