What is financial literacy and why do people need financial knowledge? Financially literate people make their savings work, are responsible for managing personal finances and are able to increase their well-being through the distribution and planning of personal finances. They understand the financial services the market offers and are more immune to financial risks and contingencies, respond quickly to signals sent by the economy and make good decisions. Such people are more demanding of financial service providers and thereby stimulate competition in the financial market. The financial stability of the country also depends on how financially competently we act. With an increase in the level of financial literacy of the population, financial services markets are developing, money circulation costs are reduced, increasing savings of the population are involved in the financial system, conditions are created for the development of insurance markets and funded pension systems.