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Health is the foundation of a person's development and success. Along with physical and intellectual health, financial health is an essential component of rational decision-making. Financial health is crucial for the well-being of society as a whole.
What does it mean to be financially healthy?
In order to accomplish this, we must be able to count, calculate, make choices, and act frugally from a young age. Therefore, it is necessary to establish a foundation of basic financial knowledge in kindergarten.
This knowledge is further refined and reinforced in schools. Students learn basic budget planning, which becomes a valuable asset when making financial decisions with family members.
Financial literacy is a a set of awareness, knowledge, skills, attitudes, and behaviours that enable individuals to understand financial products and services, assess financial risks and opportunities, and make rational choices (OECD-Organization for Economic Co-operation and Development, 2012). Since financial literacy is acquired throughout one's lifetime, its development is not limited to school education. People constantly have to make financial decisions as students, employees, managers, and heads of households. Naturally, people with high financial literacy cope with these decisions easily. Factors that indicate high financial literacy include obtaining a stable income, efficient spending and effective saving habits, and the ability to make rational investments.
Experience shows that consumers who followed the four essential principles of financial health were able to survive even the greatest crises in history unscathed.
For this reason, the Central Bank of the Republic of Azerbaijan is implementing various measures to increase consumers' financial literacy and protect their rights. These measures target schoolchildren, students, teachers, elderly individuals engaged in household chores, small- and medium-sized entrepreneurs, human resource managers, and journalists specializing in economics and banking.
To raise awareness, trainings, seminars, summer schools, and workplace events are organized for the aforementioned target groups. In this context, public actions, competitions in various categories, and propaganda campaigns have been carried out. Educational games of practical importance and various intellectual resources have also been created.
Join us in supporting these initiatives!
Let's take care of our financial health together!
For inquiries, suggestions, and comments, please contact us at: mmpi@cbar.az
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