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What is Financial Literacy?

piggy bankThere is no single definition for “financial literacy.”

The term has multiple meanings and varies depending on context.

But I like these two:

  1. The National Financial Educators Council defines financial literacy as: “possessing the skills and knowledge on financial matters to confidently take effective action that best fulfills an individual’s personal, family and global community goals.”
  2. The President’s Advisory Council on Financial Literacy defines personal financial literacy as “the ability to use knowledge and skills to manage financial resources effectively for a lifetime of financial well-being.” (2008 Annual Report to the President).