MAA104 Financial Literacy - Reflective Journal Assignment Help

Introduction 

Use of reflection is considered as an important way to gain insight of learning experiences which contributes in enhancing the meanings of learning activities. Based on importance of reflection, the underlying essay has allowed to get engage with learning experienced during the course of Financial Literacy. 

To reflect on financial literacy it is important to understand and know what financial literacy is all about. It wont be wrong to say that financial literacy is the possession of knowledge and understanding of other financial matters. At the same time, according to OECD, Financial literacy is the combination of awareness, knowledge, skills and attitude that are necessary to make sound financial decisions (Pearson. G & Stoop. P, 2017). 

The self-assessment has served as an important way to explore any difference created in my knowledge of financial management followed by this course. As part of reflection, I have assessed that how knowledge of financial management and financial accounting concepts has improved my ability to approach financial issues, both at personal as well as at organisational level. 

Reflection of Financial Literacy

The financial literacy is linked with understanding of financial matters and development of skills through which that specific knowledge can be applied for generating effective financial management decisions (Javaherpaur. A, 2017). Prior to enrolling in the course of financial literacy, I was not much aware of the role played by financial education in enabling individual as well as household financial management decisions. For instance, throughout my high school and college studies, I strived to learn about ways through which I can earn money and I also did some part time jobs in fast food chains. Although, I was earning a substantial amount of money and was receiving financial support from my parents as well, yet my balance was mainly in negative and my bank account was unstable. The financial literacy course has helped me to understand that I was never short of financial resources, yet main issue was linked with management of finance. When I initially attended the course of financial literacy, I learned that financial literacy is not just something which can help in accomplishment of career goals, but it can help secure and stabilize my future based in money management.  I learned that money management is the key for ensuring that available financial resources are used in appropriate way, with an aim of avoiding financial vulnerability. 

Prior to initial lectures, I have carried out independent research on financial literacy and I came across a study on importance of financial literacy for university students. It has highlighted that how financial illiteracy has contributed in enhanced burden of credit card debts among young adults (Barr & McClellan, 2018). Through research I found that access to students’ loans has increased 11.2% in Australia in past five years and 28% early university students have credit cards with outstanding balance (OECD, 2016). These are indication of financially risky behaviours among university students and it contributes in drop out of students from university, as they become unable to pay their fee. This research was turning point for me to seek interest in financial literacy course, such that I can learn new concepts through which I might enhance my understanding about the elements which play role in individuals and organisation financial decisions.