Financial literacy is the ability to make informed financial decisions with a clear awareness of the long-term effects. A financially literate person uses financial instruments wisely and manages their personal finances effectively. Moreover, placed in a situation of limited information, a financially literate person can determine this, research and find the information he needs, and only then make a decision. Last but not least, the financially literate student manages to realize his role in society from an economic point of view.
Why develop financial literacy?
Developing the skill is important for forming a sense of personal responsibility for one’s own well-being. Failure to master this skill can negatively affect self-esteem. In addition, it affects feeling of personal satisfaction with money conditions and family status.