Impact is an increasingly significant part of academia internationally, both in centralised assessment processes (for example, UK) and funder drives towards knowledge mobilisation (for example, Canada). However, narrowly focused measurement-centric approaches can encourage short-termism, and assessment paradigms can overlook the scale of effort needed to convert research into effect. With no 'one size fits all' template possible for impact, it is essential that the ability to comprehend and critically assess impact is strengthened within the research sector. In this paper we reflect on these challenges and offer the concept of impact literacy as a means to support impact at both individual and institutional levels. Opportunities to improve impact literacy are also discussed.