The fallout from the cash-card loan problem last year has raised financial awareness among high school and college students, but there is still room for young adults to improve their financial literacy, especially when it comes to taxation and insurance, a survey said yesterday.
Conducted by the Financial Literacy and Education Association (財金智慧推廣協會), the survey concluded that Taiwanese students scored an average 56 points on the Jump$tart Coalition for Personal Financial Literacy's measurement and questionnaire sample.
Jump$tart, convened in 1995, is a US coalition of organizations dedicated to improving financial literacy from kindergarten through college-age youths while striving to prepare them for life-long successful financial decision-making.
The survey showed that more than 70 percent of the 3,000 respondents were aware that they had to pay higher interest rates and transaction fees if they failed to repay their unsecured credit card or cash card loans.
But a higher-than-expected 34 percent of respondents rated low in answering how they would deal with problem loans, such as repaying loans by taking out more loans at a time when "lending rates are higher than saving rates."
"The statistics show that young people are still unable to make sound financial decisions," the association's secretary-general Carol Chen (
Financial Supervisory Commission member Gary Tseng (
Youngsters should start honing their financial skills and knowledge at a young age to avoid landing in financial difficulty, he said.
Former minister of finance Lin Chuan (林全), who is also the association's chairman, echoed Tseng's sentiment, saying: "the default on credit-card and cash-card loans exemplified creditors' failure in financial management as well as a lack of financial literacy."
The cultivation of financial knowledge goes beyond the pursuit of wealth through financial skills and lies in a better understanding of wealth as a means to improve the quality of life, Lin said.
The survey also found that young people knew little about taxation and insurance products. Nearly 25 percent of high school respondents believed time deposits were less liquid investments, but more than 50 percent of respondents preferred to park their future earnings in time deposits.
Intel Corp chief executive officer Lip-Bu Tan (陳立武) is expected to meet with Taiwanese suppliers next month in conjunction with the opening of the Computex Taipei trade show, supply chain sources said on Monday. The visit, the first for Tan to Taiwan since assuming his new post last month, would be aimed at enhancing Intel’s ties with suppliers in Taiwan as he attempts to help turn around the struggling US chipmaker, the sources said. Tan is to hold a banquet to celebrate Intel’s 40-year presence in Taiwan before Computex opens on May 20 and invite dozens of Taiwanese suppliers to exchange views
Application-specific integrated circuit designer Faraday Technology Corp (智原) yesterday said that although revenue this quarter would decline 30 percent from last quarter, it retained its full-year forecast of revenue growth of 100 percent. The company attributed the quarterly drop to a slowdown in customers’ production of chips using Faraday’s advanced packaging technology. The company is still confident about its revenue growth this year, given its strong “design-win” — or the projects it won to help customers design their chips, Faraday president Steve Wang (王國雍) told an online earnings conference. “The design-win this year is better than we expected. We believe we will win
Quanta Computer Inc (廣達) chairman Barry Lam (林百里) is expected to share his views about the artificial intelligence (AI) industry’s prospects during his speech at the company’s 37th anniversary ceremony, as AI servers have become a new growth engine for the equipment manufacturing service provider. Lam’s speech is much anticipated, as Quanta has risen as one of the world’s major AI server suppliers. The company reported a 30 percent year-on-year growth in consolidated revenue to NT$1.41 trillion (US$43.35 billion) last year, thanks to fast-growing demand for servers, especially those with AI capabilities. The company told investors in November last year that
Power supply and electronic components maker Delta Electronics Inc (台達電) yesterday said it plans to ship its new 1 megawatt charging systems for electric trucks and buses in the first half of next year at the earliest. The new charging piles, which deliver up to 1 megawatt of charging power, are designed for heavy-duty electric vehicles, and support a maximum current of 1,500 amperes and output of 1,250 volts, Delta said in a news release. “If everything goes smoothly, we could begin shipping those new charging systems as early as in the first half of next year,” a company official said. The new
RSS