Why do people need financial literacy?

In surveys across the world, people with weaker financial literacy have lower savings and smaller emergency funds, but they are also much more likely to fall victim to online scams and become problem gamblers. Little surprise then that 73% of Americans consider money their main source of stress. But this money-related stress can quickly escalate: 100,000 people attempt to take their lives in the UK every year when in deep debt, analysts have shown.

maiawards.org/insights/we-cant-afford-it-anymore/

Everyone is a part of the financial and economic system, whether they like it or not. If they understand it, they can benefit. If they don't, they can't.

If they understand it, they can get it to work for them. If they don't, it will probably work against them.