Essay About Financial Literacy

“Needs” versus “Wants” Form Topic of Financial Literacy Essay

Americans today have never been in greater need of a sound financial background. And according to a recent financial literacy essay published by the National Financial Educators Council, one of the keys to becoming money savvy is to learn how to separate “needs” from “wants.” Having a viable savings plan in place is the only way we will become able to reach our financial goals. And in order to save more money, we must know the difference between these two concepts.

A “need” is something we have to have, like food, shelter, clothing, water, and positive relationships with our fellow man. A “want” is something we wish we could have, but that we won’t die or suffer without. Examples of “wants” might be expensive cell phones, Rolex watches, Mercedes cars, 80” flat screen televisions, trips to Europe, leisure boats, or an Xbox One. Any financial literacy project that’s worth its salt will help people understand that they must use their income first to support “needs” and only purchase “wants” when they have extra money set aside.

The NFEC offers many such financial literacy tips to give people a head start toward financial success. This leading provider of personal finance t raining offers practical, fun, engaging lessons for all ages that guide individuals toward solid short- and long-term money planning. Many of the NFEC materials are available complimentary.

Some of the financial literacy tools the NFEC offers include curriculum packages, workshops, online and multimedia learning centers, student workbooks, games, and live celebrity events. These materials can be consumed one at a time, or combined into a full-scale financial literacy campaign or initiative to achieve a variety of objectives.

Research has shown that gaining a financial literacy education is perhaps the single best way to succeed in today’s uncertain economic climate. Distinguishing between needs and wants is just one step in that direction.

For those writing a financial literacy essay – forward it to the NFEC when you are complete and we may publish it for you.

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Financial education should be a mandatory component of the school program. To what extent do you agree or disagree with this statement?

It is an obvious fact that financial aspects are a major part of the daily life, as an adult and even as a young individual. Each and every one of us has to make financial decisions concerning recreation, health, education and more. The question is whether to start with financial education as part of school program or to postpone it for a later stage in life.

To begin with, being able to understand the value of money, the way the economic system works and to interpret financial news and its implications is a virtue. Without this virtue, an individual, even a young one, might suffer to some extent. For , a child who doesn’t understand the concept of money might find it more difficult to choosing only one present out of more possible ones.

In addition, many adults are lacking capability of financial analysis. Quite often, the reason can be the lack of sound foundations or insecurity when it comes to financial terms and concepts. Starting from an early age, building a strong background, can very likely prevent such situation.

However, financial education necessarily involves quantifying and setting prices and value for services and goods. It can easily turn young people into cynical human beings who lack emotion. Furthermore, a tendency to self-concentration and egoism might rise when one measuring everything from a profit-making perspective.

In conclusion, financial education has both pros and cons. In my opinion, the advantages are more significant than the disadvantages, making financial education an advisable component of the school program. The disadvantages should be thought of as a certain price that young people have to pay due to the characteristics of the world that we live in.

This is a wonderful essay. It covers the task, is correctly structured, the paragraphs are logically connected, the structure of sentences shows excellent command of the English language. The vocabulary is fine and both spelling and grammar are very good. See comments underlined in blue for some minor corrections. Overall, looks like a Band 7.5 – Band 8 essay.

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