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Financial literacy is the combination of knowledge, skills, attitudes, behaviors, motivation, and confidence that enables people to make informed and effective decisions about money. Its scope includes understanding financial concepts such as interest, inflation, saving, borrowing, investment, insurance, retirement planning, budgeting, and risk management, as well as applying this knowledge to real-life situations and long-term personal, family, and societal goals. Financial literacy also includes broader areas such as financial capability, accounting literacy, digital financial literacy, and financial well-being. It supports people in navigating financial systems, managing economic challenges, avoiding fraud, and improving their resilience. Although some definitions emphasize individual skills and responsibility, critical perspectives also examine how financial systems, social inequality, and institutional practices influence financial outcomes. Financial literacy is promoted through education, government strategies, schools, community programs, and digital tools worldwide.
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