Financial literacy is the need of the hour

Though the financial literacy programme has been taken up with a farsighted future plan, it has not yet gathered momentum as we expected

If I assume that every family is a mini-state then a question arises about budget. This family budget may be yearly or half yearly for a person. If I am the head of the family, I have to make a budget of my family of yearly/half-yearly considering with total of my income and expenditure, source of income, probable future investment and future return, probable financial tools in which I shall invest. Similarly, I have fundamental demand about food, shelter, health, cloths and my child’s education which will cost me in various ways. So, I shall have to make a personal budget for myself and my family in a planned way.

A family budget is important for a family for various important reasons. A family needs incomes, needs costs, needs investments, needs returns and savings after expenses. So, a family and its members should have some education or elementary knowledge about planning, money management, ideas about budget and others courses of action related to sustain with sound economic health, continuous future development and to minimize the costs of any disaster of economic or income debacles. Every human being wants a good status in society with his income, standard of living and others social honour which he wants. So, he needs feeling of getting an honourable job, good sources of income by which he would lead a sound and wealthy life by costing of his fundamental demands by that living means.

For a successful budgeting, a man should learn some elementary or basic financial vocabulary and definition about trade, business, economics, financial market (money market and capital market), monetary and fiscal policy, economic policy of the government, socio-economic indicators, strategy for finance and investment and to go ahead with his neighbouring competitors. In today’s business world, financial and business literacy is a must for smooth business and economic development. Without financial and business literacy, an intelligent citizen/investor can’t take and make proper investment and business decision for himself, society or for his nation.

It also helps to motivate and creates self-employment opportunities of our young, educated unemployed people of our country. Nowadays, many of the students in the tertiary level choose their career as businessmen or self-employed entrepreneurs after graduation in Bachelor of Business Administration (BBA), MBA or economics. By the initiatives of Ministry of Finance, Bangladesh Security and Exchange Commission (BSEC) has taken several ambitious programmes for financial literacy of the people of our country. This is a visionary step for the financial literacy of the nation. For this purpose, they identified some target groups within several timeframe to accelerate these educative programmes.

The BSEC has constituted a panel including the members from the Institute of Charted Accountants, Institute of Cost and Management, Institute of Capital Market and the Institute of Bank Management. The theme is “financial education for financial literacy”.

These data clearly shows that the groups are targeted exclusively within mentioned timeframe for financial literacy. In today’s financial world, there is no alternative of financial education for socio-economic developments of the citizens as well as our country. Everyone should equip himself with the basics of finance, investment for the motivations of self-employment or public and private jobs.

The world is heading towards digital connectivity which encourages digital economic connectivity also. In today’s world’s business environment, e-commerce, e-news, activities are getting momentum speedily. Today’s export-import, trade and commerce, research, investment, planning, Foreign Direct Investment (FDI) and other economic activities are going to be digital.

In today’s world, ‘Information is Power’. A family budget is most important for a person living in the family. Everyone should be cautious about his financial education, informative of his financial health and his future responsibilities and course of action for personal or a collective development. Now-a-days, a person can get economic and commercial news and views both in home and abroad with only a press of button on his laptop or computer easily. So, everyone should learn basics of finance, earn knowledge of income and expenditure, saving and investment. Government wants all the people to be in financial inclusion. Though the financial literacy programme has been taken up with a farsighted future planning and decision, it has not yet gathered momentum what we expected. All the stakeholders, our social media, electronic and print media can play a vital role to encourage and motivate our people for financial literacy for the sake of themselves and for the nation.

The writer is Additional Land Acquisition Officer, DC office, Dhaka.

E-mail: [email protected]

 

Financial literacy is the need of the hour

Though the financial literacy programme has been taken up with a farsighted future plan, it has not yet gathered momentum as we expected

If I assume that every family is a mini-state then a question arises about budget. This family budget may be yearly or half yearly for a person. If I am the head of the family, I have to make a budget of my family of yearly/half-yearly considering with total of my income and expenditure, source of income, probable future investment and future return, probable financial tools in which I shall invest. Similarly, I have fundamental demand about food, shelter, health, cloths and my childs education which will cost me in various ways. So, I shall have to make a personal budget for myself and my family in a planned way. A family budget is important for a family for various important reasons. A family needs incomes, needs costs, needs investments, needs returns and savings after expenses. So, a family and its members should have some education or elementary knowledge about planning, money management, ideas about budget and others courses of action related to sustain with sound economic health, continuous future development and to minimize the costs of any disaster of economic or income debacles. Every human being wants a good status in society with his income, standard of living and others social honour which he wants. So, he needs feeling of getting an honourable job, good sources of income by which he would lead a sound and wealthy life by costing of his fundamental demands by that living means. For a successful budgeting, a man should learn some elementary or basic financial vocabulary and definition about trade, business, economics, financial market (money market and capital market), monetary and fiscal policy, economic policy of the government, socio-economic indicators, strategy for finance and investment and to go ahead with his neighbouring competitors. In todays business world, financial and business literacy is a must for smooth business and economic development. Without financial and business literacy, an intelligent citizen/investor cant take and make proper investment and business decision for himself, society or for his nation. It also helps to motivate and creates self-employment opportunities of our young, educated unemployed people of our country. Nowadays, many of the students in the tertiary level choose their career as businessmen or self-employed entrepreneurs after graduation in Bachelor of Business Administration (BBA), MBA or economics. By the initiatives of Ministry of Finance, Bangladesh Security and Exchange Commission (BSEC) has taken several ambitious programmes for financial literacy of the people of our country. This is a visionary step for the financial literacy of the nation. For this purpose, they identified some target groups within several timeframe to accelerate these educative programmes. The BSEC has constituted a panel including the members from the Institute of Charted Accountants, Institute of Cost and Management, Institute of Capital Market and the Institute of Bank Management. The theme is financial education for financial literacy. These data clearly shows that the groups are targeted exclusively within mentioned timeframe for financial literacy. In todays financial world, there is no alternative of financial education for socio-economic developments of the citizens as well as our country. Everyone should equip himself with the basics of finance, investment for the motivations of self-employment or public and private jobs. The world is heading towards digital connectivity which encourages digital economic connectivity also. In todays worlds business environment, e-commerce, e-news, activities are getting momentum speedily. Todays export-import, trade and commerce, research, investment, planning, Foreign Direct Investment (FDI) and other economic activities are going to be digital. In todays world, Information is Power. A family budget is most important for a person living in the family. Everyone should be cautious about his financial education, informative of his financial health and his future responsibilities and course of action for personal or a collective development. Now-a-days, a person can get economic and commercial news and views both in home and abroad with only a press of button on his laptop or computer easily. So, everyone should learn basics of finance, earn knowledge of income and expenditure, saving and investment. Government wants all the people to be in financial inclusion. Though the financial literacy programme has been taken up with a farsighted future planning and decision, it has not yet gathered momentum what we expected. All the stakeholders, our social media, electronic and print media can play a vital role to encourage and motivate our people for financial literacy for the sake of themselves and for the nation. The writer is Additional Land Acquisition Officer, DC office, Dhaka. E-mail: [email protected]