I'm very excited once again to be sharing my views and opinions on this blog especially on this topic that has got the world talking, and shouting for attention...
The global community is setting up platforms on each and every corner of the world, and it is trying to catch normal citize's attention on this topic "Be financial literate", it is not only for your own good, but for the benefit of fellow human beings as well. Why you may ask, because every action you make has an effect on my personal financial life. That is how small the world has become! With the recent Global economic meltdown, and the effect it has had on each every household in this world, one cannot emphasise this point any further. Decisions that were made by a certain mortgagee and a mortgagor, by a certain Investment Manager, a certain Credit Analyst in these big corporate banks has seen a lay man on the street living without food, because the global financial system has just collapsed.
All of us have a particular role whether on a micro or macro scale.
One of the most evident efforts made by the global community is by Operation Hope, the biggest social investment bank in the world, headed by the visionary John Hope Bryant who also serves on President Barrack Obama's advisory panel on financial literacy.
The objective of this summit was to bring world leaders together, share wisdom on the same table to address one of the key elements of this global finacial crisis. A strong message was to be sent to the global community about the effects of financial illiteracy and the importance to inculcate it in our day to day living, in our state policies, in our family values and in our communities. Among the world's respected and powerful speakers was United State's Federal Reserve Chairman Ben Bernanke. http://summit09.operationhope.isupport.tv/messages/view/5206 who also emphasised the need for financial literacy for sustainable global economic growth.
In his words, John Bryant commented:
“Fear is a prosperity killer, and right now consumers here and around the world are feeling it (fear). Underneath this fear and lack of confidence, are massive levels of financial illiteracy.” John Hope Bryant
Another abstract from the summit reads:
The Global Summit will make a strong business case for financial literacy itself, and seek to reshape the debate around financial literacy away from its definition by some as a simple, narrowly focused math class, towards a more robust, practical, and aspirationally relevant strategy to ground consumer confidence in a core competency; an understanding of what we at Operation HOPE (HOPE) call the “language of money,” or Financial Literacy 3.0. Money is at its core an emotional issue for most, if not all, people around the world. It represents stability (or lack thereof), opportunity (or lack thereof), access (or lack thereof).
Understanding “the language of money” is far from a math class; it is contextual, psychological, cross sections with issues of self-esteem and self-worth, and is impacted by one’s culture and environment. From the individual, to the community, extending up to the G20, our relationship with money is a key driver to how we perceive and respond to the world around us. When you don't know, you tend to fear. Fear is a prosperity killer and underlying the current epidemic of fear are massive levels of financial illiteracy.
The outcome of the summit was indeed life chaning. It was evidence that the global community is taking a giant stand!
There is actually a lot to share on this topic, and I would also like to hear other people's perspectives on this subject, it surely touches each and every one of us, no matter what the backgound and level of education is.
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