Financial illiteracy among the youth is one common culprit of inner peace and a major driver of poverty in our country. Impulsive spending does not only drain the pockets, but they also create emotional and mental crises. This behavior starts in the early stages of human life and continues to develop even after adulthood if not addressed. In today’s time, the youth seem particularly dispassionate
about responsible handling of money. ‘Wants’ take much of the resources instead of ‘needs.’ For the majority, spending is not a big deal because they are still young anyway and there is so much time to do it in the future. Every coin spent unwisely is one opportunity lost, and one opportunity lost will cause guilt and regret in the end. According to the National Economic Development Authority (NEDA), “the Filipino mindset upon receipt of salaries, as commonly-known, is that upon receipt of salaries, spending comes in before saving. If there’s none left, then, there’s nothing saved.” When an emergency surfaces it will be hard to pool up money, often sparking stress, anxiety, or depression. This is what makes the life of so many Filipinos nowadays miserable. Teenagers are very vulnerable to temptation and so if there are stimuli around they could easily give in to these temptations. That’s why NEDA furthers on by saying, “Financial education should be the best tool to effectively come up with better financial outcomes.” Financial illiteracy is an ever-present problem in the Philippines causing many opportunities to dissipate in a matter of seconds. It jeopardizes the government’s work against poverty. The wrong mindset about money makes it hard for many Filipinos to prosper; thus, as the “hope of the nation,” the youth should lead this reform, we should instill to them the value of a proper relationship with money.
