Importance of financial literacy programs

Financial literacy programs are designed to provide the right financial skills, knowledge and ability to use the right tools to make informed financial choices and decisions. The best part is that they are usually designed for people with different education levels, different skill levels, different needs, and for different age groups. This means that if needed, a person can select a program that addresses their particular needs rather than selecting one that touches the broad contours of financial literacy without providing in depth knowledge about the aspects they are looking to explore.

Financial literacy helps to create and preserve the wealth and riches generated. It is not only useful for a person or his family but financial literacy also strengthens the fabric of a community and a nation. It generates jobs, reduces crime, alleviates poverty, and can even contain the outbreak of diseases. This helps families follow their dreams, ensure financial stability and lead a life where they are happy, satisfied and can give a life of stability to their kids as well.

A financially stable family or community is also more educated which creates a cascading effect. This generates jobs, income, consumerism and its multiplier effect on national income and an all-around development for all. Financial literacy also teaches people the importance of money, spending, saving, investments and also tax management. With the right education, one can have different sets of goals, understanding the implications and objectives of the goal and also the actions that will fulfill the goals. Different investment vehicles have different objectives and the investor needs to understand the purpose and objectives of his investment.

A financial literacy program empowers in many ways:

  1. Detect frauds: In a more digitally connected world, the majority of financial transactions are made online. While it has increased convenience and also the volume of business and transactions, the risks of fraud has started to subvert the benefits. A financially literate person will understand the risks of certain actions and take all possible measures to reduce breach of security chances. Also, it teaches them not to place undue trust in anybody and promotes the necessity of not sharing passwords and important details.
  2. Secure your post-retirement life: A financial literacy program can teach you how to inculcate the right savings habits and invest in the right schemes so that you can plan for your future and fortify your post-retirement life. It can also teach you how to take shuffle between multiple jobs and utilize time fruitfully. The more money you can save, the faster you can retire and lead a happy life.
  3. Teach about taxes: Paying taxes is important because it helps a nation grow, provide services to its citizens and create infrastructure and resources that would continue to generate wealth for the future generations too. However, a government provides many tax rebates and discounts as they want to incentivize financial planning. Financial education can teach you to invest in the right investment vehicles that bring tax benefits. That way, you would be saving more and accumulating more for the future too. It will also teach you to invest in pension schemes and buy insurance policies that will give you a protection against exigencies.

Cashco and financial literacy

Cashco is one of the leading lenders in Canada. Be it a one-time payday loan or a long-term flex loan, we are the trusted source of additional funds for the average Canadian consumer. We provide financial literacy booklets, leaflets and other collateral in all our branches. We refer clients to various financial literacy sessions so that they can manage their money more effectively.

Cashco has started referring clients to many different agency experts who can offer tips and guidance on a one-one basis. Our financial education materials are also designed in a way that you not only understand the basic concepts of finance but feel empowered and encouraged to apply such knowledge for better returns, improvement of your credit scores, ability to pay off loans on time and also develop more financial security.

Each of these programs are ultimately designed to provide you with the best resources and training that allow you to objectively analyze the situations you face, weigh the various pros and cons of your decisions and make informed choices. They also allow you to adopt new tools quickly, always stay updated with the changing markets and government regulations and ensure that you get a level playing field.