What is Financial Literacy & What are Its Benefits?

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Financial literacy refers to the knowledge and understanding of financial concepts, skills, and behaviors that enable individuals to make informed and effective financial decisions.

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Benefits of financial literacy

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Improved Personal Finances: Financial literacy equips individuals with the skills to effectively manage their money.

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Increased Financial Confidence: Understanding financial concepts and having the knowledge to navigate financial matters boosts confidence.

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Better Financial Planning: Financial literacy enables individuals to set realistic financial goals, create a financial plan, and work towards achieving them.

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Enhanced Investment Knowledge: Financial literacy helps individuals understand investment options, risks, and returns.

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Informed Decision-Making: Financially literate individuals can critically evaluate financial products, services, and offers.

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Debt Management: Financial literacy provides the skills to manage and reduce debt effectively.

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