Understanding Financial Literacy

Financial products such as credit cards have risen in popularity since the year 2000, with people increasingly favoring the convenience of card payments and transfers over traditional cash transactions. According to a survey conducted in 2021, 28% of individuals made payments using credit cards, while 20% opted for cash transactions. It's essential to note that a lack of comprehensive financial literacy can have a significant impact on an individual's ability to build wealth over time.

Illiteracy hinders education, jobs, and economy. Solutions:

Lacking a basic understanding of finaIlliteracy hinders education, jobs, and economy. Solutions: accessible education, community involvement, tailored support for limited literacy.ncial concepts often results in accumulating debt, acquiring a poor credit rating, facing potential bankruptcy, and even experiencing the distressing situation of losing one's home.

Numerous resources for financial education are readily available, such as the U.S. government's Financial Literacy and Education Commission, which offers a wealth of free learning opportunities. Individuals can benefit greatly from tapping into these resources to enhance their understanding of financial matters and improve their overall financial literacy.