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The state of financial and economic atmosphere in the present world is a vital knowledge for scholars and financial experts. Without this knowledge, many individuals and even corporate institutions fall victims to unfavorable financial positions, for example, defaults in loan repayment and inability to access credit. Presently, researches have revealed that many people in America are not able to service their credit card debts. Similarly, the researchers have exposed the fact that many savings accounts operate on insufficient funds while many workers do not have any good plan for retirement. The direct cause of this is the failure of the people to acquire vital financial literacy. Financial literacy is the fundamental knowledge of effective financial management, in order to have adequate preparedness for uncertainties.
There are four main methods how students could maximize their financial literacy, which are listed below:
1. Enrollment in Relevant Financial Courses
Students who want to maximize their financial literacy have to pursue and enroll for financial literacy courses. There are many colleges worldwide offering financial courses that cover comprehensive and relevant areas of financial effectiveness. These courses not only take students into the theoretical approaches, but also into practical scenario testing using case studies and internship sessions. The internship sessions have proved to impart practical knowledge in students because they present the real situations and expose them to both quantitative and qualitative parameters for their studies. Financial courses are very essential and as a matter of fact, they are prerequisites for financial literacy.
2. Attendance of Workshops
Various financial management consultancy firms organize workshops for financial literacy. Students can consider attending such courses, most of which are absolutely free. Even if there are charges for the workshops, the return is long-term; hence, it is not an unnecessary expense. Students can budget for workshop attendance as part of their education expenses. These workshops enable students to acquire detailed information from qualified experts. Information from experts is more reliable because financial consultants carry out a lot of research in the real world.
3. Media and Publications
Students can acquire more updates on financial management by reading periodical publications containing information about financial preparedness such as bulletins, magazines, and newspapers. There is a wide collection of books on financial management in both public libraries as well as Internet libraries. These books are usually revised to cover the changing trends of financial situations. A serious student can document important information he or she reads from such publications. These publications are available to all learners in various forms, such as printed works, CDs, and web pages. Students can also receive relevant information from media channels, such as television and radio.
4. Joining Relevant Clubs
Students can join financial management clubs within and out of their institutions. These clubs are capable of addressing and discussing matters surrounding financial management. Students can exchange real experiences they face in the area of financial literacy. As a club, all members can enjoy the benefit of leverage since the institution administration can then recognize them as an organized fraternity, and offer relevant support including financial sponsorship. Through the club, students can approach the corporate business community and have access to their financial operation systems. This is almost impossible for individualistic students. Through the clubs, students can access more information by linking with the international community through club trips and retreats.
Ultimately, for students to develop financial literacy, it is all about the nature of information they have access to and their response to the information.
About our guest blogger: Paul Bates is a blogger living in San Diego, California. He is a staff writer at SolidEssay developing instructional content for students.