What is financial literacy?
Financial literacy is more important today than ever before. In a world where managing money is becoming increasingly complicated, it’s one of the key skills everyone needs. It’s about having the knowledge, skills, and habits to make informed financial decisions that lead to stability and long-term well-being. Simply put, how you handle your income, expenses, savings, and investments has a direct impact on your quality of life.
Why is financial literacy important?
Financial literacy isn’t just about knowing how to manage money day-to-day – its real value lies in building long-term financial security and stability. A financially literate person is more likely to achieve stability, avoid unnecessary debt, make smarter money decisions, plan for future goals, and handle unexpected expenses or financial crises more effectively.
Understanding basic financial concepts is crucial not only for making better financial decisions but also for adapting to today’s rapidly changing, digital world. These changes impact how we manage money, access financial services, and plan for the future. That’s why knowing how to recognize and navigate financial opportunities and risks is essential.
Why is it important to teach financial literacy to deaf and hard-of-hearing youth?
Deaf and hard-of-hearing youth often face significant challenges in accessing information. For some, access is limited, while for others, it’s completely unavailable. Even when they do access information, it’s not always clear if it’s accurate or reliable. On top of that, communication barriers make it harder – or sometimes impossible – for them to participate in financial literacy education. Because of these obstacles, they may end up making poor or even harmful financial decisions.
That’s why we dedicated part of our Toolkit for educators: Workshops and activities for empowering out-of-the-box entrepreneurial thinking for deaf and hard of hearing youth to financial literacy. It’s a key skill for understanding and managing finances successfully in today’s world.
How to teach financial literacy to deaf and hard-of-hearing youth?
A section of our Toolkit for educators is focused on financial literacy to help deaf and hard-of-hearing youth build key skills for managing their finances. It includes the following chapters:
The workshops and activities combine theory with interactive tasks that allow participants to put what they’ve learned into practice. The aim is to introduce deaf and hard-of-hearing youth to basic financial terms and their definitions, focusing on understanding and distinguishing between them. They also learn how to create a budget, understand its components, and, ultimately, manage it. Special attention is given to teaching them how to respond wisely and on time to unexpected expenses and how to plan for savings.
The tasks are designed to promote collaborative learning among deaf and hard-of-hearing youth, using a fun and dynamic approach that makes it easier to learn new concepts. The goal isn’t just to teach theory but also to develop practical skills that can be used in everyday life.
Conclusion
Financial literacy is becoming more important and is now seen as a core part of general knowledge. It’s not just a useful skill anymore, but a key to achieving financial stability and independence. Teaching deaf and hard-of-hearing youth about financial literacy is crucial for empowering them, as it helps them develop the basic financial skills needed to make independent decisions and plan their financial future. Strengthening these skills boosts their independence and increases their chances of having a successful professional life.