To learn how to evaluate, shop for, select, and use different financial services. To become aware of the rights and responsibilities of consumers and providers in financial transactions. To understand the benefits of various financial services. To understand taxes and their impact on financial planning. It involves establishing goals, maintaining budgets, borrowing, saving and investing, carrying insurance, and considering the tax impact of financial decisions.
Financial institutions offer a variety of financial services.
Banks, savings and loans, credit unions, brokerage firms, mutual funds, and insurance companies are some of the financial institutions consumers use. Financial services offered by different providers may vary widely. Savings and investment options have varying degrees of security and liquidity. Usually, the greater the security and liquidity, the lower the return. Insurance can help assure financial security by protecting consumers against loss by a specified contingency or peril.