Impact of Literacy on Finances

Educating yourself in personal finance from any source is a significant way to improve your financial situation, but to be able to understand the resources that are available; you have to make sure you have become as literate as you can. Higher education is one way to improve yourself and insure that you have the best chance at increasing your potential for earning. Literacy is the ability to read, write, and comprehend what you have read clearly. If someone is illiterate they will not have the same opportunities open to them that someone who is literate will. Education is the bridge to cross the gap in economic standing.

One set back adults often face when trying to become more literate is learning disabilities. Dyslexia is one of many different types of learning disabilities. Dyslexia impairs a person’s ability to be able to read and spell, Dyslexia is a difficult learning problem but not one that should stop someone from wanting to increase their literacy rate and therefore improving their ability to earn more.

In personal finance it can be difficult to understand what terms and contracts are saying if you aren’t as literate as you can possibly be. The ability to read and understand the terms and conditions on things involving your financial records, credit card contracts, bank statements can mean a great deal as to how much money you spend, or earn. No one wants to end up paying more than they have to just because they don’t understand what the contract said. So literacy doesn’t just impact your ability to relax and read a book, not understanding what you read can have a dramatic effect on your financial standing. Classes and information is available for you to improve your literacy rate, and therefore improve the way you will understand your finances.