Issue Details

MAJOR CHALLENGES OF FINANCIAL LITERACY

ABSTRACT

Financial literacy is the ability to understand and effectively utilize financial skills like financial management, budgeting, investing and capital structure. It provides the base of your relationship with money. People who are financially literate can protect themselves from financial fraud. We can get ourselves financially literate by reading books, subscribing to financial content, talking to financial experts, and listening to podcasts. The research shows that financial illiteracy is very common which can lead to some major problems- poor credit, bankruptcy, housing for closure and other negative consequences. This paper presents a comprehensive understanding of financial literacy and its major problems. It helps the individual make more assertive and sound financial decisions. If we increase the level of financial education, it results in wise financial behaviour.

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