Table of ContentsImportance of Financial Literacy and Financial EducationHow Other Countries Apply Financial Literacy?What Can Be Done in Our Current School Systems ?My own level of financial literacyReferencesThe purpose of this essay is to provide information on the importance of financial management for students and how these can be applied in our school system. The data collected in this article comes from various academic articles and journals. This document has been written to capture all the relevant information needed to understand and explore what financial literacy is. In this essay, we discuss the topic of financial literacy, its importance, how other countries apply it, and how we can apply it in our school systems. Say no to plagiarism. Get a tailor-made essay on “Why violent video games should not be banned”?Get an original essayWhat is financial literacy? The term financial literacy is sometimes used synonymously with financial education. Although the two are different in the sense that financial literacy goes further than financial education. The Organization for Economic Co-operation and Development states that the idea of ​​financial literacy is a combination of the awareness, knowledge, skills, attitude and behavior necessary to make financial decisions and achieve individual financial wealth. The main goal of financial literacy is to help individuals better understand the basic financial concept so that they can manage their money better. One of the dimensions of financial literacy is understanding what personal finance knowledge is in financial education, and use, which goes into personal financial knowledge management. When you look at these two dimensions, you see that even if the person in question has financial knowledge, they must also have the skills to apply it when making financial decisions, otherwise they would be considered illiterate. Although there were many differences when trying to conceptualize and assess all dimensions related to financial literacy, there was some degree of agreement regarding its importance. Financial literacy is important because nowadays the responsibility of managing money has become more difficult for people, especially young people. The main group of concern is young people, as they are the generation that will live longer and the decisions they make will affect them for longer. There are different variations as to what age is considered a youth, but we can conclude that youth is a person between the ages of about 15 and 30 years old. According to Vitt, financial literacy plays an important role in making financial decisions because it shows an effort focused on growing positive knowledge, behaviors and attitudes. However, to date, there is no agreement in academia on which tools should be used to model financial literacy. Governments of different countries want to find practical approaches to improve their countries' financial literacy levels by creating financial education strategies with the objective of providing learning opportunities at different education levels. In addition to the government, international institutions and countless studies have been devoted to this topic. Financial literacy is also very important for countries with developing economies because iftheir citizens improve their financial well-being, this will boost the country's economy. It is important to know the difference between financial literacy and financial education. Financial education is a method of capacity development that makes it easier for individuals to make the right decisions and successfully manage their personal finances, while financial literacy is the ability to use acquired knowledge and skills. In other words, the focus of financial education is knowledge, while financial literacy is not only about knowledge but also about people's financial behaviors and attitudes. Financial education is also the foundation; it has to be there to then move on to financial literacy. According to the OECD, financial education is an approach by which people improve their understanding of financial products and their associated concepts and risks so that they can use the information and recommendations. provided to increase their abilities to make safe and important decisions to improve their financial situation. Anderloni and Vandone say one of the essential roles of financial education is to serve as a preventative action to manage their liabilities. Education supports people's knowledge of financial transactions, providing them with the tools to make responsible and informed decisions. How other countries apply financial literacy? Due to changing circumstances, changes in people's needs, the passage of time, what has happened and the nature of financial products, it is important to continue to educate people of all ages about their financial knowledge. It is for this reason that a number of economies and organizations have attempted to improve the level of financial literacy of individuals. In Australia, the Australian Securities and Investment Commission launched ASIC; New Zealand has developed the National Financial Literacy Strategy. In the UK there is the Financial Services Authority of UK and in India there is the Reserve Bank of India (which has also opened a variety of financial education centers across the country). For example, the number of financial products available to low-income citizens has increased; One example is that you now have the option to open a bank account with no minimum deposit, providing more alternatives to choose from. What can we do in our current school systems? Here in Curacao it is not common to teach financial literacy. at primary and secondary level. At the university level, there are financial education courses, but they are only required for students taking a finance program. In other programs, there are no specialized courses in finance education. As mentioned earlier, it is important for individuals to have financial education and financial knowledge in order to make wise financial decisions regarding their daily spending. It is essential to start teaching finance from a young age, as different research shows that young adults have the lowest level. financial literacy. A growing number of countries are recognizing the importance of financial literacy and integrating financial education into their school systems. This means that Curaçao must also start with this, so that it can start with some important points. First and foremost, they need to change their school system to include more financial education, and then they could establish a learning framework indicating the goals they want to achieve through this. Then, the. 68-78.