What can be a consequence of a lack of financial literacy within a family?

A lack of financial literacy within a family can lead to financial instability and stress, which has a profound impact on the overall well-being of the household. When family members are not equipped with the necessary skills and knowledge to manage their finances effectively, they may struggle with budgeting, saving, and understanding credit. This can result in challenges such as overspending, accumulating debt, and failing to plan for future financial needs. The resulting financial strain can create stress and conflict within the family, as members may feel anxious about their situation and unable to meet obligations. It's important for families to possess financial literacy to foster healthier financial practices, which can, in turn, improve their overall quality of life and peace of mind.