According to Webster’s Dictionary, financial literacy refers to skills and knowledge that allow individuals to make informed and effective decisions by understanding finances.
Financial literacy starts with a basic understanding of ‘money matters’ to create a sense of economic well-being, self-trust, and financial confidence. Understanding that financial literacy impacts financial confidence includes:
Financial literacy also includes having a basic understanding of how to pay bills online, manage bank accounts, manage debt, fill out income tax withholding forms at work, and other money-related actions. Without a financial literacy foundation, one may struggle financially throughout their life.
That leaves financial literacy up to parents to educate their children and individuals to learn independently or to find education through a trusted source. Who can help you if you have questions about financial concepts?
Financial illiteracy affects all ages and all socioeconomic levels. It’s up to all of us to improve financial literacy and help others move toward financial independence and freedom.
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