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5 ways financial literacy impacts life beyond the classroom

As an educator, you’re more than familiar with the subject of ‘financial literacy’. After all, it’s woven into the curriculum you teach. Not to mention the fact there’s a whole month (November) dedicated to it every year.

Rest assured, the importance of financial literacy goes well beyond lesson plans or taking one month out of the year to read a few articles and be done with it. Every dollar you spend, save, invest, charge or borrow is dependent upon certain decisions that you make. Being financially literate enables you to responsibly make those decisions so you can successfully navigate through every aspect of life.

In fact, here are 5 ways how being financially literate can help you:

1. Increases your confidence to make financial decisions

When you are unaware of your financial options, you’re more likely to rely on others to make decisions for you. That might be okay when choosing a destination for spring or summer break. However, when it comes to the big financial decisions in life (such as choosing a mortgage lender, saving for a 4 over 5, or paying down debt)—knowing what all of your options are gives you the confidence to choose what’s right for you (not what sounds good coming from someone else).

2. Gives you the power to negotiate

Financial literacy gives you the ability to clearly articulate your expectations. From talking down interest rates on the money you borrow, to bringing up the goals you have for the money you invest—your ability to negotiate your best option will dramatically increase, the more knowledgeable you are.

3. Heightens your ability to protect yourself

With identity theft and online scams on the rise, the more you stay in the know, the better prepared you’ll be to protect yourself from falling prey to financial fraud.

4. Boosts your chances of achieving your goals

It’s one thing to have financial goals. Having a better understanding of what it takes to realize those goals, on the other hand, can be the difference between ‘financial dreams’ and ‘financial reality’.

5. Provides you with an overall better quality of life

When you understand your finances, you stress less and achieve more. It’s not just a philosophy—but also a fact. According to a national study conducted by the Canadian Bankers Association, the most financially knowledgeable Canadians also happen to be amongst the highest earning. That same study also determined that those with a financial advisor also happened to be more financially literate. Coincidence? We think not.

Of course when it comes to financial literacy, nobody educates educators better than Educators.

Since 1975, we’ve been providing education members with the resources to gain a better understanding of their finances so they can transform their own financial dreams into reality.

Have one of our financial specialists contact you about making your financial goals a reality. Be sure to check out The Learning Centre to increase your financial literacy on a wide range of topics.

 

Sources:
https://www.cba.ca/Assets/CBA/Documents/Files/Article%20Category/PDF/misc_abacus_millennial-polling-report3_en.pdf

 

The information provided is general in nature and is provided with the understanding that it may not be relied upon as, nor considered to be, the rendering of tax, legal, accounting or professional advice. Please ensure to consult your accountant and/or legal advisor for specific advice related to your circumstances. Educators Financial Group will not be held responsible or liable for any losses, costs, damages or expenses incurred by reason of reliance as a result of the aforementioned information. The information presented was obtained from sources that are believed to be reliable. However, Educators Financial Group cannot guarantee their completeness or accuracy.

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