Achieving your goals for financial planning can be quite difficult. You need to be literate in all financial issues that involve money management. Some groups of financial professionals formally describe the term “financial literacy” as the ability to analyze, read, communicate and manage all personal financial conditions that affect the material well-being of an individual or unit.
Financial literacy is very essential in the US. It is a major concern for most Americans, and many of them enroll in a college just to study financial planning, which they believe is the key ingredient in making their money management successful. The US Senate even declared in 2004 that the month of April will be known as the “Financial Literacy Month”.