November 2010 FINANCIAL LITERACY.  noun  the quality or state of being literate, esp. the ability to read and write.  a person's knowledge of a particular.

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Presentation transcript:

November 2010 FINANCIAL LITERACY

 noun  the quality or state of being literate, esp. the ability to read and write.  a person's knowledge of a particular subject o field: to acquire computer literacy. WHAT IS LITERACY?

 Financial literacy is the ability to understand finance  “the ability to use knowledge and skills to manage financial resources effectively for a lifetime of financial well-being.” President’s Advisory Council on Financial Literacy WHAT IS FINANCIAL LITERACY?

 Financial literacy is the ability to understand finance.  “the ability to use knowledge and skills to manage one’s financial resources effectively for lifetime financial security.” Jump$tart Coalition WHAT IS FINANCIAL LITERACY?

Your level of financial literacy affects your quality of life. It affects your ability to:  Provide for yourself and your family  Invest in your future and the future of your children  Contribute to your community as a good citizen WHY IS IT IMPORTANT?

 Bigger, tougher financial decisions  People live longer  Financial changes (Ex. Pension changes)  Additional ways to save and invest  Not just a savings and checking accounts  More complicated options  More complex and harder to understand. (ex. debit cards, credit cards)  Lots of new financial products (ex. Loan types) WHY IS IT HARDER TO MAKE WISE FINANCIAL CHOICES NOW?