The big thing for us has always been just taking this a step further and applying financial wellness to it. So understanding what various terms are in the financial world and how they might apply to your life. вЂњ Financial literacy to me is just the understanding of various financial concepts and how they can interplay with your life. And financial literacy, to me, is giving financial tools to financially empower individuals so that they can create a better financial life for themselves.вЂќД¬herry Dale, Director of Financial Education, Virginia Credit Union My quote has always been вЂknowledge is power,вЂ™ the more you know the better off youвЂ™re going to be. вЂњItвЂ™s empowering people to have a successful life. Paul Goebel, Director, Student Money Management Center at the University of North Texas When students are financially literate they can make informed financial decisions that can aid in improving their well-being.вЂќ вЂњ Financial literacy is the end result of the financial education process.

Expert perspectives: WhatвЂ™s the definition of financial literacy? We asked all of them a simple question with a not-so-simple answer: вЂњWhat is financial literacy?вЂќ They represent a wealth of different backgrounds and spaces in which financial literacy is taught and learned. To understand the nuances of what financial literacy is and how people understand it, we spoke to personal finance experts across a range of industries. ThatвЂ™s a broad definition, but the term can mean different things to different people. Financial literacy is defined as the possession of knowledge and skills that enable informed and effective money management.

Finances definition