By increasing financial stability, being financially literate can improve individuals’ living standards. The main benefits of being economically literate exposed in the literature are the following:

• Ability to manage money wisely
• Ability to make sound financial decisions
• Help to get through unexpected moments in life
• Greater equipped to reach financial goals
• Reduction of expenses through better regulation
• Less financial stress and anxiety
• Increase ethical decision-making when selecting insurance, loans, investments, and using a credit card
• Effective creation of a structured budget

Becoming financially literate will help us be better equipped to reach our financial goals and achieve financial stability