Business Practices

What is Financial Literacy?

Today’s complex financial services Predict Market Turning Points market offers consumers a vast array of products and providers to meet their financial needs. This degree of choice requires that consumers be equipped with the knowledge and skills to evaluate the options and identify those that best suit their needs and circumstances. This is especially true for populations that have traditionally been underserved by our financial system. Financial education is also essential to help consumers understand how to prevent becoming involved in transactions that are financially destructive.

Several broad categories of financial literacy activities can help potential bank customers participate in the U.S. financial system and help banks strengthen their communities:

• Basic financial services and asset building programs provide a working knowledge of financial products, financial planning, and an overview of the U. S. banking system.

• Credit management and repair programs enable individuals to correct and learn from previous financial mistakes.

• Homeownership counseling prepares individuals for what is often the largest single

investment in a lifetime.

• Education aimed 241- Forex at recognizing and avoiding abusive lending practices can protect individuals at risk of obtaining inappropriate loan products.

• Small business and microenterprise technical assistance provides entrepreneurs with practical business knowledge.

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