Financial Literacy

What is financial literacy?

Financial Literacy is the combination of knowledge, skills, and behavior that enables individuals to make informed and effective decisions regarding their financial resources. It encompasses understanding and applying key financial concepts such as budgeting, saving, investing, managing debt, and planning for both short- and long-term financial goals. Financial literacy empowers people to confidently navigate complex financial products and services, avoid common financial pitfalls, and enhance their overall financial well-being and stability. As financial systems and products become increasingly sophisticated, possessing financial literacy is essential for personal economic success, resilience against financial fraud, and the achievement of life goals such as education, homeownership, and retirement.