Financial Literacy: A Global Perspective
DOI:
https://doi.org/10.53983/ijmds.v14n4.003Keywords:
Economic Development, Financial Literacy, Financial Education, Financial Competence, International InitiativesAbstract
This paper explores the concept of financial literacy from a global standpoint, emphasizing its critical role in personal empowerment, economic stability, and societal development. Financial literacy encompasses the knowledge and skills required to make informed and effective financial decisions, including budgeting, saving, investing, credit management, and risk mitigation. The study highlights global trends, illustrating disparities in financial literacy across developed, emerging, and low-income regions. It identifies key components essential for financial competence and examines the challenges in promoting financial literacy, such as cultural differences, technological barriers, and educational gaps. Furthermore, the paper reviews international initiatives, government policies, and digital platforms that aim to enhance financial education worldwide. Concluding, the paper underscores the importance of financial literacy as a foundational element for sustainable economic growth and resilience, advocating for comprehensive strategies to improve financial competence globally.
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