by Mary Gannon on 24 Feb, 2023
Money makes the world go round. Every person deals with money, whether it is buying a house, a car, or simply a chocolate bar at the store. Understanding money and prioritizing financial literacy may seem advanced for middle and high school students, but it is quite the opposite. Understanding their finances, including their bank account, taxes, insurance, budgeting, credit cards and more, all contribute to their financial well-being. The more students understand how to manage money, and the value of saving and budgeting, the better off they will be on their financial journey.
Check out the short video below for everything you need to know to participate in Financial Literacy Fest.
Over the past few years, the world has evolved in many different ways. The pandemic has reshaped economies and societies throughout the world, which makes financial literacy more important than ever before. Examining the economy as a big picture, Financial Literacy Fest from ChatterHigh will teach students the various ways finances play a role in each of our lives, such as the importance of insurance and the purpose of taxes. From rising inflation to constant stock market fluctuation, the financial world can seem quite daunting, however, equipped with knowledge and resources, students can pursue financial literacy with ease.
When students are able to visualize and tangibly plan their financial future, their goals become more achievable. The vast majority of postsecondary institutions demand thousands of dollars in tuition for each year of study. Therefore, saving and budgeting are important steps in securing an educational future. Moreover, financial literacy can help students explore scholarships, bursaries, and grants with confidence. Understanding one’s financial situation allows students to leave all career options open.
As students enter the world of finances, they may find themselves overwhelmed by the idea of managing money or a bank account, which is why it is important to introduce financial literacy now! The responsibility required to obtain and maintain a bank account can help students feel independent and in control of their life. The knowledge and independence gained through financial literacy builds confidence in students that they can carry with them through their financial lives.
Not all young people have permanent or reliable financial situations, so understanding and accessing relevant financial resources is essential. According to Prosper Canada, “Youth who are homeless or at risk of homelessness are often excluded from mainstream financial institutions because they feel intimidated or unwelcome.” ChatterHigh’s Financial Literacy Fest aims to educate and engage all youth through its free and gamified platform. Financial literacy helps provide guidance and stability, so even if a student is not currently confident in their financial situation, they have the skills and ability to forge a new path and build for a brighter financial future.
Students may have different experiences with money, or have varying financial backgrounds, but regardless of experience or background, every student can benefit from financial literacy. Credit cards, loans, and interest rates, are all subjects students will soon encounter if they decide to pursue education beyond high school. What’s more, tuition can often incur debt, which can be very tricky to manage. The time for students to invest in financial know-how is not once they are in debt or facing student loans, but right now! Taking a proactive approach to financial literacy ensures that students are capable in any financial situation they find themselves in.
There are always going to be unexpected circumstances or emergencies. Financial literacy helps you better understand these circumstances and how to prevent or mitigate financial loss. These situations can range from unexpected bill payments to unforeseen tuition hikes, or even scams. For example, what if your house floods? As a student or young adult, you may not have the money to repair damages, however, you do have the money to invest in insurance that can protect your home. Recognizing risks and how to best prevent costly situations can help every student throughout their life.
Financial literacy goes beyond understanding the economy and how a credit card works. It dives into the intricacies of money management and how different financial situations can apply to each student. So, when students no longer live at home or have the resources and support of their school, they will still be financially secure and confident in their decision-making.
Whether buying books, a new laptop, or a new car, students will have the knowledge to decide how and when they can obtain these necessities while remaining financially secure. This stability and security comes from having a thorough understanding of taxes, insurance, money management, and more, which can all be explored on the ChatterHigh platform. As students grow up, their expenses will continue to grow as well, which is why having a solid and reliable financial literacy foundation is crucial to their success.
Having a proactive, prepared, and knowledgeable approach will help students tackle financial challenges with confidence. Understanding the economy, taxes, insurance, budgeting, and more, all help build students into financially self-sufficient individuals. As the world and its economies continue to evolve, it is more important than ever that students are equipped for financial security and success.