Financial literacy includes knowing what various financial instruments are for. Knowing how to think about your budget beyond the expenses that you have every

Financial literacy includes knowing what various financial instruments are for. Knowing how to think about your budget beyond the expenses that you have every single week or month. Knowing how a credit card works and why that makes it dangerous. Knowing ways to avoid that danger (with or without a credit card). Knowing what a bank account is for and how to open one. Knowing what investing is, why it's a good thing, and where and how to get started with it. Knowing what a credit score is, what goes into it, and why it's important. Those are all important components of financial literacy. They involve knowledge that not everybody is exposed to. Using that knowledge does often require being able to add/subtract/multiply/divide. But while math competency is necessary for successful budgeting and financial management, it is by no means sufficient for either.