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Financial Literacy |
"Financial literacy means having the knowledge, skills and confidence to make responsible financial decisions."
- Canadian Task Force on Financial Literacy
Financial education can benefit consumers of all ages and income levels. For young adults just beginning their working lives, it can provide basic tools for budgeting and saving so that expenses and debt can be kept under control. Financial education can help families acquire the discipline to save for a home of their own and/or for their children’s education. It can help older workers ensure that they have enough savings for a comfortable retirement by providing them with the information and skills to make wise investment choices with both their pension plans and any individual savings plans. Financial education can help those at low income levels make the most of what they are able to save and help them avoid the high cost charged for financial transactions by non-financial institutions such as cheque-cashing services.
– Improving Financial Literacy, from the Organisation for Economic Cooperation and Development, 2005
