Why Financial Literacy is important according to Mark Hauser
Today, there are more and more demands on the American consumers’ money. They are continuously barraged with messages, emails, and TV ads advertising goods and services. According to Mark Hauser, the American economy’s many distinct components require an equal understanding given the country’s growing economic complexity. Customers have transitioned to buying goods and services using credit cards and electronic transfers, and they frequently carry out a large number of financial transactions online.
It’s crucial to learn how to use these financial networks. That being said, developing a strong grasp of fundamental financial concepts enables a person to manage their money more effectively. They can create a savings and/or investment plan, stick to a budget, and live within their means.
Mark Hauser suggests that people will progressively become more financially solid and less concerned about money when they start making better financial decisions. Naturally, having improved financial literacy also makes it possible for someone to strive toward longer-term financial objectives. Strong financial literacy offers a better grasp of each financial purpose, whether they desire to run a business, save for college, or create a retirement fund.
A person with more financial literacy can better make ethical choices regarding their financial endeavors. When someone applies for a loan, or credit card, or buys insurance, they are more likely to complete the procedure without any problems. Additionally, they are better equipped to comprehend the effects of immoral or reckless behavior.
Financially literate people can also manage obligations like mortgage or school loan repayment. According to Mark Hauser of Hauser Private Equity, a financially literate person can make choices regarding the acquisition of assets or health insurance based on rational criteria rather than feelings.