If the individual has no financial literacy…

[Starmix]

It is definitely challenging when a close friend or a family member you care about isn’t receptive to advice, especially when it concerns their financial well-being. Lack of financial literacy is a significant factor, and unfortunately, it's something that often needs to be experienced firsthand before it truly resonates. Sometimes, seeing relatable examples can be more impactful than direct advice. Or perhaps focusing on the positive aspects of financial planning- the freedom and security it provides. You could brainstorm some strategies together, focusing on indirect and positive reinforcement. Perhaps a gentle, non-confrontational approach is best, focusing on that confidence for that friend or a family member can give self-reliance rather than directly criticizing her or his spending habits.

 

[eLdavis]

At the end of the day you can't really force such people, after you have tried talking to them, and they choose not to listen, the best is for them to experience it for themselves.

 

[Springtime]

If the individual is financially illiterate and is not interested in learning, you maytry to talk about financial matters with him/her causally or in a more interesting way. If s(he) is still not interested, then you have to let go. Afterall, it's his/her life.

 

[Starmix]

There are seminars on financial literacy and passive income so if you know of someone extravagant and no savings, take action to change his mindset by attending the seminar about financial literacy. If he gets angry then leave him alone. Someday he will regret neglecting the invitation.

 

[Augusta]

Sure it is to focus on the gentle, non-confrontational approach to give confidence for that friend or a family member . it can give self-reliance

 

[Kera]

I personally believe that anyone that has been broke before in life should investigate and learn how he or she can completely avoid being broke. From there, the quest for financial literacy starts.

 

[Starmix]

It is crucial if a person lacks financial literacy. He or she may not be able to save and only spend . He may retire broke .

 

[Augusta]

Poor Investment Decisions:
Without financial literacy, individuals may be more susceptible to making risky or poorly informed investment choices, potentially losing money or failing to grow their wealth effectively.

 

[Starmix]

It's crucial for the individual if he lacks financial literacy. His money may disappear sooner or later. The mind of the person is empty

 

[Suba]

My grandma, even though she doesn't have strong financial knowledge/literacy and doesn't even take advice from me, I'm always considered a child, but she has the skills to live frugally and save gold, besides that she also has strong instincts and beliefs and a positive attitude towards money.

 

[Augusta]

Financial literacy gives an individual the tools and resources they need to be financially secure for life. The lack of financial literacy can lead to many effects

 

[Starmix]

My grandma, even though she doesn't have strong financial knowledge/literacy and doesn't even take advice from me, I'm always considered a child, but she has the skills to live frugally and save gold, besides that she also has strong instincts and beliefs and a positive attitude towards money.

Your mom has a very good disposition and has a rich imagination. Albert Einstein said ' Imagination is more important than knowledge.' And that's what she possesses.

 

[Nomad]

If the person does not have financial literacy, they will not be able to save money, invest money and grow their money

 

[Starmix]

Those who lack financial literacy will end up broke when they reach old age. It is the crucial time reaching old age, and money is hard to find.