MAA104 | Financial Literacy Reflection Assignment Help
Reflection of MAA104 Financial Literacy
Introduction
Use of reflection is considered as an important way to gain insight of learning experiences which contributes in enhancing the meanings of learning activities. Based on importance of reflection, the underlying essay has allowed to get engage with learning experienced during the financial literacy courses.
To reflect on financial literacy facts it is important to understand and know what financial literacy is all about. It wont be wrong to say that financial literacy is the possession of knowledge and understanding of other financial matters. At the same time, according to OECD, Financial literacy is the combination of awareness, knowledge, skills and attitude that are necessary to make sound financial decisions (Pearson. G & Stoop. P, 2017).
The self-assessment has served as an important way to explore any difference created in my knowledge of financial management followed by this course. As part of reflection, I have assessed that how knowledge of financial management and financial accounting concepts has improved my ability to approach financial issues, both at personal as well as at organizational level.
Reflection of Financial Literacy
The financial literacy is linked with understanding of financial matters and development of skills through which that specific knowledge can be applied for generating effective financial management decisions (Javaherpaur. A, 2017). Prior to enrolling in the financial literacy course, I was not much aware of the role played by financial education in enabling individual as well as household financial management decisions. For instance, throughout my high school and college studies, I strived to learn about ways through which I can earn money and I also did some part time jobs in fast food chains. Although, I was earning a substantial amount of money and was receiving financial support from my parents as well, yet my balance was mainly in negative and my bank account was unstable. The financial literacy course has helped me to understand that I was never short of financial resources, yet main issue was linked with management of finance. When I initially attended the course of financial literacy, I learned that financial literacy is not just something which can help in accomplishment of career goals, but it can help secure and stabilize my future based in money management. I learned that money management is the key for ensuring that available financial resources are used in appropriate way, with an aim of avoiding financial vulnerability.
Prior to initial lectures, I have carried out independent research on financial literacy and I came across a study on importance of financial literacy for university students. It has highlighted that how financial illiteracy has contributed in enhanced burden of credit card debts among young adults (Barr & McClellan, 2018). Through research I found that access to students’ loans has increased 11.2% in Australia in past five years and 28% early university students have credit cards with outstanding balance (OECD, 2016). These are indication of financially risky behaviours among university students and it contributes in drop out of students from university, as they become unable to pay their fee. This research was turning point for me to seek interest in financial literacy course, such that I can learn new concepts through which I might enhance my understanding about the elements which play role in individuals and organisation financial decisions.
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The course has allowed me learn about numerous concepts of financial literacy, of which some were highly interesting, while other were quite difficult for me to understand. The first topic was related to prior learning about financial management and accounting concepts and thus it has served as revision of existing knowledge. The lectures about financial statements understanding and analysis were highly engaging as I wanted to practice these concepts on assessing the financial statements of real world organisations. Followed by this, lecture about Australian Financial System was highly interesting for me, as I was not aware of Australian financial markets, its legislations and about the types of financial intermediaries working in Australian financial markets. Additionally, for me, concepts of budgeting and risk management were difficult and I had to work hard for understanding these concepts. One strength of this course was linked with provision of workbooks each week, which has enabled me to reflect upon the knowledge of lecture and it has undoubtedly contributed significantly in my learning. Overall, all of concepts learned during each week of the course were opening up new areas of financial management for me and gradually I was able to recognise practicality of these concepts.
During the course, learning about financial accounting and financial analysis was extended based on analysis of financial statements. This learning has enabled me to apply the concepts on real world business issues, by offering assistance to an organisation in making investment decisions. For instance, as part of the assessment, I have played role of graduate analyst to carry out financial analysis of two companies, Harvey Norman Holdings and Woolworths Group with an aim of suggesting better investment opportunity to Event Pty Ltd. This exercise was highly important part of learning of financial literacy, as it enabled me to use knowledge of financial statement analysis for assessing the financial condition of these two companies. Additionally, this assessment has also offered chance to combine knowledge of both finance as well as non-finance aspects of the organisations to assess its financial stability. Likewise, learning about property and equity investments has also been used to suggest most suitable form of investment to Event Pty Ltd. Based on reflection of assessment in MAA104, I have linked my understanding of financial management concepts with real world business issues, which has fostered understanding of different concepts and has also helped me to understand practical use of financial literacy concepts. This assessment has not played part only in learning by doing, yet it can also guide my future career in an organisation, where investment decisions are considered as highly important for assuring future growth and sustainability of any organisation. Therefore, assessment part of financial literacy course was a key stone in developing learning about financial management concepts and theories. In terms of course learning outcome, I have effectively learned about the concepts and elements which can affect financial and investment decisions within an organisation as well as on personal level. I have also learned that how I can use financial reports for guiding business decisions. It indicates that learning objectives of the course were achieved in effective way, based on lectures, workbooks and assessments. Therefore, course has changed the way of looking at financial information and enabled to understand the importance of each financial indicator.
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