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Financial Education: A Panacea in Today’s Modern Society?
Financial literacy is a hot topic in today’s modern society. The financial landscape, including its digitalization, has become increasingly complex, leading some consumers on the edge of overindebtedness. Sometimes consumers are not even aware of the gravity of their financial situation until it is too late. This is because often consumers accumulate debt over time, by taking one ‘small’ loan after the other. Unfortunately, all these ‘small’ loans may become one excessive debt!
Across the globe, research has shown that consumers suffer from low financial literacy. Financial literacy helps consumers to manage their money effectively in such a way that they can meet current and future financial obligations. A popular way to increase financial literacy is via financial education efforts, such as the Financial Education Month of the Centrale Bank van Curaçao en Sint Maarten (CBCS), which we will elaborate further on later.