Financial literacy refers to the ability to understand and effectively use various financial skills and concepts. It encompasses a range of knowledge related to personal finance, including budgeting, saving, investing, using credit wisely, understanding loans and interest rates, managing debt, and planning for retirement. Financial literacy enables individuals to make informed decisions about their finances and understand the implications of those decisions. Key components of financial literacy include: 1. **Budgeting**: Knowing how to create and manage a budget to track income and expenses.
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