Improving Financial Literacy
In the UK, personal finance is rarely a subject taught in school. In fact, according to FinCap, only 52% of young people feel they have received a meaningful financial education both in school and at home. As a result, 47% do not feel confident making decisions about financial products and services.
Therefore, often it’s up to us to improve our own financial literacy. To be financially literate is to have a broad understanding of key financial concepts such as investing, saving, debt and economics. Imagine you are faced with a big financial decision – you have just been left a sum of money, for example. Do you have the confidence to use this sum wisely? Do you know your options for investing? Or should you save the money?
If like many people in the UK, thinking about finances makes you feel anxious or worried, then it could be worth working to improve your financial literacy. Although it’s normal to feel worried when it comes to money, this doesn’t have to be the case. When you improve your financial literacy, you afford yourself a sense of agency and confidence in your finances that can extend into your wider life.
So how can you improve your financial literacy? You might start by speaking with a financial advisor. At gpfm, our role goes beyond advising on financial services and products. We build long-term relationships with our clients, working to understand their financial personalities. We strive to understand where our clients feel confident and where they don’t. Perhaps you are self-assured in your investments but are struggling with the complexities of retirement planning. Or perhaps you are confident in your personal finances but are soon to have a family and want to ensure your loved ones are well provided for in later life. We work with our clients to identify the weaker spots their financial literacy, bridging the gaps. The end goal is ensuring you feel empowered in your financial decisions.
Of course, there are other small yet powerful ways to improve your financial literacy too:
- Our gpfm blog is full of helpful articles, guides, and handy “how-tos” that can shed light on a number of different financial topics. We cover everything from investments, market updates, financial wellbeing and news
- The Times Money Mentor is a great place to find insights on financial news, advice and product information
- EcoLowDown has lots of great free courses, providing a firm foundation in everything from banking basics, to spending and budgeting
This said, your best option is always a face-to-face chat. We’re at the end of the phone and here to talk through any questions you might have, so please don’t hesitate to get in touch over email at firstname.lastname@example.org or call 01992500261.
This article is for information only and must not be considered as financial advice. We always recommend that you seek independent financial advice before making any financial decisions. Investments can go down as well as up and you may get back less than you invested.
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gpfm are an independent financial planning company dedicated to the provision of personal, professional, and objective-driven advice for our clients. We have been awarded the Chartered Financial Planners title by the Chartered Insurance Institute for offering high quality, independent and informed advice that meets the needs of our clients.