Most office workers lack basic financial knowledge
By Ann Yu, The China PostTAIPEI, Taiwan -- Some business enterprises have discovered that many of their workers lack basic knowledge of finance and business, according to a survey by 1111 Job Bank.
March 12, 2013, 12:19 am TWN
According to the survey, conducted in collaboration with the Economic Daily News, office workers scored an average of 48.47 percent on a test about basic financial knowledge.
The job bank said that 43 percent of enterprises encouraged their workers to take finance-related license tests. This not only proves a worker's financial literacy, it is also an advantageous skill that differentiates them from others when applying for a job, it stated.
Workers scored highest in the finance market field with a 69-percent average score, the survey found. However, workers scored lower in fields such as tax law and the international economy, with scores of 42 percent and 49 percent relatively, it added.
This indicates that most workers lacked basic knowledge in international finance and fields that required more professional study, 1111 noted.
National Chengchi University professor Chou Hsing-yi (周行一) explained that although many students begin preparing for an array of finance licenses during their school years, there are still some students who are completely oblivious to basic finance or economics.
He encouraged all students to take the General Economic and Financial Test (GEFT, 全民財經檢定) to test their abilities, and also as a way to force themselves to study the financial markets. “Students need tests to force themselves to study,” Chou remarked.
Chen Chao-ju (陳昭如), a representative from Fubon Financial Holding Corp., said that the GEFT is not just to test people in the finance or banking field, but an examination that everyone in general should take.
Chen revealed that the number of job applicants to Fubon this year has increased 20 percent compared to previous years, which means that employers are looking for more in a worker. “Having the required licenses or certificates is a way to improve one's opportunity of getting a job,” Chen said.
Deputy General Manager of 1111 Henry Ho stressed that a person's financial skills can influence one's self development in their work lives and is also related to how a person manages their finances.
He said, “Although most people do not need a professional level of financial skills, it is still better for one to understand a basic level of finance banking and stock markets. This is very useful when it comes to investment and increases the chance of profiting from your investments.”