Financial ignorance carries significant costs; these costs will not only impact an individual’s personal financial situation, but also socially, as a lack of financial wellbeing can negatively affect mental health, leading to more pressure on the health system, a reduction in an individual’s capability to contribute to the workforce, and consequently more reliance on government handouts.

Lusardi, A, Oggero, N 2017, Millennials and Financial Literacy: A Global Perspective, GFLEC (Global Financial Literacy Education Center), viewed 7 January 2023, <https://gflec.org/wp-content/uploads/2017/07/Millennials-and-Financial-Literacy-Research-Paper.pdf>