Economic literacy of young Kazakhstanis – what you need to know and be able to do to succeed in the modern world

Financial literacy in the modern and rapidly developing world has become one of the vital skills that a person must learn in order not to depend on the unstable situation in the global market and thereby ensure financial security for himself. In Kazakhstan, there has recently been an interest in improving financial education among the youth, since today's generation is the future participants in the economic market, therefore, it is advisable to start teaching economic erudition at an early age. It is necessary to start the study of financial literacy from school for a number of reasons. First, young people are the most receptive segment of the population for learning, so they will bring the most strategic return. Secondly, the acquisition of financial management skills at an early age will lead to the formation of good habits, since this knowledge is laid in them immediately and they can safely continue their independent study of economics without encountering difficulties in their mature years. In my opinion, financial literacy lessons should be introduced in all schools, as is done in the developed countries of the world. Since we have already dealt with the advantages of acquiring economic literacy at a young age, let's move on to the main thing: what strategy should Kazakhstani youth follow in order to become financially independent? First of all, each of us must plan our own budget, that is, keep track of it. You need to know exactly how much you earn and how much money you spend per month. The best option, of course, is to earn more and spend less. Another important and useful habit that young people should develop is to set aside some money in case you find yourself in financial difficulties. You also need to learn how to save money and not make spontaneous purchases. First, decide whether this or that thing is really necessary at the moment? If not, postpone the purchase. It is better to study the market and find places with favorable prices. The last, in my opinion, important point is the search for sources of passive income. Nowadays, it is not necessary to work hard at several jobs to support yourself, so studying the financial market and investing will be very useful in the life of the developing generation. At the beginning of my essay, I mentioned economic instability around the world for a reason. At this time, Kazakhstani youth should be able to analyze not only the economic situation in their country, but also in advanced countries, two of which we, by the way, border on. Over the past three years, the whole world has faced numerous economic and financial crises, as well as high inflation, due to various circumstances. I believe that thanks to this, the younger generation can understand how the financial market works in different conditions and will be able to develop the best strategy for continuing to conduct a safe business. In our difficult time, there are a lot of cyber scammers, which many young people are led to at the beginning of their careers. The most popular financial fraud is a pyramid scheme, the organizers of which are engaged in stealing money. Consequently, a low level of financial literacy and a lack of understanding in the field of economics can lead to bankruptcy, social problems and financial scams. In conclusion, I think that for the success of every young Kazakhstani it is necessary to set realistic goals with a specific amount and deadline. You also need to study the economic market all the time and be aware of all the news, because if you want to become successful and rich, you need to be financially literate.