How can we improve our country's economy by on culture or ecosystem? - page 2.

dothebeats

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Quote from: Compromise me on June 01, 2023, 07:09:18 AM

There is a problem in the ecosystem or culture in Asian countries where children are taught to save their money while in European countries children are taught how to invest their money. This creates a complete culture shock.

Alright, let's be upfront here. First of all, Asia is a whole continent made up of countries with different cultures hence the generalization is off. It would have been better to state that financial education in Asia is lagging behind Latin America and other regions due to Asia's limited experience in the financial education sector. In fact, according to Yoshino, Morgan, and Wignaraja's 2015 study entitled Financial Education in Asia: Assessment and Recommendations, the reason why most Asian children are being taught to save rather than invest is not because of culture and other factors but is due to two factors: (1) lack of diversity in financial products and (2) lack of unification between education programs at the national level, the level of central banks and regulators, and the private sectors.

In conclusion, it is not culture or ecosystem that affects why most Asian kids are being taught to save rather than invest, it is the countries' lack of experience in financial education.

Link to the research article: https://www.adb.org/sites/default/files/publication/161053/adbi-wp534.pdf

chigo

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Quote from: Synchronice on June 01, 2023, 07:14:26 AM

Quote from: Compromise me on June 01, 2023, 07:09:18 AM

There is a problem in the ecosystem or culture in Asian countries where children are taught to save their money while in European countries children are taught how to invest their money. This creates a complete culture shock.

It's not like that, it's in everyone's culture to save money, that is what you'll learn in every family but European economic model gives one financial stability to really make savings and invest in something because European person doesn't have to worry about healthcare and job safety.
So, even in Europe, it's completely up to you, whether you follow the advice "save money" or use European stability to invest money, no one teaches you what to do.

although it cannot be generalized, I agree with what the OP said, Asians tend to choose things that are safe because they have been taught since childhood to play it safe (saving) rather than playing risk (investing), So don't be surprised why deposit interest rates in Asian countries, especially my country, are quite high, that's because the majority of people like to save and are used to saving.

European citizens' financial education is also very good when compared to Asian citizens, I still remember a tourist from Europe who had visited my neighborhood saying "life is short, so you have to work your money through investing not saving"

bayu7adi

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Prioritizing financial education takes precedence and should serve as the cornerstone for everyone's growth in the financial realm. Opting for experts who are more proficient and verified holds paramount importance here. Regardless of the magnitude of your payment capability, maintain the conviction that their knowledge is most deserving of consideration.

For fundamental analysis, it is indeed employed as a reference in long-term investments. Everyone should acquaint themselves with the fundamental aspects of the relevant assets to comprehend the future projections of a project or associated company.

As for technical analysis, I wouldn't recommend it unless you genuinely wish to squander your brief time. Candlestick patterns no longer hold the conducive value they once did for investment references; what holds utmost significance is the fundamental analysis.

uswa56

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Quote from: Negotiation on August 28, 2023, 01:16:06 AM

To improve the economy of our country through culture or ecosystem we need to remove prejudices through culture the society is full of prejudices. Most of the people in the country are poor and economic development is possible if their standard of living is improved. Also, we have to take appropriate measures and provisions to govern the market, stop the injustice of free trade, implement the human rights of farmers workers citizens and protect the environment. This is not only economic development, but overall development, which will advance human potential towards full development. This development will serve the society and thereby increase the self reliance and self control of the common man.

In an effort to improve the country's economy, of course there are many things that need to be considered and will depend heavily on the environment and the surrounding community to be able to produce what they can develop to be sold on the market so that it can help the economy of the surrounding community. Each region certainly has its own cultural characteristics and this will be very good if they can develop the culture they have and of course this will depend heavily on the surrounding community and support from the local government, if this can be developed it will certainly greatly help their economy and of course it will

Negotiation

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To improve the economy of our country through culture or ecosystem we need to remove prejudices through culture the society is full of prejudices. Most of the people in the country are poor and economic development is possible if their standard of living is improved. Also, we have to take appropriate measures and provisions to govern the market, stop the injustice of free trade, implement the human rights of farmers workers citizens and protect the environment. This is not only economic development, but overall development, which will advance human potential towards full development. This development will serve the society and thereby increase the self reliance and self control of the common man.

