Stellar Development Foundation (SDF) published a blog post to describe its ideas about the national financial capability month. The post “Equitable Access Requires Financial Literacy” focuses on the plans and visions of SDF for creating equitable access to the global financial system.
The nonprofit organization claims that Stellar’s features can create a global infrastructure with low-fee services that help everyone connect to financial services. The latest post is published in April that is called National Financial Capability Month by the Biden Administration in the US.
Decentralized Systems Helping Financial Equity
As mentioned above, financial literacy is the main focus area of the latest post on the Stellar blog. SDF believes that for achieving financial equity, financial literacy is a strategic step. In simple terms, when people don’t know how to work with financial services, providing those services for them means nothing. As a result, educating people should be an essential goal for financial institutions.
SDF believes financial literacy has been a must since decades ago. But the lack of financial knowledge hit most of the populations harder in recent crises like the COVID-19 pandemic. The Foundation says that literacy changes with technologies, too. In other words, when innovative financial solutions like Stellar become the mainstream tools, people should upgrade their knowledge to be able to work with them.
Blockchain teams like Stellar Development Foundation have a significant role in educating mainstream users. Now that digital financial solutions are somehow common among most people, creators should focus more on educating their users.
Stellar Development Foundation is one of the leading teams in educating users. It has many programs with a focus on introducing and teaching Stellar services, as well as common blockchain-based solutions. Blockchain Basics, Intro to Stellar, Stellar for Remittances, and a primer on Cross-Border Payments are some of the Foundation’s education programs.
Financial literacy isn’t a problem that only is present in developing countries. Even in the US, there are lots o problems in educating mainstream users. SDF says in the latest blog post:
“We often think of financial inclusion and literacy as an issue more pertinent to developing countries, but as the Biden Administration is right to point out this month, these issues clearly exist in the United States, too. And if we want blockchain technology like Stellar to deliver on its mission of creating equitable access to the financial system, we need to play a part in educating those sitting on the periphery of today’s system, unsure of how to use the tools and services.”
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