Money matters: Your guide to financial literacy

The world of finance can be a complex place, but it’s important to develop a basic understanding of the influential role money plays in our work, social life, health, education and everything in between.

From the influence of technology in driving financial inclusion to efforts to close the gender wealth gap, we go behind the scenes to keep you in the loop.

Here are the must-read financial literacy articles and videos from April – National Financial Literacy month in the US – on Agenda.

Technology is providing a gateway for historically excluded people to manage their own financial future.

With inclusion in financial services at an all-time high, technology can facilitate widespread education, accessibility and affordability that were previously reserved for a wealthy few, opening doors and breaking down barriers worldwide.

Read more from the chairman and CEO of Operation HOPE, the US’s largest financial literacy organization: Inclusion in US financial services is at an all-time high – and tech can take us further

Boosting women’s financial literacy helps increase their financial freedom and security in retirement.

A policy push to boost access to financial education, alongside industry investment in services and economic opportunities specifically for women, could help relieve deep systemic inequalities such as the gender wealth gap.

Read more: How boosting women’s financial literacy could help you live a long, fulfilling life

Worldwide, 35% of men are financially literate compared with 30% of women. It may not sound like much of a difference, but this gap is significant globally, exists in both developed and developing economies and doesn’t look like closing any time soon.

There are some solutions that can help. Watch the video below for three ways to improve financial literacy among women.

Americans generally perform poorly on understanding key financial concepts; this deficiency in financial knowledge extends globally, affecting economic and personal outcomes.

The consequences of low financial knowledge are costly and sweeping, yet the TIAA Institute-GFLEC Personal Finance Index (P-Fin Index), released on 17 April 2024, gives Americans a failing grade when it comes to understanding the concepts that underpin decisions about saving for retirement, managing debt or insuring against risks.

Read more: It’s financial literacy month: From schools to the workplace, let's take action

Young people are actively investing in capital markets, with 70% of retail investors under the age of 45. However, young people globally have financial literacy rates that hover below 50%.

Boosting financial literacy can help empower young people to invest with higher returns, avoid high levels of debt and increase their overall financial well-being.

Read more: Globally young people are investing more than ever, but do they have the best tools to do so?

Around half of US adults were unable to answer three financial literacy questions posed by the recent P-Fin Index survey. Risk proved the least understood aspect of finance.

How do you think you would fare? Watch the video below to test your financial knowhow and see what can be done to improve our understanding of financial matters.

US financial literacy rates have been stubbornly hovering around the 50% mark for eight consecutive years, with a 2% drop in the past two years, according to the latest P-Fin Index.

In the European Union, a quarter of respondents scored low for knowledge in the 2023 Eurobarometer survey on financial literacy, with 18% at a low level of financial literacy.