Financial literacy is vital to being able to manage finances effectively, plan for the future, and avoid debt and fraud
. It includes knowing how to budget, manage debt, and track spending
. Improving your financial literacy can help you make the most of your money
. How financial education can help:
- Avoid debt Understanding how to manage your money can help you avoid unnecessary loans and overspending
- Make informed decisions Financial education gives you the information you need to assess your situation, set financial goals, and create a plan to achieve them
- Prepare for the future Financial education enables you to plan for expected or unexpected events by saving and investing wisely
- Improve personal finance management skills Financial literacy provides the skills to manage finances effectively, which includes creating and sticking to a budget
- Reach financial goals quicker Taking the time to learn about personal finance allows you to plan how to save as much as possible and meet your financial milestones sooner
