Financial literacy is critical for sustained and inclusive growth. With an elevated level of financial awareness, as well as the right attitude and habits to make sound financial decisions, financially literate people have a general understanding of economic trends such as inflation and exchange rates and can realistically interpret the impact of spending decisions on one’s financial standing.
On the other hand, financial illiteracy can have a long-term impact across generations. If the household leader doesn’t have access to the right information about formal financial services or platforms, then there is a high likelihood that other members of the family will hold similar perspectives, leading to a negative cycle.
