What you need to know
Financial illiteracy is a critical barrier to financial inclusion – though certainly not the only one. But due to a lack of knowledge about finance and financial products, many consumers find themselves unable to access banking and other financial services, and are either kept out of financial markets, or exposed to often-predatory business practices. Financial literacy is therefore highly important to an individual’s financial well-being, as well as to the overall health of the economy.
Definition
This Report includes information on:
The state of financial literacy in the US
What financial institutions and the government are doing to improve financial literacy, and what opportunities remain to be addressed.
How consumers view their own knowledge of financial concepts, and what are the major obstacles standing in the way of financial literacy.
