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What is Financial Literacy & why is it important?

Posted on 2 May, 2019 at 0:50

Financial literacy is the ability to understand finance. More specifically, it refers to the set of skills and knowledge that allows an individual, business owner and organization leadership to make informed and effective decisions through their understanding of finances.  

The ability to manage business & personal finances is a necessary skill for survival in our increasingly complex financial world where individuals are responsible for their own financial decisions on retirement planning, money management, major purchases, financing, health care, insurance, and savings choices. Bad financial choice consequences are not limited to just that individual, family, or company that is facing financial troubles but their financial problems impact entire communities. A few examples which may ultimately result in financial difficulties are the lack of preparation for “rainy days” saving, lack of making wise money choices, and too much debt. Financial problems create stress and anxiety which may lead to poor health, performance and distractions at home, school, and work.

A recent January 11, 2019 Forbes article on an U.S. worker survey found:

78 % are living paycheck to paycheck including one in ten employees making six figure incomes.

About 25% of employees do not save monthly, and

75% are in debt and believe they will always be in debt.

Education and knowledge helps folks make better choices, avoid bad financial choices, and can provide resources to get back on course when problems happen.  Reach out to learn more on how CFO Support, Inc|Grove Solutions may help You in crease Your knowledge  and implement new habits! 



Categories: #FinLit, #DoGood, #Leadership