Complete Description:Financial capability incorporates financial literacy with the ability to understand money and its management so people may make informed financial decisions. Financial literacy provides the knowledge that is often is the first step in understanding personal finance. Financially capable people use that knowledge to build financial stability by saving, better protecting and managing money, preparing for unexpected life events, and planning for short- and long-term goals. This fact sheet discusses the principals of financial capability, resources to help build financial security and the CRA considerations for banks engaging, or seeking to engage, in support activities for financial capability.
Funding Agency: Office of the Comptroller of the Currency
Type: Fact Sheet;
Source: Other;
Language: English
Audience: Individual, Teacher, Researcher