Only 37% of U.S. adults are financially literate (Although 80% think they are).

Financial literacy, defined by Harvard Business Review as the ability to understand and use various financial skills, including personal financial management, budgeting, and investing) has a direct impact on our daily lives.

It might sound elementary but when 120,000 U.S. adults were surveyed, only 37% of them passed a standard financial literacy test (Global Financial Literacy Excellence Center, 2020).

So before shrugging it off as something you already know, ask yourself this:

Are you truly financially literate?

Here are the five signs of being financially literate, according to University of Canberra Assistant Professor in Finance and Financial Planning Bomikazi Zeka:

📌 You track your cashflow
📌 You’re able to follow a budget
📌 You understand the difference between good debt and bad debt
📌 You have money in various places/accounts
📌 You set financial goals

Did you get all five?

If not, don’t worry too much!

The good thing is, there are so many free tools and tech that can help you become financially literate! So whether you’re just starting out or you want to elevate your business’ financial management processes, you can always do something today to build a stronger financial foundation for your future.

📰 In this week’s edition of In the Loop, we highlight different financial management tools, skills, and experts. 💸

3 AI tools to raise your financial management game

🇺🇸 ANN ARBOR, MI — In today’s cutthroat world of business, AI has ceased being a luxury; it is now a necessity to stay competitive. Yet, many small and medium-scale businesses still rely on familiar software, like Excel and Google Sheets for their financial analysis.

GMI POST selects a few of the best AI-powered financial apps that have emerged this year and can help improve your workflow and simplify financial management for your business.


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Should financial literacy training be exclusive?

🇺🇸 EVANSTON, IL — In the corporate world, outstanding personnel who are eyed for managerial positions usually go through training in financial literacy ahead of promotion. For their colleagues who show little potential, financial literacy is considered an unneeded skill set.

But times are changing. A growing number of companies have realized that financial literacy is for everyone and will ultimately benefit the entire organization.


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Why invest in Bangladesh? A.S. & Associates gives the answers

🇧🇩 DHAKA, BD — In terms of foreign direct investment (FDI), Bangladesh is attracting more attention from abroad thanks to substantial incentives and huge improvements in the business landscape. Full-service law firm A.S. & Associates has guided many international investors through the complexities of doing business in Bangladesh.


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MORE FROM GMI POST
Bringing down boundaries

📌 In recent years, Japanese schools have recognized the need to welcome more international students. Business issues aside, such as increased enrollment, colleges and universities in Japan know that students will benefit more in an environment that is more inclusive and culturally diverse.

Among those cross-cultural bridges is Temple University Japan.

Today, Temple University Japan has more than 2,000 students enrolled in degree programs both undergraduate and graduate (education, management, and law), and another 2,000-plus in non-degree programs.

📰 READ more about Temple University Japan in GMI POST’s Japan Education Report 2023: Global Groundbreakers, published online and in print via Foreign Affairs Magazine.

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