TheUltraElite

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Improve a population's education standards and relieve them from religious dogma and a lot of these problems will get controlled. Lack of job security and unemployment are major stress factors that worsen the mental health and productivity of a country along with that discipline is essential too. I feel that even though such problems exist, certain people will always take advantage of the situation and make profits off the same. Like the people who made profits during the pandemic and the war, such people will always prosper and sustain through tough times.

Learn from such cunning people and try to inculcate their habits and methods. The ability to quickly identify which market is going to be in demand is a trait and should be tried by all.

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Quote from: odunybiz on August 22, 2023, 06:21:15 PM

Quote from: Aanuoluwatofunmi on August 09, 2023, 04:23:17 PM

As citizens of a noble patriotic community, we need to support the government through what they are doing for us,

What of if you live in a country where your government don't even care about the citizen? Where tax are collected from the citizen and no infrastructure development.

You can do as you wish and even evade taxes to denounce your government but you should not use this incident to stop developing yourself. The best action to improve a country is to improve oneself. Don't be reliant on the invalid/sick government. By improving oneself and being self-sufficient is one way of contributing to the improvement of the country's economy. Imagine if the majority of the population is self-sufficient, it will definitely skyrocket the county's government

Quote from: odunybiz on August 22, 2023, 06:21:15 PM

Quote from: Aanuoluwatofunmi on August 09, 2023, 04:23:17 PM

we gave to be supportive and encourage them to do more through the attitude we show in appreciating them.

Are we going to encourage and support them on more embezzlement and corruption?

Obviously not but will you let this kind of government to stop you from improving yourself and your own economy? Do not put blame all the problem to the government often times it is our owndoing why we are lacking.

Quote from: odunybiz on August 22, 2023, 06:21:15 PM

Quote from: Aanuoluwatofunmi on August 09, 2023, 04:23:17 PM

we need to develop our own self confidence and reliability in what we do.

I so much love this. Developing oneself and have confidence in oneself can be a key way to develop ones country.

True that, when the government acts as only a decoration, then it is much needed to make ourselves confident enough to be self-reliant and improve our personal economy.

jaberwock

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Quote from: Joshapat on August 24, 2023, 04:56:23 AM

Quote from: Pierre 2 on August 15, 2023, 12:19:39 AM

I generally want to comment on my own country, Türkiye. Children here are always taught to never use debts. Total avoidance is never good thing like parents say. Parents are worried of getting too relied on debts in spiral. But sometimes debts can be very advantageous. Also young people are never taught with investment schemes. People only know to buy international currencies or gold. But there can be better opportunities in Turkish companies stocks (sometimes making %10 a month profits in USD!)

It's a good thing if parents teach their children not to be in debt, and in my opinion this is very good for training children to get used to working hard and not depending on debt, like it or not, of course debt is a very torturous thing because of the high interest, training children to invest in gold or any other commodity is a very good thing.

This was pretty advanced. Normally we can only hear that parents are teaching their children on how to save money, but now that we have an idea, we can also incorporate it to the existing lesson that we provide. You can't depend on debt alone because how can a company or someone lend you money if they know that you don't have any stable source of income such as working on a real job? But working hard doesn't mean that we already have enough money.

This is why lending companies are successful because lots of people are using their services. It only boils down to how we control our selves. Teaching kids to invest also sounds unusual but why not right? Maybe they can't do it in their own for now but once they hit the right age, they already know what to do.

bestcoins1

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Quote from: Hanadawa on August 24, 2023, 05:56:13 AM

Of course! Most children in Asia have parents who work all day and sometimes even a whole week. This causes a lack of parental role in raising and educating children. In economic terms it is the same. I believe most Asian children experience childhood without economic guidance from their parents. And I'm grateful because it makes us strong people in finding our own way to improve the economy and help our family's economy.

