* Spend more than they earn
* Take on too much debt
* Invest in risky assets without understanding the risks
* Fall victim to scams
* Time: Lack of financial literacy can also lead to people spending more time managing their finances. For example, people who are not financially literate may be more likely to:
* Have to work longer hours to make ends meet
* Spend more time worrying about their finances
* Feel overwhelmed and stressed about their finances
* Opportunities: Lack of financial literacy can also limit people's opportunities. For example, people who are not financially literate may be less likely to:
* Get a good job
* Buy a home
* Save for retirement
* Start a business
* Peace of mind: Lack of financial literacy can also lead to people having less peace of mind. For example, people who are not financially literate may be more likely to:
* Feel anxious or stressed about their finances
* Worry about losing their job or their home
* Feel like they are behind financially
* Feel like they can never get ahead
Financial literacy is an important life skill that can help people make informed financial decisions and achieve their financial goals. By understanding their finances and making wise choices, people can increase their chances of financial success and enjoy a more secure and fulfilling life.