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Opinion: Financial education brings us closer to well-being

Financial education, despite being a universal need, is usually considered and addressed to certain groups, since it is important to adapt it to their specific situations.

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Opinion: Financial education brings us closer to well-being

Financial education, despite being a universal need, is usually considered and addressed to certain groups, since it is important to adapt it to their specific situations. For example, on June 15, the OECD published a policy manual on financial education at work with the aim of improving the financial education of employees by providing information to design financial information programs in the workplace. The document highlights that the lack of financial education in the workplace causes workers to constantly face problems that affect their financial resilience and affect their personal well-being. Apart from generating greater well-being in employees, financial education can bring benefits in terms of greater productivity, satisfaction, motivation and a sense of loyalty.

This document comes only five months after the OECD, in this case together with the European Commission, also published the financial skills framework for adults, with the aim of helping to improve the financial knowledge of this group, also highlighting the well-being that It contributes to having finances under control and urging the Member States and institutions involved to promote public policies, financial education programs and materials for citizens.

Promoting knowledge of personal finances is a way of empowering citizens, of helping to have better financial health through good decision-making, and even more so at a time as uncertain as the current one: with inflation skyrocketing, markets falling, the transition towards a more sustainable economy and with a possible recession just around the corner.

Financial education will not prevent an economic crisis or its consequences, but it can help mitigate it. Understand the importance of making a personal budget, building an emergency fund for unforeseen events, knowing the dangers of over-indebtedness or our risk profile as investors; whether we are young people, adults, employees or self-employed; It can help us better weather the situation. In addition, it also serves to know the advantages of investing in the long term versus the danger of speculating with assets of doubtful risk with which some intend to get rich instantly.

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