Denmark has a financial literacy rate of 71%, one of the highest in the world. Learn more about how societies can prioritize health, purpose and financial resilience from the World Economic Forum’s report ‘Longevity Economy Principles: The Foundation for a Financially Resilient Future’: https://ow.ly/mv7050QCM8s Mercer
Yap! They are teaching their kids there in that country of on how to manage their monies. But the govt. there are also taxing their citizens like over 50% to finance their govt lavish spending spree. So, where is the correlation there that balances the govt budget and also to curtail the govt spending within the Danish government reachable budget without creating a deficit?
BRAVO! This should be taught everywhere! But it probably won't because then financial institutions and other places would not be able to make millions from misleading practices and lies. There is an old saying: "Banks area designed to get you into debt...and keep you there." If people learned how to manage their money, perhaps they would not need to go to such institutions and thus, keep more of their own money in their pockets.
Love this, The only golden skills that matter is financial management and how to grow your food .
It’s important to have a solid understanding of finance and money management, especially from a young age. It’s an essential life skill that many people struggle with in adulthood. To give people the requisite grounding needed to thrive financially and make sound financial decisions, Financial literacy should be taught at all levels beginning from primary and secondary schools, and even in informal settings. It will go a long way to help bridge inequality gaps and promote shared prosperity for everyone.
I'm just wondering - not criticizing, just wondering! - It probably would be very difficult to design a class about financial skills without acting as a financial advisor, and giving legal or financial advice is, at least in Germany, only allowed to professionals. Acting as an advisor without the necessary qualifications is in fact illegal. I think that might be a problem when implementing this topic in school lessons? 🤔 Also, if this was taught at school and someone followed the advice given at school, this leading into personal ruin because e.g. something was severely misunderstood, the teacher gave information in a misleading way (noone is perfect, teachers can struggle with finding a way to make everyone really understand as learning processes and understanding work different for every individual) or actual lack of competence by the teacher - would it be possible to sue that teacher? Because I see that as a huge danger, too, in that system - that teachers might be tried to be held accountable for financial problems their former students might develop. 🤔 I do not by any means think that teaching financial management skills was a bad idea, in the opposite! I just wonder how to deal with these possible problems?
Financial literacy is crucial because it empowers individuals to make informed and responsible decisions about their finances. It helps people understand concepts like budgeting, saving, investing, managing debt, and planning for the future, leading to greater financial stability and security. The world today is about knowledge, understanding this concept will channel the energy and resources into the right proportions
What a novel concept! It was said that college does not teach students three of life skills: manage money, raise children, and communication.
Skills vs. knowledge learning programs are showing catastrophic results in late teens…DK falling every year in ranking since starting: https://www.oecd-ilibrary.org/sites/9149c2f5-en/index.html?itemId=/content/component/9149c2f5-en
Junior Financial Analyst | Market Research | Due Diligence | Critical Thinking
5moWhile the principles outlined in the World Economic Forum's report offer a comprehensive framework for addressing longevity issues, it's important to acknowledge the inherent challenges in implementing such strategies. While Denmark's high financial literacy rate is commendable, it's crucial to recognize that not all countries have the same level of resources or infrastructure to prioritize health, purpose, and financial resilience in the same way. Additionally, while financial education is undoubtedly important, it's just one piece of the puzzle in tackling the complex issue of global longevity. Realistically, achieving these goals will require significant investment, collaboration, and systemic change across sectors and borders. Furthermore, the report's emphasis on collaboration between businesses and policy-makers is valid, but it's essential to ensure that such partnerships are equitable and transparent, with the interests of all stakeholders, especially marginalized communities, taken into account.