Financial illiteracy and lack of Financial security
When we talk about Financial illiteracy this involves the lack of knowledge and Financial mismanagement where such people lack the idea to be in control of their finances. This really affects a lot because such people in most cases lacks Financial planning which is a big issue in their financial life.
Financial illiteracy have so many negativity where the idea of managing your finance is a big problem not to talk of planing to build a Financial career. Even those with a positive mindset knows it is not an easy task to maintain a financial career because in other to build or be in that aspect, a lot need to be sacrificed.
There should always be knowledge of what your investing your money on and how your spending is occuring to maintain that status. This requires time and effort if truly such people wish to be Financial stable and educated in that aspect to secure financial breakthrough.
It is no joke that some people don't have the idea of how to manage their finances which is why it is very easy for such people to go bankrupt without noticing their lack of knowledge. Financial illiteracy create room for Financial crisis and this is lack of mismanagement to secure Financial stability.
Financial illiteracy is a negative effect to any financial planning because there is nothing meaningful that is going to occur to generate income instead it create way for such people to be in debts. Experience and education is important to maintain Financial literacy and when this is put to action, there is every tendency for a positive change.
