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How Financial Literacy Affects Your Income, Debt and Wealth Levels

Chloe Harris - Featured writer

Kate Schwager 0 9452 Article rating: 1.0

Financial literacy is understanding money: how it’s earned, spent, and grown. It also extends on how money is used to help others. Research indicates that financial literacy has a critical correlation to income, debt, wealth accumulation, and retirement planning.

Credit Capital’s senior credit advisor, Alistaire Claire, emphasises its importance,” Learning and applying basic finance concepts in your everyday life is the way to financial security. Without the right knowledge, it’s easy to commit huge financial mistakes. It is through lack of financial literacy that people fall for fraud investment schemes and credit card debts. Just knowing the basics can provide you with a level of protection.”


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