Prosper Canada.(2016, November 16). What is financial empowerment? YouTube. https://youtu.be/7nsHhYQdtM4
Saving for your education. Creating a budget. Buying your first car. Managing your credit.
These are all life skills that empower you. Financial literacy enables you to better understand financial matters on both a personal and large scale. It empowers you to apply that knowledge and assume responsibility for financial decisions now and in the future (Financial Consumer Agency of Canada, 2017).
"Financial Empowerment is the process of increasing the ability of individuals or groups to make choices and to transform those choices into desired actions." ("What is", n.d.).
"Financial Literacy is the education and understanding of various financial areas. It focuses on the ability to manage personal finance matters in an efficient manner, and it includes the knowledge of making appropriate decisions about personal finance such as investing, insurance, real estate, paying for college, budgeting, retirement and tax planning." ("Financial literacy," n.d., para. 1-2).
"Personal Finance is the science of handling money. It involves all financial decisions and activities of an individual or household – the practices of earning, saving, investing and spending. Matters of personal finance include the purchasing of financial products, like credit cards, life and home insurance, mortgages and various investments" ("Personal finance," n.d., para. 10-11).