Many think that the millennial generation has a fairly good level of financial literacy. Sadly, the facts say otherwise. Last year, it was shown that millennials aged 18-25 years only had a financial literacy rate of 32.1 percent, while those aged 25-35 years had a marginally better rate of 33.5 percent. This is indicated by the lack of preparation and ability to manage finances that left this generation ill-equipped to navigate the financial crises, pandemic and follow-on inflation. Of these surveyed, only 10.7% of millennials have any form of emergency savings. The lack of financial literacy in this millennial generation also causes many cases of investment fraud. From NFT scams to Reddit channels on investment, there’s just too much financial noise out there to be able to sort fact from fiction these days. To be more prepared for the looming recession than your peers, you can read the best financial literacy books list on our homepage or check out this top recommendation for millennials looking to get their finances on track: “Think and Grow Rich”.
Financial literacy is covered in great detail on “Think and Grow Rich”. The book covers the ability to apply an understanding of concepts and risks, and adaptive skills to be able to make effective decisions, both individually and socially. To boost your understanding of financial literacy, here’s 4 tools I highly recommend:
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– Develops critical skills
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Pros And Cons Best Financial Literacy Books
- Built to develop critical thinking skills and tie into STEM subjects like science and engineering
- Clear and easy to understand instruction manual for easy usage
- 60 beginner to expert challenges become increasingly difficult as you play through
- Has a short battery life
How much do you earn, including steady income, other income (investments or side jobs), and taxes to pay.
How to save and invest, including setting aside money for short-term and long-term financial goals. How to protect your money through insurance and know how to avoid fraud.
How to manage spending wisely through budgeting and comparing prices when shopping.
How to borrow money with the lowest possible interest, and how to build good credit with the habit of paying installments on time.
Apart from being a victim of fraud under the guise of investment, you can also take various financial decisions more deeply if you understand financial literacy. By having a good understanding of financial literacy from “Think and Grow Rich”, you will definitely not be wasteful and better prepare for the future by saving and investing.
Now increasing awareness of personal finances is becoming a focus in developed countries such as the United States, United Kingdom, Japan, Canada, and Australia. Understanding of basic financial concepts allows one to know how to run a financial system. Thus, they can make financial decisions and manage finances better than those who do not understand it.
Therefore, by reading “Think and Grow Rich”, the millennial generation is expected to be the next generation of the nation that leads this country in a better direction. Moreover, the financial services industry considers that the potential for millennials for their banking product needs is quite high. Thus, it is proven that the millennial generation is the main target for developing the current economy.