Dictionary of Financial Terms for children up to 12 years old

A new, innovative and fully illustrated dictionary for the financial education and empowerment of children up to 12 years old is now available, in English, for the children, as well as for their parents and teachers. The book's author is the Chairman and Founder of the Hellenic Financial Literacy Institute, Professor of Finance at the University of Piraeus, Nikolaos D. Philippas.

According to recent scientific studies, billions of people around the world are unable to manage their finances and understand basic economic and financial concepts, a situation that greatly affects their quality of life.

Other international studies have highlighted that financial ignorance contributes to the widening of certain existing economic and social inequalities and affects economically disadvantaged groups such as immigrants, in many countries women, as well as retirees. Therefore, financial education is emerging as a very important action, as it helps people prepare appropriate personal and family budgets that are tailored to their needs, manage their money wisely, be protected from various financial risks, avoid over-indebtedness, save and invest efficiently, while keeping in mind their quality of life during retirement.

Consequently, if we are to shape a future society of financially informed and responsible citizens, our efforts should start today by targeting children in primary education.

This new book by Professor Nikolaos D. Filippas has been published based on best practices followed in the most advanced countries around the world. It constitutes a modern dictionary of financial, economic and technological terms, which includes 120 entries, adapted for children up to 12 years old. It builds on basic concepts, such as needs and wants, saving, budgeting, as well as more advanced concepts, such as interest rates, risk diversification, cryptocurrencies, and financial technology.

As Nobel Laureate Daniel Kahneman aptly points out, "money does not buy you happiness, but lack of money certainly buys you misery".