| |December 20199These issues cross nation-al borders. As per yet another study, two-thirds of Americans cannot pass a basic financial lit-eracy test, and the number of those who can pass such a test are decreasing annually.These trends are reflected globally.What makes financial liter-acy important?· The ability to understand how money works· The knowledge of how to make money work in the most optimal manner· The art of investing· The ability to manage mon-ey and make sound financial decisionsAll of the above comprise financial literacy, and all are important.Lacking financial know-how will obstruct you from mak-ing wise financial decisions, with potentially disastrous consequences. As one small ex-ample, financial ignorance can attract business partners who take advantage of others' hard-earned money.How are Fintech Lenders Bridging the Gap?Many fintech have committed them to offering their customers financial education alongside the lending, payment, lending, or oth-er financial services they provide.Fintech lenders in particular have a reputation for being easy to use.Many fintech lenders are known for:· Easy digital applications· Quick loan processing time· Friendly assistance· Collateral free loans· No or low prepayment penalty· Customer educationWhile collateral-free loans and no prepayment penalties are cer-tainly attractive, the highlight of this list is really the technolo-gy. The easy application, the fast loan processing times. Accessibil-ity. Less hassle. Less paperwork. And, crucially, the integrated fi-nancial planning processes not to mention the help available at your fingertips when you need it.If you are a budding entre-preneur, you are certainly likely to benefit from financial guid-ance. And fintech roll out all sorts of informative articles, videos, interviews, e-books, and more, all in service of public financial education.Where will Fintech Take Us?Remember those statistics about financial literacy from before? As consumers become more com-fortable using fintech apps to pay bills, receive money from friends and family, or get a home loan, they will inevitably come face-to-face with these fintech's educational content. As fintech catch on, we can expect people ­ the whole world, perhaps ­ to be-come more and more financially knowledgeable.So naturally, as we look to the future, we look to fintech. C ILACKING FINANCIAL KNOW-HOW WILL OBSTRUCT YOU FROM MAKING WISE FINANCIAL DECISIONS, WITH POTENTIALLY DISASTROUS CONSEQUENCES
< Page 8 | Page 10 >