Consider the following scenario: Jack and Jill are twins. At the age of 20, Jack started contributing $20 a month to a savings account. After 20 years, at the age of 40, he stopped adding to his savings, but he left the money in the account. Jill didn’t start to save until she was 40. Then, she saved $20 a month until she retired 20 years later at age 60. Suppose both Jack and Jill earned 6% interest per year on their savings. When they both retired at age 60, who had more money?

Personal finance is a process which involves learning, practicing and applying a variety of financial skills. It ranges from budgeting, managing, paying off debt, understanding credit and various investment products. It is essential to develop your financial literacy skills. It helps in improving your personal finance management.