What is Financial Literacy?

According to "Taking Ownership of the Future" published by the Department of the Treasury

"Financial education can help people own a home, live a comfortable retirement, finance an education for themselves or their children, avoid fraud, and generally make the most of the numerous choices afforded by our modern marketplace of financial products and services. However uninformed choices can be dangerous."

Personal Financial Literacy is the ability to understand and analyze your finances and your financial opportunities enabling you to participate more fully in the decisions and make informed choices.

It does not matter if you are 5 or 95 years old. Financial Literacy is important.

To be financially literate, you need a grasp of General Economy Money Management and Budgeting and Investment and Risks

The United States Financial Literacy and Education Commission was established by the Fair and Accurate Credit Transactions (FACT) Act of 2003. Their mission is to help Americans understand more about their money - how to save it, invest it, and manage it to meet their personal goals. Their web site includes numerous resources that may be helpful, including their Money Smart program which is available as a instructor led course, online program and on CDROM.