Why you should cultivate your financial culture

BY UE STUDIO

Updated Tuesday, October 19, 2021- 16:39

• Share on Facebook

• Share on Twitter

• Send by email

"Whatever job we have, whatever job we have, we all relate to the financial world and that is why it is good to have a good financial culture to better manage our money and also to better understand the opportunities and risks that financial products have", accurate

, professor of Economics and Business of the Universitat Pompeu Fabra Barcelona School of Management, to

under

, the draft financial education of CaixaBank.

In our day-to-day lives, we come across problems that we can solve in a simple way if we have basic financial notions, but there are also cases in which it may be necessary to delve deeper into this knowledge. If, for example, we want

, we will have to start by learning to develop a good business plan, which allows us to have a 360 vision to be clear about our positioning and what capital we need to invest in order for the business to take off. "All this is very important to, at least, know if this idea has a certain financial viability or not. In fact, an idea, a good idea carried out rigorously and conscientiously and putting 120% of the effort goes much further than a great idea left to chance ", adds Puig.

Being clear about our goals is the starting point both to start a business and to achieve more modest dreams such as taking a trip, taking an English course abroad or any other medium-term objective.

"If we are rigorous in

, for example, and we review it constantly, we will notice very useful things such as, for example, if perhaps we pay for services that we do not use, or we have duplicate expenses, or we can see if they have risen prices ... That alone helps reduce expenses and brings you closer to your financial goal. "

Although you already have some savings, it may be time to

to obtain the maximum possible profitability from it, always knowing that investments are a double-edged sword: "There is no profitability without risk, the more profitability we want to obtain, the more risk we will have to assume." However, there is a sure value in which it is always worth investing: our future. As the professor points out, "when we are retired we will like to maintain our standard of living, so the sooner we start and plan our retirement, the better". In this case, the most common options to invest are pension plans or investment funds, but to find out which one suits us best, it is best to put yourself in the hands of a financial advisor who, once they know our situation and our profile, will help us clear up all possible doubts: "If there is something that we are not clear about,do not be afraid to ask as many times as necessary ".

CaixaBank Life, the financial culture portal

All these tips from Professor Puig can be found in 'Much to do', CaixaBank's financial culture project to

.

Along with the program, CaixaBank has created a financial culture content hub, located within the entity's commercial website, in which articles, videos and infographics are grouped that bring basic concepts of personal finance closer to all audiences.

CaixaBank also has face-to-face talks and workshops aimed at clients, shareholders, young people in ESO and vulnerable groups, many of which are taking place virtually nowadays due to the necessary adaptation in the context of the pandemic.

Made by UE Studio

This text has been developed by UE Studio, creative firm of branded content and content marketing of Unidad Editorial, for CaixaBank.

According to the criteria of The Trust Project

Know more