The national newspaper of the Dominican Republic, Hoy, covered the recent II Financial Education Fair Santo Domingo 2015. This event intended to educate the public on the proper use of financial resources, harnessing economic opportunities, and the power of family integration in financial decisions. President and founder of the Institute of Family and Money Matters (IFAYDI), Elaine King Fuentes, was the keynote speaker for the event.
According to a study, cited by King Fuentes, 72% of the Dominican Republic highly values the qualitative aspects of money. In contrast, only 50% of the surrounding region considers the quantitative aspects of money to be important. At the event, King Fuentes shared her methodology of the four key strategies; planning, saving, investing and sharing. King Fuentes employed an approach that called for financial education that goes beyond money and integrates family values. The 500 attendees showed proof that the country needs the knowledge and is open to new ideas . She stressed that the best way to manage finances is to include the entire family as part of the pool and make an organized plan for a family budget and saving for the future. Having these skills is powerful for citizens of the country as well as the economy.
The effects of financial literacy ripple out into the job sphere. “Companies that invest in training their workers in personal finance education have higher productivity,” said Elaine King Fuentes. Money management translates into more personal stability that frees a person’s mind to focus on work. “An employee with high financial awareness, will generate more for business and is going to be happier,” said King Fuentes.
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