What is the importance of the financial literacy to an individual?

[Stardom22]

For me the financial literacy is of a great help to most people especially with the ravaged economy that is evident in our time. It helps in the planning for the expenditure and investments for sure.

 

[Suba]

Personal financial literacy will be related to a person's ability/skill to manage their assets/funds, which must be used wisely either to meet life's needs or for savings, investments and retirement funds. Financial literacy skills will make it easier for someone to choose the right investment instrument according to their risk profile.

 

[Augusta]

With financial literacy you would be able to know how to expend money and save as well.You would be more frugal with money to avoid brokenness

 

[eLdavis]

Financial literacy helps an individual spend their money properly and it also helps when it comes to making financial decisions.

 

[Augusta]

Financial literacy helps with the ability to make decisions, financial goals to be achieved, income planning, expenditure planning and control. you would be able to manage finances well.

 

[freelancermaria]

Financial literacy is a fundamental skill that allows people to understand and handle their finances wisely. It requires a thorough understanding of financial concepts, including budgeting, investing, etc. With financial literacy, you can set financial goals, make well-informed choices, and come up with a strategy to accomplish them. It also helps people avoid debt traps, optimize their earnings, and maintain long-term financial security.

 

[Springtime]

Financial literacy is fundamental to help you manage your personal finance and investment, Without some basic financial knowledge, you cannot invest or spend your money wisely.

 

[Fidelia]

Financial literacy helps a person to make sound financial decisions that would improve and benefit the person's financial life.