What is financial dignity?

by | Jul 17, 2020

At Zogo, we created a gamified app that teaches financial literacy concepts — and one of the first modules our users complete, after an introduction to the app, is a lesson about financial dignity.  

Why is this concept so important, and why do we make sure it’s the first thing our users learn?

We define financial dignity as the ability to make smart, informed financial decisions to reach your financial goals. It’s the opportunity to take control, and to have autonomy and freedom in one’s financial life.

We describe it like this: imagine you’re playing basketball, but all the players know the rules except you. How can you make the most of the game? How are you supposed to win or score any points? 

But, in finance, it isn’t just a game of basketball — it’s your livelihood.

78% of Americans live paycheck to paycheck, 21% aren’t saving for short or long-term goals and nearly a third don’t have an emergency fund. This is a pressing problem, and it’s one that keeps many Americans from achieving true financial freedom.

Some people in finance profit off the myth that there’s no winning unless someone else loses, and that the only way to gain wealth and success is by taking it from somewhere or someone else. 

But it’s not right to play a game that isn’t fair. And as members of the finance industry, it’s our responsibility to work for a more equitable market and a fairer financial world. 

At Zogo, building financial dignity for our 60,000 users is a core part of our mission— and financial literacy is the superpower that will help us all get there.🌅

How does your institution work to build a better world of finance?

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