Financial Literacy

Financial literacy is a body of knowledge of the way financial markets operated and are regulated, who financial market actors are and what financial instruments, products and services they offer, as well as the ability to assume the responsibility of making decisions with respect to using such financial market actors’ products and services. In other words, financial literacy is the knowledge required to properly assess the current condition of the financial markets and make appropriate, informed choices. Knowing the key financial concepts and being able to use them enable people to better their lives. That is, it is very important to be sufficiently financially literate in order to keep stock of one’s income and expenses, avoid excessive debts, plan the personal budget and save money. It should be noted that the level of financial literacy in the country is predicated on the level of the country’s economic development. When this level of knowledge is low, it affects adversely not only the financial market actors, but the country, private sector and the society as a whole. In this context, as FIMSA examined the claims and requests by consumers, they realized that lack of financial literacy is at the core of the existing problems. Knowledge of financial markets helps consumers make informed decisions about their preferred financial institutions in addition to being well-versed in the scope of their rights and obligations. Promoting financial markets and instruments and increasing financial awareness of the general public are some of the key objectives of FIMSA. To this end, FIMSA, as part of the overall efforts to improve financial literacy, intends to post on its web-site helpful guidances, educational materials, glossaries and calculators, as well as Q&A section for financial market actors.

                                                     

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