Importance of personal finance in financial health: A theoretical reflection
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Abstract
Achieving a personal finance could sound a very simple task, however, it’s necessary to have some financial knowledge and financial skills. Nevertheless, people don’t seem to have high financial literacy levels, this makes it difficult to achieve financial health, which can be achieved through financial education, so the lack of this impacts on income levels of people and as a result they don’t make savings, do not plan a budget, they get over-indebtedness, among others. Furthermore, being not included financially does not allow people to take the opportunities that the Financial System offers, such as: access to savings or investments. The aforementioned brings as a consequence that individuals can hardly reach a level of financial well-being. Therefore, the purpose of this essay is to highlight the importance of financial education in people’s lives, in order to manage their personal finances, which would help to face frequently encountered economic contingencies.
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