What is Financial Literacy
Core Definition
Financial literacy is the ability to understand and effectively use financial skills & is one of the biggest assets of any country as it is directly proportional to the economic growth
Foundation for Success
A strong foundation of these financial skills will help in achieving various life goals like retirement, education, and even going on a vacation
Essential Knowledge
Financial literacy is important because it equips one with the knowledge and skill to manage money effectively
Without financial literacy, the actions and decisions one make or do not make with respect to savings and investments would lack a strong foundation
Financial literacy involves imparting knowledge about the risk and return of financial products to the users and providers of these products. It is this knowledge that helps in containing risks and maintaining stability in the financial system