Financial literacy has many definitions. One of our favourite ones is knowing how money works, and how you can put money to work for you. Others define it as how well one can understand budgeting, and apply financial prudence to life decisions. In general, financial literacy refers to how well one can manage their financial resources effectively throughout their life, and how well they are able to plan for their financial goals.

Quoting Futurpreneur, “Research studies across countries on financial literacy have shown that most individuals (including entrepreneurs) don’t understand the concept of compound interest and some consumers don’t actively seek out financial information before making financial decisions. Most financial consumers lack the ability to choose and manage a credit card efficiently, and lack of financial literacy