You don’t have to have a degree in finance or economics to become financially literate. Across the nation efforts to help empower consumers to become more financially literate have been popping up in schools, and even by financial institutions themselves. But what exactly does “financial literacy” mean?
Financial literacy is educating individuals to analyze and learn about personal finances.
Basically this means you have the ability to understand and manage your finances even if only on a basic level to make smart, conscious choices regarding your money.
This can include but is not limited to:
- Understanding how interest works with loans
- Balancing your checkbook/checking account
- Developing a budget
- The importance of savings
- Conducting price comparisons
- Researching companies when making purchases
- Cause and effect of credit score
- Learning about insurance
I hope you join me as we explore the road of financial literacy on the airbanking blog.