The need for the citizens to understand that “money does not grow in the trees”, underlined, among other things, the governor of the Bank of Greece, Giannis Stournarastalking to seminar organized by ΤτΕ together with the Central Bank of Cyprus.
THE commander of the BoG He said that citizens should understand that every euro has value, and in this effort crucial, in addition to teaching basic economic concepts and tools, is the strengthening of positive attitudes through the cultivation of so-called micro-habits, from an early age. . According to the OECD, financial literacy is not only the knowledge, but also the attitudes and mentalities that are necessary for the individual to be able to make effective financial decisions. Financial literacy support programs should therefore also aim to shape such behaviors.
“We are, after all, our habits, as Aristotle had said. “And there are indeed many ways we can teach new concepts such as wishes, choices and savings for future use,” said the BoG governor.
Mr. Stournaras predicted that in the future the economies may face more crises than in the past. “Therefore, economies need to become more resilient to negative shocks, such as climate change, migration crises, geopolitical tensions, in order to avoid future debt crises and further burden on future generations. Enhancing people’s financial literacy can play an important role in ensuring financial stability and mitigating the risk and impact of future financial crises, making households more resilient to shocks. It is accepted that the way in which individuals cope with additional financial pressures during a crisis depends on how well they understand economic concepts, such as debt accumulation and risk diversification.
“Financial education, therefore, plays an important role in order for people not to be unprepared in adverse economic times and to have the resources to cope with macroeconomic shocks”, stressed the Governor of the Bank of Greece.
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