Daily Sabah logo

Politics
Diplomacy Legislation War On Terror EU Affairs Elections News Analysis
TÜRKİYE
Istanbul Education Investigations Minorities Expat Corner Diaspora
World
Mid-East Europe Americas Asia Pacific Africa Syrian Crisis Islamophobia
Business
Automotive Economy Energy Finance Tourism Tech Defense Transportation News Analysis
Lifestyle
Health Environment Travel Food Fashion Science Religion History Feature Expat Corner
Arts
Cinema Music Events Portrait Reviews Performing Arts
Sports
Football Basketball Motorsports Tennis
Opinion
Columns Op-Ed Reader's Corner Editorial
PHOTO GALLERY
JOBS ABOUT US RSS PRIVACY CONTACT US
© Turkuvaz Haberleşme ve Yayıncılık 2023

Daily Sabah logo

عربي
  • Politics
    • Diplomacy
    • Legislation
    • War On Terror
    • EU Affairs
    • Elections
    • News Analysis
  • TÜRKİYE
    • Istanbul
    • Education
    • Investigations
    • Minorities
    • Expat Corner
    • Diaspora
  • World
    • Mid-East
    • Europe
    • Americas
    • Asia Pacific
    • Africa
    • Syrian Crisis
    • Islamophobia
  • Business
    • Automotive
    • Economy
    • Energy
    • Finance
    • Tourism
    • Tech
    • Defense
    • Transportation
    • News Analysis
  • Lifestyle
    • Health
    • Environment
    • Travel
    • Food
    • Fashion
    • Science
    • Religion
    • History
    • Feature
    • Expat Corner
  • Arts
    • Cinema
    • Music
    • Events
    • Portrait
    • Reviews
    • Performing Arts
  • Sports
    • Football
    • Basketball
    • Motorsports
    • Tennis
  • Gallery
  • Opinion
    • Columns
    • Op-Ed
    • Reader's Corner
    • Editorial
  • TV

Spreading financial literacy during Women's History Month

by Taha Meli Arvas

Mar 22, 2019 - 12:26 am GMT+3
by Taha Meli Arvas Mar 22, 2019 12:26 am

I was recently invited to participate in a campaign to spread financial literacy in Turkey. The program is designed to offer women in Turkey an introduction to financial literacy throughout all 81 provinces during Women's History Month, March. Those who elect to take the class learn about the basics of stock markets, bond markets, calculating inflation, and the different types of financing among other things. I volunteered to teach classes in eight districts throughout the country comprised of four cities in the east of Turkey and four heavily populated districts within Istanbul. With only a few classes left to teach I wanted to offer insights into what I've learned from the participants so far.

First off, financial literacy is abysmally low wherever I go around the world both among laypeople and among "professionals." Must everyone know how to calculate the acceleration of stock prices and how it impacts options pricing? Of course not. Should everyone know why prices change for everyday goods and what the role of policy makers is in insuring price stability? Definitely.

If I learned anything by touring Ireland and Northern Ireland last month in talking with people about Brexit, it was that most people have no idea what Brexit will mean for both their countries and for them personally. To be clear, not only do voters not know enough about what Brexit really is but elected officials and financial professionals also appear to be very much in the dark. This is a pattern that exists nearly everywhere when it comes to finance and it is a shame. If knowledge is power, financial illiteracy is the ultimate relinquishment of power. Willful ignorance is the quickest way to financial instability.

There are popular and hilarious memes on social media that poke fun at how we were taught topics in school growing up that have no real-world value to us as adults. Writing a check, opening a bank account, brokerage accounts, retirement accounts, and filing taxes are all things that we weren't taught as kids growing up and similarly neither were kids growing up in Turkey. In speaking with the participants of these financial literacy seminars I can see that many are highly motivated to learn as much as they can about these topics but were simply never exposed to them in the past. The education system has failed many adults and it's time to insure it doesn't fail the next generation with respect to financial literacy.

The most basic topics include how to plan for retirement and how to take advantage of compound interest. Equity financing versus debt financing is an especially favorite topic of mine and understanding equity financing may help in promoting entrepreneurship in the future. I love the reaction of the classes when I talk about how currency markets are efficient and predictions involving the said markets are nearly impossible. Similarly, they are often surprised to learn that gold may not, over any given period of time, necessarily appreciate although it has for nearly the entire lifespan of many of the participants in dollar terms and especially in Turkish lira.

The one thing I've learned during these classes is that people who have been denied financial literacy in the past are especially eager to learn as much as they can so that they can now begin to take control over their own financial fate and this makes me especially happy.

  • shortlink copied
  • RELATED TOPICS
    fight-against-terrorism DEUTSCHE-BANK US-LIBYA-RELATIONS
    The Daily Sabah Newsletter
    Keep up to date with what’s happening in Turkey, it’s region and the world.
    You can unsubscribe at any time. By signing up you are agreeing to our Terms of Use and Privacy Policy. This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.
    No Image
    One of nature's most surreal phenomena: Northern lights
    PHOTOGALLERY
    • POLITICS
    • Diplomacy
    • Legislation
    • War On Terror
    • EU Affairs
    • News Analysis
    • TÜRKİYE
    • Istanbul
    • Education
    • Investigations
    • Minorities
    • Diaspora
    • World
    • Mid-East
    • Europe
    • Americas
    • Asia Pacific
    • Africa
    • Syrian Crisis
    • İslamophobia
    • Business
    • Automotive
    • Economy
    • Energy
    • Finance
    • Tourism
    • Tech
    • Defense
    • Transportation
    • News Analysis
    • Lifestyle
    • Health
    • Environment
    • Travel
    • Food
    • Fashion
    • Science
    • Religion
    • History
    • Feature
    • Expat Corner
    • Arts
    • Cinema
    • Music
    • Events
    • Portrait
    • Performing Arts
    • Reviews
    • Sports
    • Football
    • Basketball
    • Motorsports
    • Tennis
    • Opinion
    • Columns
    • Op-Ed
    • Reader's Corner
    • Editorial
    • Photo gallery
    • Jobs
    • privacy
    • about us
    • contact us
    • RSS
    © Turkuvaz Haberleşme ve Yayıncılık 2021