One key advantage of this digital age is the ability to get information at the click of a button. Whilst this comes with many advantages, key one being the ability for businesses and organizations to reach more people without having to have physical footprints in all these areas. One key challenge is on how to differentiate the quality of information.
It can be quite confusing and overwhelming when we seek to improve financial literacy by gathering information from the internet. It is crucial to be discerning to ensure the accuracy and relevance of the resources.
Sharing some tips for picking the right information from the world wide web on financial literacy:
Source: Check on the source of information. Is it reputable? Is it a financial publication or information shared by a well recognized financial institution or financial organisation. Look for information from reputable and well-established financial institutions, recognized financial education organizations and Official financial regulatory bodies.
Credibility: Check the credentials of the author or organization providing the information. What is their experience and qualifications in the financial sector, and do they have a history of providing trustworthy financial pieces.
Validity: Financial information can become outdated quickly due to changes in regulations, market conditions, or best practices. Ensure the information is current and reflects the most recent guidelines and financial trends.
Facts vs Opinions: Differentiate between factual information and personal opinions. While opinions can provide valuable insights, they should be supported by evidence and not taken as absolute truths without further validation.
Conflicts of Interest: always check as well if the source has any affiliations or partnerships that could influence the information they provide. It is important to know if the person giving you advice online might be getting something if you follow their advice. If they are, they might not be completely honest with you on the risks vs rewards.
Bonus Tip: Create time as well to Cross-Reference: Compare information from multiple sources to see if the financial concept or advice is consistently endorsed by various reputable sources. You could also seek the expert opinion of reputable financial professional in the field – one who is able to give unbiased expert opinion and probably explain the concept to you in more relatable and simplified manner for easy understanding and guide you through application of the concepts.
Check out a few credible sources for those looking to invest in the Kenyan capital markets:
- Capital Market Products: Click Here
- Videos On Investing In Kenya: Click Here
- Podcast on Family Financial Literacy: Click here
- Podcast on Global & Kenyan Financial News: Click Here
