Having financial literacy skills enables individuals to make informed decisions about their money, investments, savings, and debt. It helps them understand the importance of budgeting, setting financial goals, and managing their expenses effectively. Financial literacy also empowers individuals to make wise investment decisions and to plan for their future retirement. By having a good understanding of financial concepts, individuals can avoid common financial pitfalls, such as overspending, high-interest debt, and investment scams. In short, financial literacy is essential for individuals to build a strong financial foundation, achieve financial stability, and create a better future for themselves and their families.