The Hidden Cost of Ignoring Financial Literacy for the Next Generation
While many of us agree that today's generation is significantly more advanced than ours in many areas, they also have access to greater possibilities and readily available knowledge. More chances do, however, bring more money, and more money rarely comes with financial know-how. By giving our children the best skills available, we as parents work to give them the best opportunity. In order for our children to lead fulfilling lives, we hope and pray that we will bring out the best in them. It goes without saying that money is a crucial, if not the most crucial, factor in the equation. We allow financial literacy to develop naturally when money is present. We all had to learn the hard way, after all. What are the effects of this choice, though? Is it really so easy? Nearly 73% of Indians would not have trouble comprehending money if it were so easy. It comes at a hidden cost to the youngster because it is an essential life skill. Let's examine some major effects: Debt Build-Up : ...