Public health systems and economic
Public health systems and economic systems are tied together based on the fact that they are interlinked. In other words, health performances highly rely on the economy. Wealthier nations have a healthier populace for a start. And it becomes an essential fact that poverty, majorly by newborn malnourishment as well as mortality, unfavorably impacts life expectancy. Moreover, national incomes possess direct impacts on the growth of health systems, for instance, based on insurance coverage as well as public spending. As illustrated by Vassall, Bozzani, & Hanson, (2019), while health expenses are determined largely by national income, they up-surge quicker than income. Health Projects have also been conducted to promote more money value in the health sector, at the same time as promoting universal access, equity as well as increasing quality of care. This depicts that, an increase in money value in the health sector also plays part in the development of an economy. Notably, the connection between the economic systems and health systems can be seen from the effects of health on economic development. For instance, nations with weak health in addition to education conditions find it complex to accomplish sustained growth. Certainly, economic proof depicts that a 9% advancement in life expectancy at birth is linked to an increase in economic growth.
Impact of closing economy for health reasons
One of the major impacts observed as a result of closing the economy for health reasons is that more deaths will occur as a result of economic stress. Economic stress happens due to financial distress, depression, and anxiety which makes most people jobless and with little money to provide for their needs. In turn, it leads to depression which eventually would make most of the depressed persons commit suicide. Another significant impact is that it promotes slow growth in the economy (Guerrieri et al. 2020). This happens since the flow of money in the economy is restricted. Notably, for the economy to grow effectively, the flow of capital through investments and business performances must be permitted. However, as a result of a lockdown, investment and business activities will be restricted which in turn reduces capital flow in the economy hence leading to slow economic growth.
Another impact is that there will be a low standard of living. The low standard of living, in this case, will occur as a result of the increase in unemployment rates, restricted flow of capital as well as inadequate supply of goods. Due to lack of employment as an aspect of a closed economy, most people will be forced to live on the little that, they have which in turn makes them live low standard lives (Guerrieri et al. 2020). Moreover, wages and salaries of workers will also be reduced; this is because production would be reduced owing to the lockdown. A reduction in wages and salaries will as well promote low standards of living. Access to health care services to persons with low income will also be reduced. Furthermore, the increase in the prices of goods will also be experienced as a result of the shortage in the supply of goods.
How social determinants of health impact our health and economy
According to Artiga, & Hinton, (2019), social determinants of health consist of elements such as socioeconomic position, education, locality (neighborhood) and physical surroundings, employment, and social aid networks, in addition to health care access. One of the major ways through which the social determinants of health impact health and economy is that it promotes access to health care as well as forms a stable economy. For example, education as a determinant of social health enables people to become financially literate, this is in turn important for the economy as it promotes good budgeting. Moreover, education also promotes an effective health system and promotes more precise health beliefs and knowledge, and hence to better lifestyle selection. Education advances skills like literacy promote effective habits and might improve cognitive ability. Literacy can, therefore, be used by health care providers to advance patient outcome which in turn indicates an improvement in the health system.
Notably, it is through social determinants of health that the quality of health care can be improved. For instance, the education level of a patient as well as the income level often applied when treatment and care to patients; this prevents the cases of medical mistakes such as misdiagnosis and wrong interpretation of information (Artiga, & Hinton, 2019). Moreover, they allow health care providers to provide equitable health care outcomes for their patients. Therefore health equality could also increase economic growth while discrimination can negatively affect the economy as it leads to the slow growth of the economy due to gender or health discrimination. Health care coverage as an example of social determinants can affect health since it promotes the safety of patients and easy accessibility of the health care services to patients, which in turn creates improvement in the health care system.
Should financial literary be a personal responsibility or the responsibility of society?
