Improving the Fiscal Fitness of Young Adults: Translating Knowledge Into Action

Improving the Fiscal Fitness of Young Adults: Translating Knowledge Into Action

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Surveys in OECD countries show that people believe they know more about financial concepts than they actually do, and that there is often a discrepancy between their knowledge of financial concepts and their ability to apply these concepts by making situation-appropriate financial decisions.Low levels of lightemupsequences.com financial literacy and capability have important implications for the way individuals manage their ongoing finances and debt.Those who do so poorly are especially vulnerable to hardship during financial downturns such as the one we are currently facing.Conversely, people with higher levels of financial literacy and financial capability are better able to manage their income and expenses, avoid unnecessarily high debt and effectively manage existing debt.This paper presents existing research on how best to translate financial knowledge into action and how our service uses these concepts in its delivery of financial education to students.

By providing financial advice and support to students and helping them develop an appropriate ―mechanism for action‖ or ―workable system‖, our service aims to help students overcome financial barriers, manage the financial aspects of tertiary study and click here make sustainable financial decisions.This has a positive impact on the student experience at university, student retention and completion of study.