financial literacy vocabulary

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Credit Card

Back

A payment card that allows the cardholder to borrow funds from a financial institution to make purchases.

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Inflation

Back

The general increase in prices of goods and services over time, resulting in the decrease in purchasing power.

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Net Worth

Back

The difference between a person's assets and liabilities, representing their overall financial worth.

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Saving

Back

Setting aside money for future use or emergencies.

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Retirement Planning

Back

The process of setting aside funds and making financial decisions to ensure a comfortable retirement.

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Debit Card

Back

A payment card that deducts money directly from a consumer's checking account to pay for a purchase.

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Mortgage

Back

A loan specifically for purchasing real estate, where the property serves as collateral.

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Credit Score

Back

A numerical expression of a person's creditworthiness, based on their credit history.

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Debt

Back

Money that is owed or due to another party.

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Insurance

Back

A financial product that provides protection against financial loss or risk.