Yes. Financial literacy should be a responsibility of society; this is because of decreases crime within societies. When a society embraces financial literacy, and meet their basic needs, they are not likely to commit a crime to accomplish their needs. According to Lusardi, (2019), studies have associated poverty and violent crime, and poverty’s havoc can make various persons resort to theft to acquire their basic needs. The high rate of crime due to the lack of financial literacy will affect the entire society. To reduce the possibility of crime rates within a society, financial literacy, therefore, becomes a responsibility of the society. Moreover, since financial literacy is assists people in a society to achieve their basic needs, it should become a responsibility of the society in the sense that, when the populations in the society are unable to take care of themselves; within their budgets, acquire their basic needs, it becomes a societal issue.
With no effective financial supervision, the people within communities frequently spend cash on wants instead of needs. They need to give first priority to food, housing as well as transportation, and clothing which benefits the whole society. Financial literacy should also be a responsibility of society because individuals who are financially literate within a society are better set to assist others. With an increase in their household incomes, individuals are likely to conduct charitable contributions. That, sequentially, adds to society’s total giving. When different persons in society possess appropriate financial education, carry out better financial decisions as well as financial empower themselves and others in society, they are better capable of living out their individual charitable values.
Another significant reason why financial literacy should be a responsibility of society is that financial stability can promote fewer conflicts and financial planning can as well as promote world peace. Some of the primary reasons as to why nations wage war include, accomplishing economic and territorial advantages. However, if more nations were secure financially, the outcome would be lesser wars and a push toward peace. Therefore due to lack of financial literacy, an entire nation will be affected hence making financial literacy a responsibility of the society.
Should financial literacy be taught in school? Why or why not?
Yes, financial literacy should be taught in schools since it allows individuals to live healthier lives. In financial literacy education, students acquire information about saving, budgeting, basics of money management, debt as well as investing. Notably, teaching financial literacy in schools promotes healthier lives for learners in the sense that, financial literacy education promotes good saving habits and allows them to evade mistakes that facilitate lifelong money problems. Saving is important because it helps one to become financially safe and offer a safety net during an emergency. For instance, during this time of COVID-19 pandemic, persons who acquire financial literacy education are financially safe as they can use their savings since most businesses and sources of money are blocked as a result of lockdown.
It allows learners to develop a positive attitude towards money as people’s attitude around money is significant in shaping their character. This is brought about by the effective money management skills acquired in financial literacy classes. Teaching financial literacy in schools also promotes healthy lives in the sense that, learners are taught about budgeting which in turn teaches awareness as well as responsibility. If an individual has a budget that he or she actively manages, it demands them to consider their spending. He or she is aware of the sum of money available, which in turn results in making good spending decisions. Another significant reason as to why financial literacy should be taught in schools is that lack of monetary knowledge or awareness comes with distressing consequences. According to Frazier, (2019), finances are justifiably one of the key sources of stress for persons including learners and adults including the wealthiest. Financial problems can also result in divorce and bankruptcy, Debt can cause significant hardship on an individual’s life. Therefore to avoid all these financial issues it is important to teach financial literacy in schools to prepare the learners for the future with financial knowledge.
Is financial literacy a way out of poverty?
Yes. Financial literacy is a way out of poverty in the sense that, with no financial literacy, one cannot lift himself or herself from poverty. According to Ouattara, & Zhang, (2020), financial literacy aspects in empowering individuals to split the poverty cycle, not just for themselves but for their children as well. For most persons, their processes of finding a way out of poverty are narrowed as a result of their imperfect comprehension of basic financial theories and ideas. In general, low-educated along with low-income persons seem to be less fiscally literate and nations where poverty is high, for instance, Cambodia has very low financial literacy ratios. Hence, if people are unaware of how to save money, create a financial plan, comprehend credit, and other financial skills, it will be very complex for them together with children to break the poverty sequence. Moreover, financial literacy not only assists persons to save for the future, but it also assists them to efficiently comprehend and establish better financial decisions. This, in turn, averts them from acquiring flawed debts that can frequently push people more into poverty owing to the lack of income generation and financial literacy. In other words, financial literacy becomes a way out of poverty since it teaches people to plan wisely, make good financial decisions as well as manage expenses well.