This question is about financial literacy statistics.

What is financial literacy?

By Zippia Team - Sep. 1, 2023

Financial literacy is knowing the skills and behaviors needed to make informed decisions with money. In other words, someone with financial literacy is able to competently earn, spend, invest, save, budget, and borrow money.

For example, someone who is financially literate would know that a car loan should constitute no more than 10-15% of their total income. Then, use that information to purchase a car that will have a payment within or less than that range.

There are many other examples of financial literacy, but the most important thing to note is that it impacts almost every aspect of modern life.

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