What is Financial Literacy?
The President's Advisory Council on Financial Literacy defines personal financial literacy as "the ability to use knowledge and skills to manage financial resources effectively for a lifetime of financial well-being." (2008 Annual Report to the President)
Personal financial literacy is more than just being able to balance a checkbook, compare prices or get a job. It also includes skills like long-term vision and planning for the future, and the discipline to use those skills every day.
In the US, we make great efforts to teach children to read and write, but we don't give their financial literacy the same attention. As a result, few young people know how to to manage their personal financial lives. Your Life, Your Money tries to change that by telling dynamic, culturally aware (and true) stories of young adults in financial trouble. As their stories unfold, viewers learn how and why they ended up in trouble and how they got out.
These compelling and relevant stories help viewers understand the issues. They also show viewers how to improve their own financial literacy. Bolstered by the wisdom and experience of experts, these young people take control of their lives, providing powerful examples of what it means to "manage your money and not be managed by your money."
Source: PBS Your Life, Your Money
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