Financial literacy as part of empowerment education for later life: a spectrum of perspectives, challenges and implications for individuals, educators and policymakers in the modern digital economy

Abstract

This contemporary-based essay provides a case for a life course approach to financial literacy education that offers a pathway for individuals to enter their later years with improved levels of financial security and savings. Financial security in older age is seen as an important factor in promoting social connectedness with implications for (a) health and well-being in later life and (b) reducing social isolation and loneliness among older people. Financial literacy is presented within the context of an ongoing life skill requiring early habit building with the need for episodic updating in light of new information and changing life circumstances. Embedding financial literacy education within a life course framework is seen as offering the opportunity to gain economic empowerment leading to long-term financial stability and independence. The notion of economic empowerment is considered as an equal right for both men and women and warrants attention by educators and policymakers to address gender-related disparities in economic security. The increasing numbers of people expected to live longer lives will create an urgent need for early planning actions to achieve financial security in older age.