What is financial literacy?

Answer 1

Financial literacy refers to the ability to understand and use various financial skills, including personal finance management, budgeting, saving, investing, and making informed financial decisions. A financially literate person possesses the knowledge, skills, and confidence to effectively manage their finances and make informed choices about spending, saving, and investing their money. Financial literacy enables individuals to understand financial concepts, navigate financial systems, and build a solid foundation for their financial well-being.