Financial literacy

Personal financial literacy refers to the presence of a set of skills and information that enables a person to make educated and effective choices with regard to all of their financial resources. State-run initiatives in nations like as Australia, Canada, Japan, the United States, and the United Kingdom are currently focusing on increasing interest in personal finance. Understanding fundamental financial principles equips individuals with the knowledge and skills necessary to manage the financial system. Individuals who have received proper financial literacy training make better financial judgments and manage their money than those who have not received such instruction.

The Organization for Economic Co-operation and Development (OECD) launched an inter-governmental project in 2003 with the goal of identifying ways to improve financial education and literacy standards by developing a set of common financial literacy principles that would be applicable across countries. The Organization for Economic Cooperation and Development (OECD) inaugurated the International Gateway for Financial Education in March 2008, with the goal of serving as a clearinghouse for financial education initiatives, information, and research throughout the globe. According to the Financial Services Authority (FSA) in the United Kingdom, the alternative term "financial capacity" is used by the government and its agencies: the Financial Services Authority (FSA) launched a national policy on financial competence in 2003. The Financial Literacy & Education Commission of a Government Of the united states was founded in 2003.