Financial literacy is one of the higher forms of basic literacy and it is a concept of an individual’s ability to understand basic economic principles, take care of the personal finances, secure themselves and family, how to not be tricked ingenious marketing tricks. In terms of the organization, it is an ability of individuals to orientate themselves in financial decisions, financial matters, including events resulting from the current state of the economy and the state of the organization, the ability to understand basic economic concepts, such as:
Use of the financial literacy in practice: In particular, management professions in the organization require a relatively high degree of financial literacy as a part of a manager’s decisions about finances (financial plans, budgets, managerial accounting).
The requirements for financial literacy are therefore an integral part of qualification requirements of many professions, especially professions in the field of economy and finance, and managerial occupations, but they may be required fot other professions in the organization, as well.
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