If we go by the dictionary meaning, then financial literacy is "the ability to use knowledge and skills to manage financial resources effectively for a lifetime of financial well-being." Now, let us talk in simple words. Personal financial literacy is more than just being able to balance a checkbook, compare prices or get a job.
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It also includes skills like long-term vision and planning for the future, and the discipline to use those skills every day. We all make great efforts to teach children to read and write, but we don't give their financial literacy the same attention. As a result, few young people know how to manage their personal financial lives.
This problem is very widespread. You will see most of the teens who do are unable to answer basic financial questions or handle simple tasks, like understanding an invoice.
However, there have been some improvements made in the past few years where the school curriculums have added personal finance classes. Now, just as students learn math and English, they learn financial literacy because it is also a basic skill that young people need. Although research on the effectiveness of financial literacy courses is mixed, it doesn't matter since we all know how important it is in practical life.