It probably only happened to a small part of society in the past in some countries in Asia, because I don't think that all parents in Asian countries are like that. Currently, I myself have also begun to find slight differences in the way of educating children by a small number of parents in my environment, where they gradually teach all the good things for their respective children, including matters related to the economy.

So what you said didn't always work like that until now because most parents in Asia also see how their child's development level is when they don't really care about important sciences like economics and others. And for more details, you can see and make your own research on how to educate children by some parents in your own environment from now on, so you can find out what differences exist in your community.

icalical

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Quote from: Hanadawa on August 24, 2023, 05:56:13 AM

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Of course! Most children in Asia have parents who work all day and sometimes even a whole week. This causes a lack of parental role in raising and educating children. In economic terms it is the same. I believe most Asian children experience childhood without economic guidance from their parents. And I'm grateful because it makes us strong people in finding our own way to improve the economy and help our family's economy.

Well not all Asian, I don't want to sound stereotyping but it's true, all of my chinese friend were taught how to manage their money, and how to make more money from the money that they got from their parent since they were young. Not all of them are rich but even the middle-class chinese parent teach better about money compared to other rich non-chinese parent. What I am saying is that other Asian parent should do that too, it is not impossible and not so hard.

Hanadawa

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Quote from: Pierre 2 on August 15, 2023, 12:19:39 AM

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Debt can bring both positive and negative things. The positive is that we can increase the expansion of our business or sales using debt. This is often done by world businessmen. But the negative is (because this is talking about teaching economics to children) when children think that debt is not debt. It means that when we see debt as our money it will be a problem because we will tend to use it for consumptive needs.
That's why I think there is no problem with debt, but we have to teach our children about how to manage debt to improve our economy. But it is very difficult because children tend to be psychologically immature.

Quote from: icalical on August 13, 2023, 08:52:55 AM

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Of course! Most children in Asia have parents who work all day and sometimes even a whole week. This causes a lack of parental role in raising and educating children. In economic terms it is the same. I believe most Asian children experience childhood without economic guidance from their parents. And I'm grateful because it makes us strong people in finding our own way to improve the economy and help our family's economy.

Joshapat

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Quote from: Pierre 2 on August 15, 2023, 12:19:39 AM

I generally want to comment on my own country, Türkiye. Children here are always taught to never use debts. Total avoidance is never good thing like parents say. Parents are worried of getting too relied on debts in spiral. But sometimes debts can be very advantageous. Also young people are never taught with investment schemes. People only know to buy international currencies or gold. But there can be better opportunities in Turkish companies stocks (sometimes making %10 a month profits in USD!)

It's a good thing if parents teach their children not to be in debt, and in my opinion this is very good for training children to get used to working hard and not depending on debt, like it or not, of course debt is a very torturous thing because of the high interest, training children to invest in gold or any other commodity is a very good thing.

odunybiz

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Quote from: Aanuoluwatofunmi on August 09, 2023, 04:23:17 PM

As citizens of a noble patriotic community, we need to support the government through what they are doing for us,

What of if you live in a country where your government don't even care about the citizen? Where tax are collected from the citizen and no infrastructure development.

Quote from: Aanuoluwatofunmi on August 09, 2023, 04:23:17 PM

we gave to be supportive and encourage them to do more through the attitude we show in appreciating them.

Are we going to encourage and support them on more embezzlement and corruption?

Quote from: Aanuoluwatofunmi on August 09, 2023, 04:23:17 PM

we need to develop our own self confidence and reliability in what we do.

I so much love this. Developing oneself and have confidence in oneself can be a key way to develop ones country.

edy_58

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Quote from: xSkylarx on August 14, 2023, 11:07:56 PM

Quote from: icalical on August 13, 2023, 08:52:55 AM

I live in one of the Asian country and I am very much agree and I can relate this with my experience, my parents weren't so educated and they are too busy working to teach me anything about money, I wish the school could teach me about money management, and I think there are many people facing similar issue. After I get my first job, working and earning money was easier for me than managing money, the only thing I know was saving money to my account, nothing about how much can I spend for entertainment, for food , etc. I only learn about those thing and other financial thing from the internet.

