What does it really mean to be good with money? In this episode, we dive into the concept of financial literacy, defined as the set of skills, knowledge, and behaviors that allow individuals to make informed decisions regarding their finances. We explore the critical difference between "financially sophisticated" individuals who understand compound interest and those who may fall prey to high-cost debt due to a lack of knowledge.

We also examine the evolving landscape of money management, including:

• Digital Financial Literacy: How the rise of Fintech requires new skills to use digital devices for financial decisions and avoid the increasing risk of fraud.

• The Confidence Gap: Research shows that people often rate their subjective financial knowledge higher than their actual o ...