As per my earlier post, finance is one of the most important subject we must learn and hence financial literacy of the population of a particular country speak volumes on how successful of that country (at least from the financial/market perspective).
Recently, McGrawhill Finance has released their latest Standard & Poor’s Ratings Services Global Financial Literacy Survey and I am quite surprise with what I've seen. The survey was based on interviews with more than 150,000 adults across 148 countries in 2014 and following is how they define Financial Literacy :
Financial literacy is the ability to understand how money works in the world: how someone manages to earn or make it, how that person manages it, how he/she invests it, or how that person donates it to help others.Following are the key stats from the survey outcome (Top, Middle and Bottom 10 countries):
If you noticed, Singapore is not in any of the above-mentioned groups. So, where do we stand? I've since downloaded the report and did a brief check, we are not far off from the top and to my surprise, we are doing better than United States. ;-) We are standing tall at 12th place with the score of 59%, just one position behind New Zealand (11th place with the score of 61%).
How are some of the other Asean countries doing in the survey? More rooms for improvement...
Malaysia - 36%
Indonesia - 32%
Thailand - 27%
Philippines - 25%
Vietname - 24%
If you are interested to read more about the survey, you can download a copy of the report (free) from their official site.
To be frank, we are doing pretty well in the survey but there is always rooms for improvement. So, what can we do to improve our ranking like towards the Top 10? There are plenty we can do actually, some of them are :
1. Pick up some financial books (eBooks included) from the bookstores or library;
2. Pay more visit to financial blogs (like this one ;-) or read more finance/investment related articles from the mainstreams publication/newspapers;
3. If you have some cash to spare, can attend some of the financial course like Big Fat Purse's value Investing Mastery Course;
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| Financial Literacy Score (Top, Middle and Bottom 10 Countries) |
How are some of the other Asean countries doing in the survey? More rooms for improvement...
Malaysia - 36%
Indonesia - 32%
Thailand - 27%
Philippines - 25%
Vietname - 24%
If you are interested to read more about the survey, you can download a copy of the report (free) from their official site.
To be frank, we are doing pretty well in the survey but there is always rooms for improvement. So, what can we do to improve our ranking like towards the Top 10? There are plenty we can do actually, some of them are :
1. Pick up some financial books (eBooks included) from the bookstores or library;
2. Pay more visit to financial blogs (like this one ;-) or read more finance/investment related articles from the mainstreams publication/newspapers;
3. If you have some cash to spare, can attend some of the financial course like Big Fat Purse's value Investing Mastery Course;
4. Or even get involved in playing the financial board game like Cashflow from Robert Kiyosaki or our home-grown one called Wongamania (click here to find out more).
Are you surprised with this Global Financial Literacy Survey outcome?
Cheers!
Honestly I think 59% is pretty bad! Especially since the 4 questions they asked were so easy. We have a long way to go still.
ReplyDeleteJ : I think there are much more than 4 questions but these are the 4 categories of questions they are asking in the survey. But yes, agreed with you that there are still much room for improvement.
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