Importance of Economic and Financial Literacy

College of Business, New Media Video Production Author

03/31/2025 Added

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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.

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[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.

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Importance of Economic and Financial Literacy

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