First things first, what exactly is 'Financial Literacy'?
Well, financial literacy is the understanding and application of financial management skills in our daily lives, this includes skills such as personal financial planning, management, budgeting and saving! Financial literacy aids an individual in achieving financial stability and eventually, financial independence.
Some benefits of financial literacy include, but not limited to, being able to actively prepare for retirement and spot difficult financial situations early on to target them timely. However, on the other hand, financial illiteracy affects all walks of life and socioeconomic levels. Financial illiteracy causes many people to fall into the hands of predatory lending, high-interest rates, and fraud, without even knowing what they had signed up for. Eventually leading to bad credit or bankruptcy.
But don't freak out just yet, there are still many good people in the world. Accessible and convenient mobile applications such as Hektor, Seedly, and of course, Empala, provide services to improve the financial literacy and wellbeing of every individual Singaporean.
So, don't wait, start today, for an easier tomorrow!