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Article: Financial Literacy
- Article from:
- Encyclopedia of Business and Finance, 2nd ed.
- Author:
CopyrightCOPYRIGHT 2007 Thomson Gale. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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FINANCIAL LITERACY
Financial literacy encompasses the knowledge and skills for personal financial planning, the selection of financial services, budgeting and investing, developing an insurance program, credit management, consumer purchases, consumer rights and responsibilities, and decision-making skills for all aspects of life as consumers, workers, and citizens. Financial literacy affects all aspects of an individual's planning and spending: income, money management, the use of credit, saving and investing, and decision making for the wise use of resources. A lifelong process, financial literacy is a critical area of knowledge and skills for all consumers who must make choices about ...