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5 competencies that define financial literacy
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FIVE COMPETENCIES THAT DEFINE FINANCIAL LITERACY.

The five (5) financial literacy competencies are earning, saving and investing, spending, borrowing, and protecting. You should use these five building blocks for managing and developing your money while you make financial decisions every day.

  1. Earning - The term "earnings" refers to the amount of money brought home by work, self-employment, or investment returns.
  2. Saving and Investing - The terms "saving" and "investing" refer to your knowledge of the financial institutions and services that are accessible to you. To begin with, you should establish a checking and savings account in order to handle your own finances.
  3. Spending - The idea of "spending" is probably the most important because it is a reflection of your personal values, lifestyle, and financial habits. The core notion of spending control is separating NEEDS from WANTS.
  4. Borrowing - The term "borrowing" refers to the process of acquiring debt in order to acquire assets.
  5. Protecting - Insurance and retirement planning are all part of the "protecting" category. To keep protected on a personal, health, financial, and social level is the goal of this program.

FIVE COMPETENCIES THAT DEFINE FINANCIAL LITERACY.

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