COMMUNICATIONS, FINANCIAL LITERACY AND REQUIRED CORE SKILLS IN THE FINANCIAL INDUSTRY

This comprehensive and extensive article represents an attempt to synthesize and sublimate all the core skills that are necessary for successful, efficient and effective work in the field of finance, and therefore for contemporary financial and other companies. More precisely, with this work we draw attention to the importance and role of financial literacy, as well as the most important financial skills required for the successful work of every professional in the field of finance. The article first focuses on defining the concepts of financial skills and financial literacy, as well as describing their importance for the innovative, sustainable and successful business of every company. While financial skills can be described as those skills, knowledge and abilities that are aimed to solve a specific financial problem, financial literacy is the ability to perceive, evaluate, understand and effectively use various financial information, knowledge and skills with the aim of effective management of financial resources. The article further deals with the study of key skills (critical thinking, problem solving, communication, ability to process and analyse information, self-awareness and adaptability) needed at the household level to achieve financial literacy of individuals. In the continuation of the analysis, the article provides a detailed and comprehensive overview of general and, after that, of finance-specific skills that are necessary for successful financial operations of every modern organization. At the end of the paper, instead of a conclusion, the importance of financial education is highlighted as a basic prerequisite for acquiring the necessary financial skills and mastering financial literacy. Financial education provides basic knowledge in the areas of savings, budgeting, financial planning, expenditures planning, risk analysis and investment strategies with the aim of achieving financial stability and security, wise money management and prevention of losses. The article finally concludes that financial education and financial literacy are key determinants of financial stability, as well as of achieving the desired financial success and well-being of each organization and every individual.