logo
Make a donation
Media > News > Young adults and financial literacy

Media

Latest posts

Latest tweets

Young adults and financial literacy

Published on 18.09.2022 at 14:38

Low level of financial literacy is a global concern, even though many countries have attempted to enhance financial literacy among their populations by introducing education programmes and research initiatives. The 2013’s Organisation for Economic Co-operation and Development study on financial literacy across the world found that; most people have a very basic financial capability (financial knowledge, skills, attitude), but understanding of everyday financial concepts and needed financial behaviour to act on those concepts were lacking amongst a big portion of the population in many countries.

 

The study calls on states to advance their population’s financial literacy at a young age, if indeed they are to make appropriate financial decisions for their personal finances. Many young adults between 18 and 35 years make use of a range of financial products, making use of high cost methods of financing such as credit cards or payday loans and have significant levels of debt and are making less use of formal financial instruments than previous generations due to the low level of financial literacy. This is concerning since young adults are supposed to start laying the financial foundations for the rest of their lives in their late twenties and early thirties.

 

It is unfortunate that basic financial literacy skills such as budgeting and/or saving are seldom taught to young adults. This is especially concerning since the ability to set a budget and keeping to it, is fundamental for individuals to control their incomes and expenses, to achieve their financial goals. Looking at indicators such as the ability to save, spend, and invest, young adults’ financial capability is distressingly very low. An advanced degree alone does not always  influence an individual’s financial literacy; especially for young adults with few opportunities, noting that there are numerous barriers that make it difficult for them to study. Learn more !

Follow us

Latest News

State obligation to youth financial literacy

  • Sep 26th, 2022
  • |
  • News

  • Young adults and financial literacy

  • Sep 18th, 2022
  • |
  • News

  • Latest Events

    Financial education camp for young people

  • Oct 3rd, 2022
  • |
  • Events

  • Local climate, youth strategy

  • Sep 20th, 2022
  • |
  • Events

  • Open Educational Resources

    Integrated rights-based approach

    Integrated rights-based approach Jan 7th, 2022Modules

    Financial literacy education

    Financial literacy education Aug 21st, 2022Publications

    Entrepreneurial knowledge assessment

    Entrepreneurial knowledge assessment Aug 21st, 2022Assessment tools

    Knowledge Assessment Tool

    Knowledge Assessment Tool Feb 5th, 2022Dissemination materials

    Financial education camp for young people

    Financial education camp for young people Sep 22nd, 2022Training courses

    What is internalised racism

    What is internalised racism Mar 16th, 2022Videos

    Learning App

    Digital-based training tool May 24th, 2020Training App

    Learning App

    Youth Health Literacy Jun 16th, 2022Learning platform

    So many  reasons   to commit.

  • So many   ways   to contribute.

  • 10 YEARS OF EXPERIENCE

    IN YOUTH’S EDUCATION

    90 PROJECTS EXECUTED

    80 PARTNERS ENGAGED

    1500 YOUTHS REACHED

    Address


    Org. nr.:  995-456-575  | Oslo - Norway
    * Tel: 0047- 969-51-953 * E-mail: info@terrampacis.org

    Updates


    ©2022 TERRAM PACIS.  ALL RIGHTS RESERVED.