The Impact of Financial Illiteracy Financial illiteracy has far-reaching consequences, affecting individuals across various demographic groups. Research indicates that a lack of financial knowledge leads to poor financial decisions, increased debt levels, and inadequate retirement savings. Woolsey's (2011) findings underscore the alarming reality that a majority of adults in the United States fail to demonstrate basic financial literacy skills. This section will delve into the correlation between financial literacy and financial outcomes, emphasizing the need for targeted interventions to address this issue.\

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