The absence of financial literacy can lead to making poor financial decisions that can have adverse effects on the financial health of an individual. The advantages or disadvantages of variable or fixed rates is an example of an issue that will be easier to understand if an individual is financially literate. In 2003, the U.S government launched the Financial Literacy and Education Commission. The office is responsible for having resources available for individuals who want to be financially literate.
Investment dictionary. Academic. 2012.
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