What does it mean to be financially literate and what are the impacts?

In an interesting piece to 'The Conversation', Ross Guest, Professor of Economics and National Senior Teaching Fellow at Griffith University, outlines a number of factors around individual literacy and the potential impact on our collective financial environment. He notes "that the consequences of poor financial decisions often reach far wider that an individual or family." Not surprisingly, he references our most recent collective calamity, the Global Financial Crisis (GFC) and its connection to individuals acting irrationally, either willingly or unwittingly as the case may be.

The full article is available here. Enjoy but take heed.