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Financial ignorance can have significant and awful consequences, leading to debt costs for individuals and society as a whole. Here are some of the potential costs associated with financial ignorance:
Missed Investment Opportunities, Poor Debt Management, Inadequate Retirement Savings, Limited Emergency Preparedness, Credit Score Impact, Inefficient Tax Planning, Financial Scams and Fraud, Health and Well-being Impact, Reduced Economic Productivity, Strained Social Services, Interpersonal and Family Issues, Cycles of Poverty.
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