Financial literacy is a key to  economy success. Many of people even don’t know Why Financial Literacy is Important to build solid foundation for success. This actually equips us with the knowledge and skills we need to manage money effectively. 

“The number one problem in today’s generation and economy is the lack of financial literacy.

Financial literacy is the ability to understand how to make sound financial choices so you can confidently manage and grow your money.  

It’s one thing that will impact almost every aspect of your life, many people do not have the knowledge they should and even those who do often don’t share it with their children. So, what is financial literacy and what does it entail?

A lack of financial literacy is a reason Nearly half of Americans don’t expect to have enough money to retire comfortably. Reasons why financial literacy is important because Credit card holders debt has reached its highest point ever during  COVID-19 crisis is causing stress in their personal finances.

investapple team perspectives on why financial literacy is important

“Financial literacy is important in all aspect of life it allows an individual or a group of people to understand and maximize whatever level of income they earn. Financial literacy is important for college students it helps them by  providing opportunities for to transform their lives skills they need today and more importantly tomorrow as successful graduates.

what is financial literacy and why is it important to understand that we have to understand the basic five pillars of financially literacy include:

• Budgeting

• Saving

• Investing

• Credit /Managing Debt

• Paying bills

Budgeting

most smartest way to Creating a budget and living within your means is one of the most basic aspects of staying on top of your finances.

Saving

Saving is one of the most important aspects of maintaining a healthy financial situation. Your saving increase your investment ability so you can invest and set your goal for your future.

Investing

Successful investing requires learning how to make your assets work for you to achieve your financial goals. Before invest you must understand the ways to invest (e.g., stocks, bonds commodities), the inherent risk/reward.

Credit /Managing Debt

A good credit score is your financial shadow which can help you in your future investment and people can do fare free dealing without any risk of loss .Effectively managing debt for a student or for a person is as crucial to establishing a good credit score as is understanding the difference between good and bad debt this is a reason why financial literacy is important for students.

Paying bills

Although seemingly, it’s important to have a routine to pay your bills on time. why financial literacy is important for students.

 

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