As social media becomes more widely used among business owners, it’s important that financial professionals to remember that the experiences they share with clients can be equally valuable to others.
J.D. Roth, author of Time Magazine’s Business and Money article Why Financial Literacy Fails, notes the reason why we aren’t getting ahead financially is not a lack of financial literacy, but, instead, it is our consistent bad behavior when determining wants versus desires. He writes, “One of the key tenets of my financial philosophy is that money is more about mind than it is about math. That is, our financial success isn’t determined by how smart we are with numbers, but how well we’re able to control our emotions.”
In our last post, Shocking Facts on Financial Literacy, we discussed that most school curricula require the basics of literacy needed for life skills, but fail to include a basic education of financial fundamentals that are also necessary in life. Although this type of financial instruction is not common, The Council for Economic Education (CCE), a non-profit organization dedicated to expanding its outreach on financial literacy, has developed measures to help bridge the gap.