Zeeshaan
3 min readAug 15, 2020

Financial literacy & Cultural Implications

Hello everyone!

Do you know? The financial system globally is confined to various structures that tend to feel enduring & hereditary but in current reality, they are susceptible to cultural & literacy indicators that impact the various segments on financial decisions.

Let us decode this in a clear sense:

· Culture shapes everything globally from video games we play, the social norms we enforce in society & even the conversation that we make on various social media platforms.

· Money/finance has become a necessary evil in all our lives impacting the cultural values, beliefs that affect the financial structures.

· As an impact, the culture has on finance & on various financial aspects needs to be decoded/understood. Cultural diversities are often not observed easily which the frictions remain entangled/unsolved.

· In a multi-cultural society, like India, financial perceiving, financial spending, financial decisions are different from different cultures that impact the financial outcomes globally.

Image 1.1 — Key Financial Literacy Indicators

Financial literacy & impact on everyday habits:

· Starting from educating finance is a key indicator that can be filtered through our cultural lens. As per research these financial indicators of literacy are most influenced by financial socialization & play an important role in person self-control in regards to money.

· Overreaching the structures of finance & educational programs avoid the necessity of arming the young minds on a key aspect of how finance impacts holistically?

· The current culture commodifies & monetizes every existence but the basic knowledge on fundamental on finance to manage the financial goals are ignored to succeed in lives.

· The lack of financial literacy in schooling has exposed a larger cultural shift in the pattern of indifference which is mixed with our FOMO-Fear of missing out key implication on consumption, self-control & toxic financial socialization that we have been submerged in.

Financial literacy & cultural diversities go hand-in-hand to make/break the financial considerations/system globally. As per the image (1.1), it signifies the key makeover financial indicators is needed to bridge the following issues:

· To overcome the over-boarding on financial shocks into individuals, business & economy globally.

· To adapt, adjust & adopt the futuristic implication of finance on cultural diversities & navigating the choices on financial decisions holistically.

· To eradicating the various misconceptions about finance into various walks of life from personally, professionally & interpersonal means.

· Understanding the various niches available on financial careers, awareness, knowledge & skills that are required to develop a better financial world.

“Global finance is not always about the money terms; it is associated with many forces as-

  • Cultural influence,
  • Adoption of literacy of finance
  • The well-being of emotions/psychology that helps in building the soundness in understanding the finance.”