Ali Velshi Interview…

IIFL’s Anil Mascarenhas interviews Ali Velshi…

You have been an anchor of Your Money. When it comes to money, to what extent do you find viewers financial literate?

I’m quite disappointed in the lack of literacy amongst viewers. There are a few differences though – first of all: Americans versus non-Americans. Americans were so central to the global economy for so long that they didn’t need to understand the rest of the world. Now we’re in a situation where Americans do have to understand the rest of the world and they don’t know enough about it. Number two: we don’t teach financial literacy even at basic levels in public schools, in colleges. People who choose to take economics will do so and may or may not end up being financially literate. But we don’t teach basic financial literacy, and although economic courses are important, they don’t actually teach you the basics. If you don’t know how to budget, or you don’t know how to invest in stocks, you have to find some other way to learn. The internet does provide a great deal of information but it’s too much. It’s not centralized. So I’m a big proponent for centralized financial literacy education in public schools, in community centres, as a non-profit offering. I think it’s key to building a successful civil society. When you have people who do not know how to manage their money and save their money, and save for their retirement, save for contingencies, and save for their kids’ education, the economy as a whole suffers. I’ve now written two books, just trying to further the cause of financial literacy. But it’s probably my most basic and serious concern as a financial journalist.

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