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Financial literacy is the possession of skills, knowledge, and behaviors that allow an individual to make informed decisions regarding money. Financial literacy, financial education and financial knowledge are used interchangeably. [1] Financially unsophisticated individuals cannot plan financially because of their poor financial knowledge.
Professional development, also known as professional education, is learning that leads to or emphasizes education in a specific professional career field or builds practical job applicable skills emphasizing praxis in addition to the transferable skills and theoretical academic knowledge found in traditional liberal arts and pure sciences education.
For example, in healthcare, a patient being encouraged by their doctor to track their symptoms and adjust their medication accordingly would be empowerment, where as a patient deciding on their own that they wanted to improve their medication regimen and thus started tracking would be an example of self-empowerment. A recently coined term, self ...
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Self-help groups are seen as instruments for goals including empowering women, developing leadership abilities among the poor and the needy, increasing school enrolment and improving nutrition and the use of birth control. Financial intermediation is generally seen more as an entry point to these other goals, rather than as a primary objective.
Critical areas of personal financial planning, as suggested by the Financial Planning Standards Board, are: [21] Financial position: Financial position is concerned with understanding the personal resources available by examining net worth and household cash flow. Net worth is a person's balance sheet, calculated by adding up all assets under ...
According to David Fetterman, "Empowerment evaluation is the use of evaluation concepts, techniques, and findings to foster improvement and self-determination". [1] An expanded definition is: "Empowerment evaluation is an evaluation approach that aims to increase the likelihood that programs will achieve results by increasing the capacity of ...
Youth empowerment examines six interdependent dimensions: psychological, community, organizational, economic, social and cultural. [1] [8] Psychological empowerment enhances individual's consciousness, belief in self-efficacy, awareness and knowledge of problems and solutions and of how individuals can address problems that harm their quality of life. [1]