appreciate the role of financial literacy for economic development
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The role of financial literacy in economic development may be clarified as follows:
- Financial literacy first leads to equality of opportunity. This is likely to be seen in the labor market as well as in the education institutions.
When these are not achieved through financial literacy then economic development of a country is likely to lag behind.
- Financial literacy leads to economic mobility. In order for a person to accumulate wealth, all he need to do is not to remain in the current position he or she is. He need to come up with good ideas of business opportunity on how he or she can change from one place to another.
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Final literacy the world over have turned out to be progressively available to the little speculator , as new items and monetary administrations become boundless. At the beginning of the ongoing budgetary emergency, shopper credit and home loan acquiring had expanded. Individuals who had Visas or subprime contracts were in the truly irregular position of having the capacity to choose the amount they needed to get. Elective money related administrations, including payday advances, pawn shops, car title credits, assess discount advances, and lease to-possess shops have likewise turned out to be broad .
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