What role does financial education play in reducing debt and building wealth?

Financial education plays a critical role in reducing debt and building wealth. When individuals have a good understanding of personal finance concepts and strategies, they are better equipped to manage their finances effectively and make informed decisions about borrowing, saving, and investing. Financial education can help individuals understand the risks and benefits of different financial products and services, and develop a financial plan that is appropriate for their needs and goals. With this knowledge, individuals can make wise decisions about managing debt and building wealth, which can lead to increased financial wellbeing over time.