What Is Financial Literacy?

What Is Financial Literacy?

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Becoming financially literate is a process.

Deciding to improve your financial literacy means that you have taken personal responsibility for educating yourself about the principles of money and finances and have committed to developing intelligent money management habits.

Financial literacy is simply the ability to understand and apply basic personal financial skills.

Financial literacy encompasses dozens of topics such as budgeting, saving, taxation, money management, spending, banking, all types of investing, paying bills on time, comparison shopping, credit reports & credit scores, building good credit, debt management, debt reduction strategies, planning for emergencies, insurance, mortgages, setting financial goals, earning, loans, living on your own, calculating simple and compound interest, how financial concepts like compounding interest and amortization schedules work, and how you can make them work for you instead of against you.

We’ve included some resources below to help you get started:

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