A lack of financial literacy is not a problem only in emerging or developing economies. Consumers in developed economies also fail to demonstrate a strong grasp of financial principles in order to understand and negotiate the financial landscape, manage financial risks effectively and avoid financial pitfalls.
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We have all been there, you want to buy something and just whip out a credit card without thinking about how you are going to pay for it. Without understanding how that purchase relates to your future savings its easy to give into that instant gratification.