Financial Education | The importance of it in 2022

To be educated is a privilege and too many people take it for granted in first-world countries. However, financial education remains a daunting proposition for a lot of families all over the world, in developed countries or not. Why is this? It becomes a fact of life in adulthood that to thrive and survive, one must attain an income of some sort. Additionally, as we move into the fourth decade of the internet era, we are spoilt with unlimited information at our disposal. In theory, there should be no excuses, but in reality, it is a struggle for the majority and therefore it ought to be addressed and become more accessible.

The problem

It would make the most sense to tackle this by addressing the financial education we receive before we reach adulthood, which is our schooling. If you are lucky and have a natural drawing towards business, numbers, and finance, you have the opportunity to study Business Studies at the GCSE level (ages 14-16). That is the first bit of financial education you will receive at school. If your interest increases, you can extend your financial studies to Economics at A-Levels (ages 16-18). However, if you want (which is many), you can go through over a dozen years of education without a single financial lesson. That is staggering. 

The first problem that should be addressed is the level of financial education at school. How can one be expected to jump into the workplace with an understanding of how money works without a single lesson on it. Beyond that, there are other issues because, as I highlighted, information is abundant today and you can become knowledgeable on almost anything you like if you want to learn. So, are people just lazy then? 

From my understanding and research gathered for our upcoming education platform, 123Cryptos, it is not laziness but merely a fear of entering the space. Business, finance, and economics are all intimidating terms for the sole reason, they are made to be. Without sounding too conspiratorial, the people that run our governments would rather the majority remain ignorant when it comes to money and economics. This is because it would showcase just how dysfunctional the whole system is. Therefore, it becomes a lot easier to use overcomplicated, unnecessary jargon to confuse everyone. And why shouldn’t you be confused, after all, you never received financial education during your most important years as an adolescent! Only once these key areas are overhauled can more people naturally become more financially aware.

 

Why financial education is important in 2022

The main thing that I wanted to come across in this blog is that financial education is always important, not just in 2022. But with that said, it is essential to identify this decade, in particular 2022, as a crucial time to become financially educated. We are living in a time where the cost of everything is extremely expensive. A system where prices rise and wages stay the same, a system that is fuelled with debt, incapable of being paid back. A system of money-printing that debases the currency every year making everyone worse off.

What can you do? Firstly, look out for our upcoming education platform, 123Cryptos. We are tailoring for the newcomer, the person who didn’t receive a financial lesson at school. We will be offering interactive education on all things finance including: What is money? What are stocks/crypto? How can I get by? Whatever beginner lessons you may have taken before will soon seem too advanced. We believe it is important to break it down to the very fundamentals, almost as if you are back in school. We are giving back the financial education you weren’t given. 

In the meantime, dip your toes into some finance whether it is news outlets, social media platforms such as Twitter, or read a beginner-friendly financial book. You will reap the rewards once you become financially educated and escape the trap that is the current flawed system. 

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