S5E8: How do we really teach money skills? Fintech entrepreneur Vivi Friedgut
Dec 9, 2024
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In this enlightening talk, Vivi Friedgut, CEO of Blackbullion, shares her insights on financial literacy, emphasizing its critical role in student success. She advocates for integrating money management into educational curriculums and discusses the challenges of teaching financial skills today. Vivi explores the impact of tuition fees on social mobility and the importance of networking. With a focus on modern student anxieties, she urges universities to equip students with practical financial tools for their futures.
Introducing financial education early is crucial, as it instills essential money management skills and promotes lifelong habits of budgeting and saving.
Practical experiences with money in family settings help students develop an understanding of its value and prepare them for future responsibilities.
Networking through platforms like LinkedIn significantly enhances career opportunities for students by fostering valuable professional connections and insights.
Deep dives
The Importance of Trust in Business
Trust is the foundation of successful business operations, as it influences customer relationships and brand loyalty. Companies must prioritize demonstrating trust through robust security programs and compliance with regulations such as GDPR, SOC 2, and ISO 27001. Utilizing platforms like Vanta can streamline the process of evidence collection and management of security frameworks, allowing businesses to save time and reduce costs while enhancing customer trust. Numerous organizations, including Flow Health and Synthesia, are leveraging such tools to effectively manage risk and ensure compliance in a rapidly evolving digital landscape.
Revising Financial Education for the 21st Century
A re-evaluation of the education system is necessary to effectively equip students for financial independence, especially in fields where workforce demand is critical, such as nursing and education. Eliminating student fees for essential professions could encourage more individuals to enter these fields, providing broader access while addressing labor shortages. Financial education should begin early, ensuring students understand the importance of budgeting, saving, and wise spending habits, thus setting them on a path to financial literacy. Using simple actions, like starting a savings account with minimal deposits, can instill lifelong money management skills by fostering a habit of financial awareness.
Building Financial Literacy Early
Financial habits are largely formed at a young age, and it’s vital to introduce money management concepts even before formal education begins. Discussions about money within families can normalize financial conversations and reduce apprehensions surrounding the topic. Students benefit greatly from practical experiences, such as budgeting family expenses or managing allowance, as these practices promote an understanding of money's value and growth over time. Instilling these lessons can help to prepare students for real-world financial responsibilities and challenges as they grow.
Navigating the Modern Financial Landscape
Today’s students face a landscape dominated by buy-now-pay-later schemes and marketing from financial influencers, which can cloud their judgment regarding prudent financial decisions. Educational discussions often emphasize the importance of budget management, encouraging students to prioritize savings while avoiding impulsive spending on credits and loans. As technology presents new financial products, students must be equipped with the skills to identify scams and understand financial realities, such as interest rates and the impact of debt. Building awareness of these principles can empower students to make informed choices and navigate financial complexities confidently.
The Role of Networks in Career Success
Networking is a critical aspect of career development that can significantly enhance opportunities for students and young professionals. By leveraging platforms like LinkedIn, individuals can reach out, establish connections, and gain valuable insights from industry peers, fostering a growth-oriented mindset. University experiences often serve as a launchpad for building robust professional networks, enabling future career advancements. Students should recognize that cultivating these relationships is an ongoing process that can yield substantial benefits throughout their professional journeys.
Vivi Friedgut isCEO and founder of Blackbullion, a fintech business that helps students sort out their finances. We say it a lot and it’s true, the earlier you can get started with personal finance the better, and Vivi’s advice isn’t just for students, it’s for anyone who wants to know give themselves the best chance in life.
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Disclaimer: This is not financial advice. The reason it’s not financial advice is because it’s not tailored to you. We explain the principles of building wealth but if you want personalised advice, it’s worth speaking to a financial advisor. As with everything financial, please do your own research. We really encourage that because no one cares more about your money than you and if you learn the basics then it will change your life.
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