Why Financial Literacy Matters

Jan 14, 2019 10:55 AM ET

Financial literacy is a key pillar for financial inclusion, and a critical success factor to achieve at least nine of the 17 United Nations Sustainable Development Goals (SDGs). For instance, eliminating poverty and achieving gender equality is simply not possible when two thirds of adults worldwide remain financially illiterate and women continue to trail men in financial decision making.

It doesn’t help that the term, ‘financial literacy,’ means different things to different people. Investopedia defines it as an understanding of various financial areas including managing personal finances, money, and investing—which covers a range of applications that can vary from bringing marginalized communities into the mainstream in low-income countries to removing gender disparities in affluent countries, and everything in between.

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