How is the correct spending of money? How does a person increase his financial culture?
As soon as you get an amount of money, you start thinking about where, how and when you can spend it, and soon you finish your plans until you have run out of money, some or most of it, if not all of it.
Life skills trainer Razan Al-Kilani told Sky News Arabia: “The human relationship is a purely emotional one, and our societies were not established to be financial societies. Our person is not trained on how to use money, but rather is trained only in order to obtain a job for which he obtains financial compensation.”
Getting money may be a concern for some, but the biggest concern is how to spend it, at least in the right way.
The reason for this is due to the lack of financial education. Yes, spending money needs culture. Some even call for financial literacy.
Al-Kilani said, “We must teach the new generation how to save and invest, and I call on all educational institutions to apply these studies and provide them to students.”
The life skills trainer added: “Books that call for financial abundance have gained great popularity, and therefore the new generations have better knowledge than the previous generations, because of the financial crises the world went through, as well as because of the many options that were made available to them.”
A new survey by the US company JD Power said that poor spending is due to poor financial literacy, especially among young people under the age of 25.
78 percent of the respondents called for teaching financial literacy in schools, while 42 percent questioned their own levels of financial literacy.
Therefore, the experts not only called for an increase in financial knowledge and culture, but also found that the greatest burden lies on the shoulders of banks in providing sufficient and accurate information to customers who often cannot understand banking laws and loan information, whether written or those that the bank employee reads to them over and over again.
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