We all know that financial literacy is important, much like we know that actual literacy is important. There is however, an unspoken problem with defining the knowledge of finance as "financial literacy". That problem is that the financial landscape is always shifting. Unlike literacy:
"Once a person learns to read, the alphabet doesn’t change, but in the realm of personal finance, "you must be a lifelong learner because the market is always changing," said Collins, who is director of the Center for Financial Security at UW-Madison." Karen Faster, WisContext
Accordingly if the landscape changes we must constantly update our financial knowledge according to those changes. These changes do not happen overnight, but they do occur with varying speeds throughout time and more change has occurred more recently with the introduction of technology to the financial world.
You are left with 3 options ultimately:
- You educate yourself to keep up with the changes
- You find someone you trust to keep up with the changes (like your financial advisor)
- Blissfully ignore the changes and hope for the best
Obviously option 3 is not an ideal solution, and option 2 can be expensive depending your income range. There are many ways you can educate yourself to keep your financial literacy relevant. You can read the latest financial books, consult with financial savvy friends and take online courses. Here at Two Stack Education we've designed a course that does just that. It gives you an in-depth overview of the most important concepts and components of the financial landscape for the residents of British Columbia. We also constantly update all of our material so that our content changes with the financial landscape. For more on our financial courses you can visit https://twostackeducation.ca/p/finance-investments