Student Loan Refinance7 Tips To Improve Your Financial LiteracyAmericans really aren’t all that savvy in terms of financial literacy.
A recent survey of adults in their thirties found that the majority of respondents lacked a basic understanding of financial terms. Of those who took the survey, nearly half didn’t understand what interest is, how bankruptcy works, or even possesses a basic understanding of inflation.
That lack of knowledge can have long-term negative ramifications. It may lead to credit cards with high-interest payments, paying more than necessary in banking fees, and does little in terms of helping people amass a nest egg — or any savings, for that matter. This financial literacy deficit also comes against the backdrop of a nation that owes trillions of dollars in unsecured debt.
Fortunately for you finance noobs, nowadays, you don’t have to go through your adult life financially blind. Gaining all the knowledge and savviness won’t happen overnight, but you can, in fact, become a financial literacy guru; all it takes it education, experience, and determination. Keep reading to find out how to get yourself started on the path of financial literacy.