Financial literacy- A key trend among today's youth

1. Financial literacy: a key trend among today's youth As the world becomes more complex and the economy more challenging, young people must understand basic financial concepts to make informed financial decisions. The importance of financial literacy has become more apparent as young people face a challenging economic climate. With the current economy, many students who graduate with student loan debt may require assistance finding employment. To assist youth in understanding the importance of financial literacy and how to manage money, teaching them to save is a crucial first step. Even though it may seem ideal to educate kids on how to save their money in an account, more is required, particularly with the present inflation rates.This is why today's youth looks up to leaders of their generation like Varun Thapar, Vice Chairman of KCT Group, who help them understand finance and build up a good financial legacy. In this article, we will share the benefits of financial literacy among youth: 1. Always be prepared: Financially literate people are more ready for emergencies. By learning about financial literacy topics like saving or emergency planning, people can prepare for the unexpected. While dealing with a financial crisis, like getting hit with a significant unplanned expense, is never easy, you can lessen the impact by practising financial literacy beforehand and being ready for anything. 2. Achieving Goals Setting up a financial budget will be crucial in achieving your objectives. By improving your knowledge of budgeting and saving money, you may make plans and lay out a strategy for accomplishing those objectives. If you have financial planning, you may create a long-term strategy for your goals and work towards them. Financial literacy can help you design your dreams. 3. Decision making Financial literacy will help you make a confident decision. Imagine not worrying about your finances before buying a car or a house. You can confidently make such decisions if you have financial knowledge. You are aware of your investments and assets. You can approach essential life decisions more efficiently since you know you are prepared for the best and worse. 4. Building wealth: Financially literate young people are more likely to accrue money over time through savings, investments, and other financial manoeuvres. You should establish specific financial objectives, such as saving for a down payment on a house or creating an emergency fund. Having clear goals helps to focus and motivate saving and investing efforts.

2. 5. Avoiding financial mistakes: Young individuals who are financially literate can better avoid costly errors like taking on excessive debt or falling for scams. Thus, they know that building wealth requires avoiding high-interest debt, such as credit card debt, and paying off existing debt as rapidly as possible. Overall, the rise in young people's financial literacy is a good development that can assist them in making wise financial decisions and achieving their long-term financial objectives. .