In short, financial literacy is a fundamental tool for each of us, whether we are making choices as students, consumers, savers, workers preparing for retirement or just simply responsible citizens. From cursory evidence, too many of our citizens lack a functional level of financial literacy.
The problem is all the more acute for lower-income citizens, who are less likely to be receiving advice from private sector financial advisors. Both developed and developing countries are recognizing that changes in the financial system, including the increasing complexity and diversity of financial products, are creating an urgent need for financial literacy.