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Financial literacy covers several topics, including budgeting, banking, investing, handling debt, and planning for the future. Once you understand the basics in these areas, you'll be able to set and achieve financial goals by making savvy decisions.
Financial literacy is a measure of how well you understand money topics like credit cards, insurance, and investing. The more someone understands financial basics, the more likely they are to spend below their means and save for emergencies and retirement, according to the Financial Industry Regulatory Authority (FINRA).
What Is Financial Literacy? Financial literacy is the ability to understand and make use of a variety of financial skills, including personal financial management, budgeting, and investing.
In the financial literacy section on Investopedia, you’ll find resources to help you become an engaged and educated investor in the ever-evolving financial markets.
Financial literacy involves understanding pension plans, 401(k)s, and other retirement savings options, as well as Social Security, and how delaying benefits can increase monthly payouts.
If you’ve spent any time reading up on education or financial news lately, you’ve probably come across the term financial literacy. The goal behind teaching financial literacy is to help people develop a stronger understanding of basic financial concepts—that way, they can handle their money better.
What is the definition of financial literacy? It means understanding how to earn, spend, save, manage and invest money. It also means understanding how the economy works. If you’re like me, you get really excited about financial literacy and the possibilities it can create for all of us.