Financial Literacy:19th vs 20th century! by Ananya M

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“The number one problem in today’s generation and the economy is the lack of financial literacy.” -Alan Greenspan

Financial Literacy is nothing but the art of imparting knowledge and skill about our monetary conditions. “Is financial literacy important for students” is a question that always bumps into the minds of 20th-century parents when their little ones have very high expectations on them, more than what they could ever afford or in either case when they are demanding too much amount from the parents for chilling out with friends. Most of the time it so happens that children out of innocence (or lack of understanding about their financial conditions)become depressed when their family is unable to fetch their dreams. So, now our journey begins from the past to the present and now it’s your time to decide whether financial literacy is significant for youngsters. 

 Long ago or with reference to the time of our parent’s or grandparents’ childhood, the question provokes “ Was financial literacy taught to them in school?”, the answer is absolute no, they were not taught financial literacy in school. So, my next question is “How come they are so financially literate?”. This is a question that every college graduate should think about and I’m sure they’ll find the answer. When I thought about this question, I could get the answer, my answer may not be correct according to your perspective, but I would definitely love to share it with you. I got several answers -one of which is that in the olden day’s people lived in joint families so the elders at home always explained the young ones about how should a person earn, save, invest and grow their money, secondly in the past the technological advancement was not so high and hence the wants of the children were not too luxurious and moreover the parents during that time were very strict and didn’t always buy everything blindly the children wished for but rather they explained to them since their child was a toddler that they can’t afford them and that’s where children of that time didn’t dream of what’s out of their reach. So, I could conclude the reply by saying that our elders and our ancestor’s mind was tuned from the time they were tiny tots and that’s how the people of those generations are conscious enough to save money as well as spend as much required.

 Now we move on to the present stage of our journey. So yes, we are not financially literate as we are taught how to earn money, but we have no idea how to spend and save it productively. We are not thoughtful before spending the money and that’s where we stress ourselves and parents if we are not able to keep up with the society in material being. We are the ones who don’t give any respect and value to the earned money neither do we give respect to what we have. So, I conclude about our generation 20th-century kids that we are not financially literate because our wants are satisfied as parents already satisfy them in the upper hand, before asking or pleading for them and there’s no one to stop the children from their desires. 

 So, after reading the above passages, I’m sure each student or parent would relate it and would surely get a clear image of whether financial literacy is important for students.

 “The single biggest difference between financial success and financial failure is how well you manage your money.”