Can Fintech make Financial literacy more achievable?

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Good financial literacy can help in becoming more financially independent and self-sufficient. In this digital transforming era, how can Fintech enable individuals to be better equipped to reach financial resilience? Let’s dive into the topic more!

Can Fintech make Financial literacy more achievable?

According to the Financial Literacy Statistics conducted by Possible Finance, more than 60% of adults do not understand basic financial concepts. People lack more financial literacy in risk management and insurance, based on Milken Institute’s research.

What is financial literacy and how important is it?

The simplest way to define financial literacy is that individuals have the knowledge of key financial concepts and skills to manage their financial resources effectively.

Financial literacy is becoming ever more important as it becomes more difficult for individuals and families to navigate the ever-changing financial world. Consumers have a bewildering array of options, from knowing how to budget and manage debt to saving and investing for the future. It is essential, but why are most people unaware of it?

  • Lack of financial literacy education

Few schools have added financial literacy to their curriculum. Still, we are not taught the basics of how to plan and use our own finances. In addition, there are huge inequalities among people when it comes to their financial health.

  • Discrepancies in knowledge and confidence

The Financial Service industry has created a lot of jargon and complexity and does not explain it to consumers due to the cynical mind. They think people do not need to know about the financial service in terms of credit cards, interest rates, etc.
Poor financial literacy not only leads to large amounts of debt and poor financial decisions, but it also puts people in the situation of instability and possibility of bankruptcy.

However, Fintech could be an effective solution to fill this gap!

Here are some examples of Fintech companies assisting people to build their financial muscle to achieve financial resilience.

  • Lifetise

A tool to help you understand money better and achieve the financial goal you want in life quicker, easier and cheaper.

  • Rooster Money

An innovative pocket money app and card for parents to teach their kids money management and build good financial habits by providing educational content.

  • Intuit Mint

Recognised as a leading personal finance app, enabling people to meet their budgeting needs in an efficient way.

  • Mogaland

A financial literacy game-based Metaverse where individuals can play to learn personal financial skills and earn crypto assets.

Does Fintech really make Financial literacy more achievable?

The answer is absolutely YES! 

Fintech can facilitate the penetration of financial literacy in this rapidly growing era. Also, financial literacy has become critical in recent years, especially for the Gen Z, who dominate the Fintech blue ocean market.

Learn the skills of Fintech

Learn the skills of Fintech

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Frequently Asked Questions

The Centre for Finance, Technology & Entrepreneurship (CFTE) is a global education platform that aims to equip financial professionals and organisations with the necessary skills to remain competitive in a rapidly changing industry. Our leading training programmes, curated by global industry experts, help talent build skills to join the digital revolution in finance. CFTE’s courses are globally recognised with accreditations from ACT, IBF, CPD, SkillsFuture and ABS.

At CFTE, our mission resonates with every learner’s goals to rapidly advance in their career, to thrive in their next project or even to lead the disruption in finance with their own venture. To help you do this, CFTE gives you the tools you need to master the right skills in digital finance. We bring exclusive insights from leaders that are steering the developments in the financial sphere from global CEOs to disruptive entrepreneurs. With CFTE you don’t just learn what’s in the books, you live the experience by grasping real-world applications.

If you are looking for rich insights into how the Financial Technology arena is transforming from within, we can help you get the latest knowledge that will stir things up in your career. CFTE offers leading online programmes in digital finance, covering an expanse of topics like – Payments, AI, Open Banking, Platforms, Fintech, Intrapreneurship and more, that will help you conquer the financial technology landscape. With this expertise at your disposal, you will be on track to turbocharge your career.

You will be learning from a curated line-up of industry leaders, experts, and entrepreneurs hailing from Fortune 500 companies and Tech Unicorns, among others. They will each be presenting their knowledge and experience in the field of digital finance. No matter if you are embarking on a new journey or fortifying your role, these lecturers and guest experts will guide you through the perspective of established institutions like – Starling Bank, Wells Fargo, tech giants like – Google, IBM, successful startups such as – Kabbage or Plaid, among many more!