financial education professionals

financial education professionals

The Importance of Financial Education for Professionals

1. Introduction to Financial Education

This movement for the appropriation of “financial” knowledge from the 1980s began to be elaborated as an instrument of social control to respond to the new stage of capitalist production. From then on, training in finance became a topic permeating discussions on the so-called “world of work,” as part of the need to prepare professionals to be “employable” in the new global “flexible” style. Since then, financial education became a subject “opened” to all those interested in the relations between the individual and the development of capitalism. If, until the 1970s, according to Peixoto, financial education was still “out of touch with the market” and concentrated on teaching “the good housewife,” especially the promotion of savings, from the 80s “the Brazilian stock market and capital” began to seduce new audiences.

Understanding financial concepts and methods of management is paramount today. This is because, in “this new history of work, especially that associated with the flexibility resulting from globalization, they need to assume the financial decisions in the planning of their lives from formal work or at the moment of the end of their work,” as stressed by Filgueiras and Oliveira. With the changes in the welfare system, increased competition for jobs, and the precarious regulation of the market, “individual employees are from the administrators or from the collections,” investing and managing to try to secure financial survival, which is characterized, in recent years, as a trend that has become more attention to the Brazilian population. Another study has already confirmed the relevance and knowledge of this concept.

2. Benefits of Financial Education for Professionals

The professional goal of the managers is to increase their workforce. A well-prepared employee tends to become a future manager of the business because of the long-term relationship with the company. Another factor is reduced hiring costs. And a very important fact is the assurance that this individual will not file lawsuits against the company. From this perspective, the model of the professional who started with the company was developed. Employees received financial advice designed to increase their income and investments. The professional proves to be more productive and is sensitive to the company’s interest. It represents greater professional stability, focusing on the professional. Recognizing the importance of such a process is a successful business concept. Financial education is an invaluable asset for professional development. Concerning the skills necessary to improve the current standard of living, investment strategies and allocating investment portfolios and risk management are among some of the most relevant. The ability to develop an excellent trio of skills ensures excellent professional financial training. High-impact financial planning has several benefits that directly impact the organization’s operation. In addition to increasing the employee’s reputation, the organization can show a corporate interest in the success of each employee, which helps to increase overall job affiliation.

Educational theories are clear when transmitting the idea that knowledge brings subjects into focus. Professional financial education highlights the training of employees and provides excellent results in the company’s professional environment. Several arguments can be pinpointed to support the importance of promoting awareness among employees about their financial future, and professionals share relevant advantages concerning the development of financial education.

1. Career growth 2. Professional stability 3. Decision making

3. Key Skills and Knowledge Areas in Financial Education

The education of a new professional identity has committed some teaching units, lectures, and seminars on financial themes, whether economic, market, or personal. The training of a new professional profile will also develop new expressions to direct its financial policy in view of the achievement of better results in its activities. The near future includes the technical approach that each professional must have in view of controlling and promoting their own financial career, whether from the point of view of investment or of monthly financial management, which many times simply comes down to the resources of flowing (expense). The economists themselves will give greater emphasis to this line of approach in economics, that is, the management people in their personal financial area. These novelties and changes are necessary so that the professional is even more complete and may position yourself before others in the labor market. According to the opinion of these students, the first three main aspects to be taken into account in the work of professional education in financial terms are: Planning Debt Reduction Program, Budgeting, and Long-term investment analysis.

Earning more money testifies to our evolution as professional organisms, given the various psychological and economic stimuli received by this vocational developmental line. Thus, the financial area, even in the early stages of professional education, has started bringing discussion of money and economic growth to the classroom. It is extremely necessary for this sector to win partnerships not only with the academy but also with the environments in which economic and professional life develops. Increasing the financial culture of professionals is a strategic issue and necessary for the future.

4. Implementing Financial Education Programs in Professional Settings

However, financial counseling or education programs have faced obstacles in that professional or non-professional users don’t use them. Some of the reasons for this are due to the somewhat coercive manner in which they receive the information, the possibilities of their financial situation and risk aversion not being taken into account, the contemptuous rhetoric and attitude of course or collateral services, focusing on products with no added value, not taking into account or overestimating business realities or different characteristics of various companies or organizations, among others. Therefore, the decision to develop a tailored financial education program is given by the discrepancy between the strategic and organizational needs of a company’s human resources and the financial issues workers are facing, as well as Phase 2 of the basic financial planning process: developing a series of goals. The practical part of a tailored financial education program for various professional organizations, and the pitfalls and opportunities associated with it, can be tested on selected organizations.

Financial education is important for many young and seasoned professionals. In this section, we explore the practical considerations of financial education in professional organizations. The increased need for financial support and education has led to financial counseling or education programs being created in different countries. Tailoring the financial education program to the context of the company or organization where it can be offered will not only provide a better fit between the employees’ current needs, their future expectations, and their current situation, but it will increase the chances of the program being implemented and used by the targeted population. Research has shown that young professionals feel this need more than mature ones and, therefore, they are more inclined to seek professional or institutional support.

5. Best Practices and Resources for Financial Education Professionals

– Who needs to be involved in your plans? – Who are the most successful messengers? – How do you partner with organizations? – Formats – curriculum, website, online learning.

Marketing:

– Developmental Ed Pathways for the study + HS youth financed through college scholarships.

Higher education:

– Where are the gaps in educating about finances? – What do we need to know more about?

Data:

– How do you relate savings… post-secondary? HS students? Consumers in general? – What is specific to disadvantaged individuals in these categories?

Audience:

– How do you assess your impact on people when it comes to finances?

Assessment and evaluation:

– How do you get the word out? – What is the most successful message?

Enforcement:

– How do you train your instructors? – What skills must an instructor possess in order to have a real impact with clients?

Instructors:

– What resources, tools, and services do financial education professionals need most to meet their goals? – What tools, resources, or support is needed that does not exist at this time? – What resources, including policy research and advocacy, do we already have that already contribute to your program success? – SoonerValues provides professional development, resources, and curriculum.

Resources:

– Sharing stories and best practices of these stakeholders with each other: how to overcome challenges. – Know their audience. – Know what topics are of interest to professional providers of financial education topics. – Best practices of lifelong learning professionals (K-16+). – Best practices of what makes an effective financial educator. – Relevant articles and professional journal resources of articles on best practices and program reports.

Best practices for financial education providers in school settings:

The advocacy case study will focus on making the case for financial education and will focus on data from researchers, states, and other sources. The section should include this primer on the data followed by verbiage designed for media distribution.

– Stakeholder inventory and analysis: partnership development between provider, funder, and schooling. – Marketing the program. – Delivering the program. – Evaluation of program(s) to include: pre-testing, post-testing, longitudinal/statistical data. – Additional student success stories – high impact or students who particularly showed transformation.

Case studies provide perspective, storytelling, and real-life applications of financial education programs. The program case study should cover these areas:

Best practices and resources