Financial literacy can benefit everyone. For students, it can help manage student loans and prevent them from reaching dangerous debt levels and damaging their credit scores. It can also help with retirement planning and income taxes. Without financial literacy, a person could find themselves facing an unsustainable debt burden, often due to poor spending choices and a lack of long-term preparation. This can lead to bankruptcy, housing foreclosure, or other dire situations. This means that financial literacy is essential for college students and anyone else who wants to enjoy a prosperous life.
To combat financial illiteracy, financial literacy programs should target a broad demographic and be scaled to reach as many people as possible. Financial education programs can be delivered in schools, workplaces, and community platforms. In addition to these broad demographics, specific subgroups should be targeted to improve the level of financial literacy. For instance, financial literacy programs targeting women should be given special attention because they are more likely to respond to these types of initiatives.
Financial literacy consists of a broad range of skills related to money. Basic financial skills include understanding how to save and spend money, and more complex skills include risk assessment and complex calculations. It can also improve your financial future by helping you set and achieve goals that might seem impossible otherwise. It instills confidence in a person and enables them to make life-changing decisions without letting fears or trepidation stand in their way.