Introduction to financial literacy Flashcards
What is financial literacy?
Financial literacy is the ability to use knowledge, skills and confidence to manage finances efficiently taking into consideration one’s economic and social circumstances.
What is budgeting?
Planning, allocating and using money wisely and efficiently.
What is savings?
Money set aside for future use
What is debt management?
It is a strategy of handling the borrowing of money, and repaying without causing financial problems.
What is debt management?
It is a strategy of handling the borrowing of money, and repaying without causing financial problems.
What is investment?
It is the growing of one’s money for the future by putting it into assets or projects that have potential of increasing value with time.
What is Pension?
Its a plan designed to provide individuals with income during their retirement years.
What is insurance?
plan for protection against unforeseen events by paying an agreed amount to the insurance company.
What is financial service providers?
Organizations/companies that help people to manage money.
What is financial service providers?
Organizations/companies that help people to manage money.
