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Abstract

The core theme of the article is that financial literacy is a challenging goal, but an achievable one. Contrary to popular belief, finance is a diverse subject and the meaning of “financial literacy” varies on a business-by-business, job-by-job basis. Practically speaking, “financial literacy” is interwoven with “business literacy”, i.e., understanding the transactions, processes, markets, stakeholders, etc., that together comprise a business. This makes it hard to deploy generic educational solutions. Some managers need more than others. Some need different than others. My recommendation is not to look for a universal definition of literacy, but rather to treat your company as a collection of communities, each with its own need for financial knowledge and education. Using this approach, financial literacy programs can then be developed pragmatically, efficiently, and economically.

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