Good for individuals, good for the nation
Reserve Bank
... financial literacy is very much about encouraging individuals and families to use their money wisely – both their own hard-earned income and that borrowed from financial intermediaries. But encouraging households to save, for example, is not just good for them, it is also very much in the longer-term national interest.
Better for everyone
OECD
Drop a rock into a lake or pond – the ripples extend outward with wider and wider effects. So it is also with financial education. Well-informed, well-educated consumers can create economic ripples. They make better financial decisions for themselves and their families, increasing their economic security and well being. They are in a position to obtain better jobs and create a desirable pool of labor for employers. Secure families are more involved in their communities as home owners and voters. They are more involved as parents with their children’s schools and teachers, enabling better educational and economic outcomes for their children.
Mental health
Head to health
Mental health and financial safety are strongly linked. Experiencing a mental illness can add to financial stresses, and financial stresses can add to a mental illness.
Financial safety can bring security and peace of mind. Combined with leisure time and fun activities, it can have a positive effect on wellbeing. Being able to work and pay bills regularly can ease pressure, though not everyone is able to do that.
Serious problem
Prof Pamela Hanrahan
….. there is an acknowledgement Australia has a serious problem with financial literacy.
"It's quite frightening really,"
Stress and health
Fox News
It can change your appetite and your sleep patterns, even prevent you from seeing a doctor. In fact, financial stress could be affecting your health in ways you never imagined.
Financial pressure affects us all at some point, whether we’re worried about our investment portfolio or how we’ll pay this month’s rent. Stress is a risk factor for numerous chronic diseases and can prevent you from adequately caring for your health, so minimizing it should be a top priority.
Stress in kids
Mental Health Foundation (UK)
A recent survey from the Mental Health Foundation has found that over one in four (26%) schoolchildren aged between 10 and 15 are worried or sad about their families not having enough money.
This finding adds to a body of evidence which shows that financial pressures are a major cause of stress and mental health problems. Earlier this year, the Mental Health Foundation found that one in five adults (22%) said that ‘not having enough money to meet basic needs’ caused them stress. This was one of the top three listed sources of stress in the nationwide survey.