Most of us are the same; school doesn't teach us how to hustle and earn money; they just teach us what is written in the book and prepare us to find a job. There is no business or other financial stuff that was taught to us; we need to discover it on our own. We know that we can learn it from the internet, but it is still good if we can also learn or tackle the basics of it in school because that is really one of our goals in life.

I also feel the same way, in my education I have never found the knowledge of making money immediately, when I finish my education it will seem strange that education alone will not be able to do anything to make money and this is a very sad thing, so I have to trying various types of jobs in order to make money.

Pierre 2

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I generally want to comment on my own country, Türkiye. Children here are always taught to never use debts. Total avoidance is never good thing like parents say. Parents are worried of getting too relied on debts in spiral. But sometimes debts can be very advantageous. Also young people are never taught with investment schemes. People only know to buy international currencies or gold. But there can be better opportunities in Turkish companies stocks (sometimes making %10 a month profits in USD!)

xSkylarx

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Quote from: icalical on August 13, 2023, 08:52:55 AM

I live in one of the Asian country and I am very much agree and I can relate this with my experience, my parents weren't so educated and they are too busy working to teach me anything about money, I wish the school could teach me about money management, and I think there are many people facing similar issue. After I get my first job, working and earning money was easier for me than managing money, the only thing I know was saving money to my account, nothing about how much can I spend for entertainment, for food , etc. I only learn about those thing and other financial thing from the internet.

Most of us are the same; school doesn't teach us how to hustle and earn money; they just teach us what is written in the book and prepare us to find a job. There is no business or other financial stuff that was taught to us; we need to discover it on our own. We know that we can learn it from the internet, but it is still good if we can also learn or tackle the basics of it in school because that is really one of our goals in life.

odunybiz

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Quote from: Compromise me on June 01, 2023, 07:09:18 AM

In this post I will explain how adding certain factors to our culture can improve our country's economy. Same important factor to consider is the lack of awareness and education both technical and fundamental.

First point: Financial Education

Making money
Money management
Growing money

There is a problem in the ecosystem or culture in Asian countries where children are taught to save their money while in European countries children are taught how to invest their money. This creates a complete culture shock.

This article really opened my eyes. I never taught of it that culture can affect the economy but with the example above, I'm a bit convinced.

Quote from: Compromise me on June 01, 2023, 07:09:18 AM

For instance in our culture people tend to save their money by depositing it in fixed deposits (FD) where it will grow slowly over 10 years. Still if we educate people about investing in crypto trading or the stock market they can aim for higher returns in a month three months, or even a year. This change in culture will have a significant impact.

Most people believe in fixed deposit than investment. This is because they never think of the importance of investment to their economy compare to when the money is fixed. And also just like the OP as early said, most culture teaches savings rather than investing.

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It is possible, but there should be an independent organisation to work on it. The growth of the country relies on the diverse in culture and the government's act of producing more opportunities. Whether it is inflow or outflow of money, proper reason behind the same won't be having much impact on the price of bitcoin and other cryptocurrencies.

icalical

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I live in one of the Asian country and I am very much agree and I can relate this with my experience, my parents weren't so educated and they are too busy working to teach me anything about money, I wish the school could teach me about money management, and I think there are many people facing similar issue. After I get my first job, working and earning money was easier for me than managing money, the only thing I know was saving money to my account, nothing about how much can I spend for entertainment, for food , etc. I only learn about those thing and other financial thing from the internet.

19Nov16

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As citizens who care about the progress of the country, it is time for us to always know and play an active role in all government programs, for example is to increase the country's foreign exchange with culture, if our region has a unique culture, it is time to make a professional manager, we can ask Assistance or support from the local government, by actively providing promotions, tourists will come and local economic life will develop.

Topic: How can we improve our country's economy by on culture or ecosystem? - page 2. (Read 937 times)