Financial Literacy A Review

This study focuses on reviewing the existing literature on financial literacy. Financial literacy is a necessary skill to manage the financial aspects adequately in order to make informed decisions. This study indicates that there is a need of a common and well-structured definition of financial literacy. All the studies under review concluded that financial literacy is important for the wellbeing of the society. Financial literacy levels are generally low among the public. Policy makers may take steps to improve the levels resulting in better investments and wellbeing of the economy.