Money: We use it so often that sometimes we forget to step back and think about how powerful it is. From a toll booth on a highway to a mortgage to buy a home, every monetary transaction is affected by a person's ability to understand money.
Financial literacy, simply defined, is the ability to understand how money works in the world - including earning, saving, and investing money on a personal level and basic financial concepts on an institutional level.
In 2003, the US Congress passed the Fair and Accurate Credit Transactions Act, which established the Federal Financial Literacy and Education Commission and the website www.mymoney.gov. This is a great place to start to learn the basic concepts of financial literacy.
Unit 2 - Financial Literacy Overview ()
Unit 2 - Financial Literacy PowerPoint Slides ()