The goal behind financial literacy is to help you develop a stronger understanding of basic financial concepts — that way, you can handle your money better.
Financial literacy will give you the ability to make wise financial decisions. Once you step up your personal finances game, you will be much more likely to successfully save money, budget wisely and invest smarter.
Financial literacy is crucial to successful “adulting,” especially when you consider a few stats about how the typical American handles money:
– Nearly four out of every five U.S. workers live paycheck to paycheck. – Over a quarter never save any money from month to month. – Almost 75% are in some form of debt, and most assume they always will be.
In basic terms, financial literacy is having a set of skills and knowledge that allows you to make informed and effective decisions about money.