Another compelling reason for financial literacy is the fact that most employers have moved or are moving away from defined benefit schemes to defined contribution schemes, which require employees to be able to better estimate their old age needs and plan accordingly, starting sufficiently early. Such schemes also allow workers to take their savings with them when they change jobs.
It would be true to say that, though weaker demand is part of the story, a significant part of the fall in prices is a result of increased supply from this continent. The ‘super-cycle’ in commodity prices, and the associated surge in capital spending, have been of national and international significance.