Final answer:
Financial literacy encompasses informed financial decision-making, saver vs. spender awareness impacts financial well-being, and setting financial goals and plans is crucial for stability and success.
Explanation:
Financial literacy refers to the knowledge and skills needed to make informed financial decisions. It involves understanding topics like budgeting, saving, investing, and managing credit effectively.
Being aware of whether you are a saver or a spender is crucial because it impacts your financial well-being. Savers are more likely to build wealth over time and be prepared for emergencies, while spenders may struggle with debt and financial insecurity.
Developing financial goals and plans for the short term (1 year), medium term (5 years), and long term (10 years) is essential for financial stability and success.
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