Better financial literacy, as per studies conducted by a range of experts, has a resounding impact on our economic decisions. What are you waiting for?
Improved financial literacy, according to studies conducted by a range of experts, has a resounding impact on our economic decisions. What are you waiting for?Last week’s 2021 Progress in International Reading Literacy Study , in which it was revealed that four out of five South African grade 4s are unable to read for meaning,Financial literacy is defined as the ability to process economic information and make informed decisions about financial planning, wealth accumulation, debt and pensions.
the Financial Sector Conduct Authority , the aim of which was to determine the level of financial literacy in this country. Yet the financial capabilities of certain groups — particularly the middle class — have worsened over the period of the study, too.This matters because financial literacy is inherently tied to our own personal economic decisions. According to a report by Lusardi and Mitchell, households with high financial literacy do better in financial and retirement planning, perform better in credit card usage and in how they deal with debt.
Understand how a credit profile and credit score affect the interest rate you will pay on any facilities held with lenders.
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