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What is Financial Literacy?

Financial Literacy, which can be defined as an understanding of how to earn, manage and invest money, has a critical impact on students’ ability to make smart choices about which institute of higher education to attend, what to study, how to pay for college, and how to manage student loan debt after graduation.  Financial Literacy is the possession of a set of skills and knowledge that allows an individual to make informed and effective decisions with all of their financial resources. The ability to understand and effectively apply various financial skills, including personal financial management, budgeting, and investing.  This information helps individuals become self-sufficient so that they can achieve financial stability.  It encompasses conceptual financial knowledge, procedural financial knowledge and applied financial knowledge.

Financial Literacy