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Why Is Personal Finance Important?

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Why is personal finance important? Money, currency, and finances are incredible: they power both ordinary, day-to-day interactions in our lives, the global economy, and everything in between. Money gives people more than just the ability to buy things – at its core, it comes down to having deeper things like choices, freedom, and security. Having a strong base in personal finance skills is the key to unlocking those greater attributes that money can provide. Understanding personal finance and how to leverage money, the banking system, loans, investments, and more means that money works for you, not the other way around.

Studies show that people who take money management courses make improvements in multiple types of financial wellness measures, such as increasing savings and reducing debt. However, not everyone gets a foundation or education in personal finance from school or their families, so they may have to seek out resources to fill in their knowledge gaps

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