Many people lack financial education these days. Having no or little understanding of personal finances makes them struggle with investing, debt repayment, and saving. Do you have some debt you want to repay as soon as possible? Would you like to learn about investing hacks? Do you want to know more about different types of loans? Are you planning your retirement savings? Keep on reading to find out about the importance of financial literacy and how to acquire it.
What Is Financial Literacy?
Let’s cover the basics. You need to understand what financial literacy is and what this notion comprises. This term combines knowledge about credit, financial, and debt management. This knowledge is essential if a person wants to make smart financial decisions and responsible actions. A person who is financially literate knows how to craft a monthly budget, and pay off existing debt. They also know the difference between different lending solutions, from personal loans to Fit My Money loans.
Financial literacy also includes knowing how to invest your funds and how to save for a comfortable retirement. In other words, this term has a significant impact on consumers of all ages and genders as they try to purchase a home, manage their personal finances, save for near- and long-term goals, or pay for education.
Why Is Financial Literacy Essential Today?
The Financial Industry Regulatory Authority (FINRA) issues a study on financial literacy every few years. This study comprises information about the level of consumers’ financial knowledge and measures their skills in finance-related topics. The data from the FINRA Investor Education Foundation Study called
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