Financial illiteracy is a lack of understanding or knowledge about financial matters. This can include basic concepts such as budgeting, saving, and investing, as well as more complex issues such as financial products, retirement planning, and tax implications. Financial illiteracy can affect people of all ages and income levels, and it can have significant consequences on personal financial well-being. People who are financially illiterate may struggle with making informed financial decisions, which can lead to debt, inadequate retirement funds, and a lack of financial stability. In addition, financial illiteracy can have a ripple effect on society as a whole, with potential impacts on economic growth and stability. It is important for individuals to educate themselves about financial matters and for institutions to promote financial literacy education in order to improve overall financial health and well-being.