Being literate in any language, like English means that you can read, write and speak English at a basic level.
Literacy does not mean you are an expert, and you are not Shakespeare.
Financial Literacy means being literate in the language of money.
It is a broad umbrella term that covers critical areas such as:
- managing debt
- retirement planning
- estate planning (for when someone dies)
You need this at a basic level to better your life and protect yourself.