Fun and Interesting Facts for You
Facts about Financial Literacy discuss on how the money works. It involves the understanding on how a person will use the money. Investment and management of finance are also included in financial literacy. In some cases, people may also use their money to help others by having donation. If you are financially literate, it means that you know on how to use the financial resources effectively. Let us find out other interesting facts about financial literacy:
The countries which use the skill of personal finance in the programs run by the states are UK, US, Japan, Canada and Australia.
Facts about Financial Literacy
Financial education is a big concern in a number of countries in the world. OECD or Organization for Economic Co-operation and Development began an intergovernmental project to increase the financial literacy standard and education.
The term financial capability is more preferable to use in United Kingdom.
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Financial Literacy Pic
In 2003, financial capability became a focus in United Kingdom after it was applied as a national strategy by FSA or Financial Services Authority.
In 2003, the initiative to promote financial literacy was also established in United States by Financial Literacy and Education Commission.
In OECD countries, a financial literacy survey was conducted in the end of 2005. The concept of compound interest was understood by 67 % of respondents. Only 20 percent of them have good understanding when being asked to solve a problem of compound interest.
According to a survey in Great Britain, the people did not have any attempt to find out information about finance.
Financial Literacy
The people got the information when they were talking with a bank employee or even from a pamphlet.
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The respondents stated that it was less stressful to go to the dentist than to choose the best investment according to a survey in Canada.
Financial Literacy Facts
The TV drama, which sent the message about the financial literacy of the poor and rich people, inspired Mongolians to compare interest rate when they wanted to have savings or loans.
Are you inspired after reading facts about financial literacy?