Financial literacy is important because it equips us with the knowledge and skills we need to manage money effectively.
Poor financial literacy is bad for individuals, their families and the economy. It can cause many people to become victims of predatory lending, make poor financial decisions, resulting in bad credit or having large amounts of debt.
There are many barriers for individuals managing their money and accessing quality financial services. This includes not having the literacy, numeracy and computer skills which underpin everyday financial activities.
Lack of plain English and the regular use of financial jargon by banks is also one of the greatest barriers to understanding financial information.