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Financial literacy reflects on the ability to manage personal finance in an efficient manner, which provides awareness of important personal finance choices such as savings, insurance, real estate, budgeting, retirement and tax planning. Financial literacy also involves the expertise of financial principles and concepts such as financial planning, compound interest, debt management, cost-effective savings techniques and time value of money. Lack of financial literacy can lead to poor financial choices that can have negative consequences for the financial well-being of the individual.

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