Financial Illiteracy
Financial illiteracy refers to a lack of knowledge or understanding of financial concepts, such as budgeting, saving, investing, debt management, and financial planning. It is a critical issue that affects individuals' ability to make informed financial decisions, leading to poor money management and increased vulnerability to financial risks. In the context of developers, it can impact personal finance, business ventures, or projects involving financial technology (fintech).
Developers should learn about financial illiteracy to enhance their personal financial well-being and to build better fintech applications that address this societal challenge. Understanding financial concepts helps in creating user-friendly tools for budgeting, investing, or debt management, and it is essential for roles in banking, insurance, or startup environments where financial acumen is valued. Awareness of financial illiteracy can also aid in developing educational software or apps aimed at improving financial literacy.