What Is Financial Literacy?
Financial literacy refers to the knowledge, skills, and understanding to make responsible and informed decisions about managing money, including:
- Understanding financial concepts (e.g., budgeting, saving)
- Financial products and services (e.g., credit cards, student loans)
Why Is It Important?
Without financial literacy, students may find it difficult to pay for necessities. A financially literate student can manage personal finances effectively, by using tools like:
- A monthly budget
- Understanding different financial products available to them
- Planning for financial risks
Being informed now will help you beyond your time at university.
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