EDUC 328/ EDTL

325 MODULE 8
Financial Literacy

Name: Kim-Hurry H. Mier

Course: Btled-He3
Answer the following questions:
1. What is financial literacy? Explain.

 The capacity to handle and budget money is known as financial literacy.

Knowing how to handle our money for our needs is a sign of financial literacy.
Since not everyone is financially solid, we must grasp financial literacy in
order to be literate in managing money. Financial literacy is connected to the
money we spend for our own needs and wants. Being financially literate
enables us to effectively manage and control our finances. Earning, spending,
saving, borrowing, and investing are the five essential elements of financial
literacy that will assist us in managing our finances. These five elements are
critical for everyone to understand since they will teach us how to effectively
manage and

2. Differentiate budgeting, saving, spending, and investing.

 Everyone should be familiar with the terms budgeting, saving, spending,

and investing since they are crucial to financial literacy and will teach us
all how to handle and manage our money sensibly. Making a strategy for
how we will spend our money is what we mean when we talk about
budgeting. Before we can use budgeting to help us balance our spending
with our income, we must first determine if we have enough money for
everything we need. Spending is the process of establishing budget
objectives that will act as our wish list for money. We only need to spend
money on necessities; spending is the money we use to pay for our needs,
wants, vacations, and other activities. The last method is investment,
which is the act of increasing our savings or the amount of money we may
invest in order to generate additional income for our future requirements.

Educ 328 – Building and Enhancing New Literacies Across the Curriculum
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3.
325
What are ways of avoiding financial scams?

Avoiding financial scams requires vigilance, skepticism, and caution, especially

in today's digital world where scams can come in various forms Here are some
tips to help you steer clear of financial scams

 Be cautious with your personal information: Avoid giving out your

personal or financial information in response to unexpected requests.
This includes your Social Security number, bank account details, and
passwords.

 Stay skeptical of unsolicited offers: If you receive a phone call,

email, or message offering you a deal that seems too good to be true, it
probably is. Scammers often use unsolicited offers to lure victims into
their schemes

 Verify the legitimacy of the company or individual: Before providing

any personal or financial information, research the company or
individual contacting you. Look for reviews, check their website, and
verify their contact information

 Protect your personal information online: Use up-to-date antivirus

software on your devices to safeguard your personal information. Be
cautious of pop-up windows and never respond to foreign lottery scams
or phishing emails

 Be cautious of requests for money or payment: Scammers often ask

for money or payment through unconventional methods, such as wire
transfers or gift cards. Be wary of such requests and only make
payments to trusted sources

 Educate yourself about common scams: Stay informed about the

latest scams and fraud tactics.

This knowledge will help you recognize warning signs and avoid falling
victim to scams Remember, we're all vulnerable to scams, so it's important
to stay vigilant and protect yourself. Is there any specific type of financial
scam you'd like more information about?

Educ 328 – Building and Enhancing New Literacies Across the Curriculum
 4. How do you understand insurance and what type do you want to avail of?

 Insurance functions similarly to a risk management strategy. Purchasing

insurance entails safeguarding yourself against unforeseen monetary
losses. If anything unfortunate occurs to you, the insurance company
compensates you or a designated beneficiary. In the event of an accident
and you don't have insurance, you can be liable for all associated
expenses. And if I do get insurance, I would rather have life insurance.
Because it shields your loved ones and allows you to leave them with a
non-taxable sum upon death, life insurance is crucial.

5. When can we say that a person is financially stable?

 Someone who pays their taxes on time, or perhaps ahead of schedule, and
has no debt is, in my opinion, financially sound. If you are able to
purchase all you require without even taking out loans from others, you
are regarded as financially solid. You also have confidence in your
financial circumstances. You know you will have the money, so you don't
stress about paying your payments. You have enough money saved for
emergencies as well as for your future ambitions, and you are debt-free.
The goal of financial stability is not wealth. It's not really a number at all.
It's more about your financial holdings and mentality. There is no tension
when your finances are stable.

6. How will you integrate financial literacy in the curriculum for related disciplines?

 Being financially literate will greatly benefit your future and your life
objectives by assisting with the strategy to integrate financial ideas into
your curriculum for related subjects. You now know how to manage your
finances well and save money on your own. You may allocate your funds
and make sure every penny is used. It will instruct you on how to handle
your money sensibly and develop financial stability.

Don’t forget our third course requirement. Turn to pages 3 and 4.

Educ 328 – Building and Enhancing New Literacies Across the Curriculum
 EDUC 328/ EDTL
325 Requirement No. 3

Part 1 – Life and Values Integration

Share a personal experience in which you were confronted with financial crisis
or scam.
What life lessons and values have you realized and learned?

I grew up knowing that my family was struggling financially, and I recall that my
parents were unable to purchase some school materials for me while I was in
elementary school. When I was younger, there were moments when I wondered what it
was like to have money and be able to purchase necessities. I was in elementary school
during the time I was in this phase of my education. Having new items was challenging,
particularly when my parents were impoverished.

That's what I went through then, but it remains the same now. Since I'm a college
student, it's much harder since you need money because it's not an easy life.

I've gone through the kind of struggles when you don't have anyone near to you, but
occasionally you wake up and there are people to support you. since of this, I came to
the realization that I needed to fight harder since college life is not an easy one.
Because of this, I always remind myself that if you graduate from college and have your
credential and title, you can still advance.

Part 2 – Research Analysis and Implication

Analyze the following research abstract and cite its implication on teaching-
learning. You may download the full paper of this research on the website given below.

Educ 328 – Building and Enhancing New Literacies Across the Curriculum
Analysis: What are the critical factors in personal financial planning among higher
education teachers?
Based on the research study, retirement planning, financial planning, financial
management, tax planning and control, financial capacity and inflation, risk
assessment and insurance product differentiation, estate planning and execution,
short-term debt and liquidity, different uses of financial products, spending, and saving
were found to be critical elements in personal financial planning among higher
education teachers. Changes in Time and Estate Value

Implication: What is the impact of each of the factors on financial literacy and planning
among teachers?
Research indicates that financial literacy improves personal financial management
(Mohamed E. Ibrahiml & Fatima R. Alqaydi, 2013; Kapoor, Dlabay, & Hughes, 2014).
No other information was added. Furthermore, most higher education instructors
possess a high degree of financial literacy; regardless of their field of expertise, they can
make independent plans and understand many facets of personal financial
management.

Educ 328 – Building and Enhancing New Literacies Across the Curriculum