FINANCIAL LITERACY: WHY IS IT IMPORTANT AND HOW TO DEVELOP IT
Keywords:
Key words: Financial literacy, budgeting, financial decisions, investments, economic stability, social responsibility, financial literacy education, personal finance, financial wellness, public health, economic education.Abstract
Abstract: The article examines the current problem of financial literacy in
modern society and its impact on the financial well-being of the individual and society
as a whole. The authors analyze the importance of financial literacy, highlighting key
components such as budgeting, financial decision-making, and understanding the
basics of investing. The article also provides recommendations for developing financial
literacy as a means of increasing economic stability and social responsibility.
References
Huston, S. J. (2019). Financial Literacy and the Pursuit of Well-being:
Implications for Personal Finance Education. Journal of Consumer Affairs, 53(1), 223-
Chen, H., & Volpe, R. P. (2020). An Analysis of Personal Financial
Literacy Among College Students. Journal of Consumer Affairs, 54(3), 724-747.
Atkinson, A., & Messy, F. A. (Eds.). (2019). Promoting Financial
Resilience: Insights from Leading Policymakers. OECD Publishing.
Lusardi, A., & Mitchell, O. S. (2019). How Ordinary Consumers Make
Complex Economic Decisions: Financial Literacy and Retirement Readiness. The
National Bureau of Economic Research.
Mandell, L., & Klein, L. S. (2017). The Impact of Financial Literacy
Education on Subsequent Financial Behavior. Journal of Financial Counseling and
Planning, 28(2), 173-189.
Organization for Economic Co-operation and Development (OECD).
(2021). Improving Financial Education and Awareness on a Global Scale. Paris: OECD
Publishing.
Danes, S. M., & Haberman, H. R. (2018). Teenagers and their Money:
Insights from a National Survey on Financial Capability. Journal of Family and
Economic Issues, 39(1), 5-22.
National Endowment for Financial Education (NEFE). (2020). Advancing
Financial Education: A Guide for Policymakers. Denver: NEFE.
Van Rooij, M., Lusardi, A., & Alessie, R. (2012). Financial Literacy,
Retirement Planning, and Household Wealth. The Economic Journal, 122(560), 449-
Walstad, W. B., & Rebeck, K. (2018). The Influence of Financial Literacy
on Financial Behavior: A Cross-Country Analysis. International Review of Economics
Education, 28, 48-57.
