What is Financial Literacy?
There are a variety of definitions regarding financial literacy, but most center a set of skills and knowledge that allows an individual to make informed and effective decisions through their understanding of personal, family and community finances.
The President's Advisory Council on Financial Literacy defines personal financial literacy as "the ability to use knowledge and skills to manage financial resources effectively for a lifetime of financial well-being."
The National Financial Educators Council defines financial literacy as "Possessing the skills and knowledge on financial matters to confidently take effective action that best fulfills an individual's personal, family and global community goals." -
"Personal finance describes the principles and methods that individuals use to acquire and manage income and assets." Financial literacy is the ability to use knowledge and skills to manage one's financial resources effectively for lifetime financial security. Financial literacy is not an absolute state; it is a continuum of abilities that is subject to variables such as age, family, culture, and residence. Financial literacy refers to an evolving state of competency that enables each individual to respond effectively to ever-changing personal and economic circumstances." -Jump$tart
Statistics Related to Financial Literacy From National Financial Educators Council
Many people fall into one of these current life-stages which also relate to different financial needs: Tweens, Teens, College Students, Employed, Military Reserves, Small Business Owner, Couples, Parents, Children, Home Owners, Crisis, Retirees. Click on this link to access a site with personalized resources for each stage:
Find helpful financial information based on where you are in life - from the birth of a child to retirement at My Money.gov