What financial skill involves planning for future education costs?

Planning for future education costs falls under financial life events. This skill encompasses understanding the various financial obligations that arise at important milestones throughout life, such as pursuing higher education. It involves assessing how much funding will be needed for education, exploring different financing options such as scholarships, grants, loans, and personal savings, and creating a strategy to meet those financial needs.

In this context, understanding financial life events also includes being aware of the timing and potential costs associated with education, allowing individuals and families to prepare adequately by saving or investing beforehand. This skill ensures that one can manage the financial impact of education without undue burden.

The other options, such as retirement basics or budgeting, while important aspects of financial literacy, do not specifically target the future education costs in the same direct way that understanding life events does. Identity protection focuses on safeguarding personal information and is not applicable to the planning for educational expenses.