Financial illiteracy linked to poor economic decisions and lower welfare levels.
The article discusses the importance of financial literacy and its impact on economic decision-making. It explores how financial knowledge is like an investment in people's skills and how it affects their well-being. The researchers found that many people lack basic financial knowledge, especially in certain groups. They also discovered that being financially literate can lead to better economic choices. The article suggests that more research is needed to understand how to improve financial literacy and its effects on public policy.