19 June 2012 - G20 leaders meeting in Los Cabos, Mexico, have endorsed the OECD/INFE High-level Principles on National Strategies for Financial Education. This important endorsement further reinforces the role of the Principles as one of the key global guidance instruments on financial education and awareness and as an overarching policy instrument offering governments and public authorities non-binding international guidance and policy options in order to develop efficient national strategies for financial education.
The G20 leaders’ endorsement proves that financial education has become an important complement to market conduct and prudential regulation, and that improving individual financial behaviours has become a long-term policy priority in many countries.
These Principles complement as an overarching framework the series of recommendations and standards already produced and endorsed by INFE and, in most cases, the OECD Council on these issues.
The rationale behind the development of the Principles lies in the increasing amount of attention and resources spent on financial education by governments and public authorities worldwide. As the amount of resources has increased, so has the importance of ensuring the efficiency and relevance of these programmes and their long term impact. In this respect, the establishment of co-ordinated and tailored strategies at national level has been widely considered to be one of the best means to achieve these efficiency goals while avoiding duplication of resources and efforts. However such national endeavours have often proved to be challenging notably due to limited long-term commitment from concerned stakeholders, difficult co‑operation between them, competing interests and mandates, lack of financial and in-kind resources and other implementation issues.
Current Status of National Strategies for Financial Education: A Comparative Analysis and Relevant Practices, OECD Working Papers on Finance, Insurance and Private Pensions, No. 16, OECD Publishing.
For further information