In today’s increasingly competitive business landscape, an understanding of financial matters is an important life skill. Whether this is negotiating, managing money or avoiding financial risks—regardless of age, your income or what industry you work in.
Financial literacy is fundamental to the long-term well-being of individuals and to raising living standards, but it can also fast-track career progression.
What is financial literacy?
Financial literacy is a combination of the skills, knowledge, capabilities required to make good decisions and become financially independent. This encompasses: managing money, building savings, making sound investment decisions and managing debt.The advantages of being financially literate are an improved quality of life, more opportunities and choice, and greater security throughout working life and into retirement.
More widely, it has a positive impact on the health of the economy. Aging populations are becoming an increasing challenge for governments around the world.
Why is financial literacy important for communication professionals?
Unlike other professionals, communication professionals are not formally trained in economics and finance during their higher education programs. They have not had exposure to areas such accounting and statistics.
Communication professionals working within corporate or finance-related industries will find these industries complex and specialized. Business leaders are increasingly expecting professionals working in these areas to have a “finance flavor” in their training and experience, in addition to a genuine interest in economics and global markets.
More widely, a background in finance-related knowledge will put communication professionals working in any industry at an advantage.
In the communication industry, the saying goes, “content is king and context is queen.” It’s critical that professionals have a view beyond their communication specialization, specifically an understanding of the economic and commercial context in which they are positioning their employers’ or clients’ products and services....
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