According to a study by the Financial Industry Regulatory Authority (FINRA), only 24% of Americans are considered financially literate.
Financial literacy is the ability to understand and use financial concepts, and it’s important for everyone to have at least a basic level of understanding. There are several ways that you can improve your financial literacy, regardless of your starting point. One way is to read books or articles on personal finance.
This can help you to learn about topics like investing, budgeting, and credit management. Another way to improve your financial literacy is to take advantage of free online resources. The website for the Consumer Financial Protection Bureau (CFPB) offers a variety of tools and resources that can help you to better understand your finances. Additionally, many banks and credit unions offer financial education programs for their customers. These programs can cover topics like saving money, using credit wisely, and avoiding fraud. By taking steps to improve your financial literacy, you can make smart decisions that will help you achieve your financial goals.