people who are financially literate are generally less vulnerable to financial fraud. understanding financial literacy in its economic well-being of u.s. households in 2020 report, the u.s. federal reserve system board of governors found that many americans are unprepared for retirement. more than one-fourth indicated that they have no retirement savings, and fewer than four in 10 of those not yet retired felt that their retirement savings are on track. among those who have self-directed retirement savings, more than 60% admitted to feeling low levels of confidence in making retirement decisions.5 though these may seem like individual problems, they have a wider effect on the entire population than previously believed. all one needs is to look at the financial crisis of 2008 to see the financial impact on the entire economy that arose from a lack of understanding of mortgage products (creating a vulnerability to predatory lending). financial literacy is an issue with broad implications for economic health. financial literacy can help individuals reach their goals: by better understanding how to budget and save money, individuals can create plans that set expectations, hold them accountable to their finances, and set a course for achieving seemingly unachievable goals. though someone may not be able to afford a dream today, they can always make a plan to better increase their odds of making it happen. financial literacy invokes confidence: imagine making a life-changing decision without all the information you need to make the best decision. by being armed with the appropriate knowledge about finances, individuals can approach major life choices with greater confidence realizing that they are less likely to be surprised or negatively impacted by unforeseen outcomes. get your credit report: once a year, consumers can request a free credit report from the three major credit bureaus-equifax, experian, and transunion-through the federally created website annualcreditreport.com.7 review these reports and dispute any errors by informing the credit bureau of inaccuracies. because you can get three of them, consider spacing out your requests throughout the year to monitor yourself regularly. in this example, the student will make more financially responsible decisions if they are more financially literate. financial literacy in this example extends to savings, employment, budgeting, loans, and financial planning. using financial literacy and making smart decisions, the student can set themselves up for long-term success. high quality imitation bagsdesigner messenger bags replica
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