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Financial literacy is “the ability to use knowledge and skills to manage financial resources effectively for a lifetime of financial wellbeing.” **
Financial education is “the process by which people improve their understanding of financial products, services and concepts, so they are empowered to make informed choices, avoid pitfalls, know where to go for help and take other actions to improve their present and long-term financial well-being.”**
**President’s Advisory Council on Financial Literacy, 2008 Annual Report to the President."