The Significance Of Financial Literacy Skills Essay

The Significance Of Financial Literacy Skills - Essay Example With my intended motive of pursuing a major in accounting, the first and basic requirement is to develop my language peculiar to suit the subject for easy communication and achievement of organizational goals. Developing financial literacy is important in exploring the discipline of accounting which involves language and communication. Many educational institutions and curriculum setting boards such as the  New Zealand Curriculum  attach great importance to literacy skills and they mainly emphasize on literacy development. Some of the learning outcomes for accounting students in New Zealand include the acquisition of accounting specialist vocabulary; ability to read and understand accounting text and terms; ability to communicate ideas and knowledge using accounting language; and ability to listen and read critically, and assess the value of what one hears or reads. Accounting has its own specialist terms and vocabulary which are used to disseminate accounting-specific knowledge.   For instance, company financial statements tell the story of any business using numbers and they substitute words. As a result, accounting is defined as the global language of business. For this reason, literacy development is important in reading and understanding accounting theories and concepts successfully from almost every part of the world. For example, the use of accounting language by students encourages increased competency and confidence in written, oral, and visual literacy activities. Additionally, understanding accounting language avoids confusion that may arise from accounting categories of words that could have different meanings in other subjects. Through accounting literacy development, students can manage to avoid misunderstandings when using everyday life words within the accounting context. A good example is the word capital. When used in the everyday context of a capital city, the meaning refers to the largest city.