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-1

Does financial literacy matter? (piefed.social)

submitted 1 month ago by SilentStriker@piefed.social to c/asklemmy@lemmy.world

4 comments fedilink hide all child comments

It's more on managing money and expenses, often or not consumerism kills savings as the individual regardless of status spends more beyond what they can afford for short term instant gratification (a rich person can become poor due to crap financial literacy for instance) while a rich person with good financial literacy (manages their money, knows how to accumulate wealth without overspending, ignoring consumerist culture, etc).

No matter how much one has: even if you have 50,000,000€ - it can just vanish quickly if you can't keep track of your purchases or the transactions made (you hear stories of those winning big via the lottery splash it on cars, mansions, watches, luxury brands for instant gratification the moment they receive the money but leave it collecting dust after then suddenly being like "I'm broke now" due to poor financial literacy).

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[–] disregardable@lemmy.zip 1 points 1 month ago* (last edited 1 month ago)

There's no "financially managing" yourself out of declining real wages, rapidly increasing cost of housing, and record high job losses. Issues like "luxury cars" are 1% issues. The rest of the 99% are struggling to get by because the economic system actively oppresses them.