Importance of Economic and Financial Literacy
College of Business, New Media Video Production
Author
03/31/2025
Added
2
Plays
Description
This video explains the importance of economic and financial literacy and why the Nebraska Council on Economic Education is laser focused on increasing literacy in these areas.
Searchable Transcript
Toggle between list and paragraph view.
- [00:00:00.420]For over 60 years,
- [00:00:01.710]the Nebraska Council on Economic Education
- [00:00:04.170]has been on a mission
- [00:00:05.430]to increase economic and financial literacy opportunities
- [00:00:09.000]for K through 12 students in every corner of the state.
- [00:00:13.080]At its core, economics is the study
- [00:00:15.420]of making thoughtful decisions,
- [00:00:17.310]finding the most efficient ways to manage scarce resources,
- [00:00:20.580]and considering trade-offs.
- [00:00:23.010]An economic way of thinking
- [00:00:24.420]is an essential skill for all people.
- [00:00:27.270]Economic education in our schools
- [00:00:29.310]depends on the invaluable role
- [00:00:31.110]of confident K through 12 educators
- [00:00:33.510]who are equipped with high quality training and resources,
- [00:00:37.680]ensuring students develop the skills necessary
- [00:00:40.260]to make informed choices
- [00:00:41.670]as consumers, savers, investors, members of the workforce,
- [00:00:46.350]and citizens.
- [00:00:48.420]Economics teaches you about supply and demand,
- [00:00:51.330]about markets, about global trade,
- [00:00:54.450]and all of those things are really important
- [00:00:57.090]in everyday life and understanding the world around you.
- [00:01:01.320]We need young people who can make sound decisions
- [00:01:05.280]and be able to make reasoned decisions,
- [00:01:07.020]and so economics provides that foundation,
- [00:01:09.450]and be able to sit students down
- [00:01:11.010]and talk about reasoned decision making
- [00:01:13.320]really is important to the future.
- [00:01:15.810]Personal finance education is a natural subset
- [00:01:18.690]of quality economic education.
- [00:01:21.120]Students can apply economic concepts to personal finance
- [00:01:24.390]as they learn and become comfortable
- [00:01:26.640]with the meaning of scarcity, opportunity cost,
- [00:01:29.700]and incentives.
- [00:01:31.170]A solid understanding of the economic way of thinking
- [00:01:34.890]not only allows students to make informed decisions
- [00:01:37.650]about their financial lives,
- [00:01:39.330]but also shapes their financial futures,
- [00:01:42.450]making them feel responsible and proactive.
- [00:01:45.780]More than that, it inspires and motivates them
- [00:01:48.600]to make positive progress towards their desired life goals.
- [00:01:52.680]So, I think financial literacy
- [00:01:54.150]is really important for students
- [00:01:55.920]because they'll be hitting the real world very soon,
- [00:01:58.650]and we have so many financial pitfalls
- [00:02:01.020]between credit cards and getting into debt,
- [00:02:03.780]so it's really important that they have the knowledge now
- [00:02:07.410]so that they have the money to do what they want later.
- [00:02:10.560]And if you really master these concepts
- [00:02:12.540]that we're helping students learn,
- [00:02:14.640]then you're ahead
- [00:02:15.810]and you're running faster, you're jumping higher.
- [00:02:18.000]You're able to think about, you know, big issues
- [00:02:20.370]on, you know, how to contribute at a higher level,
- [00:02:24.210]Whether it's through investing or another job,
- [00:02:26.820]or how to hang onto that,
- [00:02:28.410]or not spend so much when they go off to college,
- [00:02:30.900]it is just integral and vital to everyone.
- [00:02:35.010]Our democracy depends on the active involvement
- [00:02:37.590]of economically literate citizens
- [00:02:39.570]who can understand and evaluate
- [00:02:42.030]critical public policy issues.
- [00:02:44.760]Economic and financial literacy is not just a societal need,
- [00:02:48.330]but a personal one.
- [00:02:50.040]It equips individuals to navigate complex financial systems
- [00:02:53.940]and make informed decisions
- [00:02:55.620]that directly impact their financial health and stability.
- [00:03:00.330]This literacy is crucial
- [00:03:01.980]for our economy to function effectively,
- [00:03:04.320]ensuring every citizen has the opportunity
- [00:03:07.020]to reach their fullest potential.
- [00:03:09.690]We can't wait for each and every one of you
- [00:03:12.270]to join us in our mission.
The screen size you are trying to search captions on is too small!
You can always jump over to MediaHub and check it out there.
Log in to post comments
Embed
Copy the following code into your page
HTML
<div style="padding-top: 56.25%; overflow: hidden; position:relative; -webkit-box-flex: 1; flex-grow: 1;"> <iframe style="bottom: 0; left: 0; position: absolute; right: 0; top: 0; border: 0; height: 100%; width: 100%;" src="https://mediahub.unl.edu/media/24375?format=iframe&autoplay=0" title="Video Player: Importance of Economic and Financial Literacy" allowfullscreen ></iframe> </div>
Comments
0 Comments