G8 International Conference on Improving Financial Literacy

29-30 November 2006 - Moscow, Russian Federation

The G8 International Conference on Improving Financial Literacy was co-organised by the Minister of Finance of the Russian Federation and the OECD as a part of its on-going project on financial literacy.

The main objective of this conference was to highlight the need for financial education in both developed and developing countries. The conference therefore aimed to raise the awareness of governments, financial institutions and consumers about the importance of financial education and to examine countries’ experience, progress and good practices, including through presenting examples of efficient financial education tools and programmes. This conference also aspired, through dialogue and mutual understanding, to enhance the effectiveness and efforts to promote financial education at the international level - an approach that will be crucial for successfully achieving the much needed worldwide improvement in financial literacy.

Sessions in the conference covered: (i) impact of financial literacy on economic development, (ii) specific problems of vulnerable groups; (iii) financial education for pensions and insurance: raising awareness of risks; (iv) role of stakeholders in financial education and awareness campaigns; (v) evaluation of financial education programmes; (vi) best practices and next steps to improve financial literacy. The conference also provided an opportunity to present the principles and good practices developed by the OECD in this area.

High-level governmental officials from regulatory and supervisory authorities, industry experts and academics from OECD countries and non-OECD members’ economies attended the event.

Additional logistical information is available at www.cifl.ru

Documentation:

• Final agenda 
• Chair's Summary
• Information Note 

Opening Remarks

• Opening remarks by Mr Richard Hecklinger, OECD Deputy Secretary-General

Session 1: Impact of Financial Literacy on Economic Development

• Presentation by Mr Nicolas Blancher, International Monetary Fund
• Background document and Presentation by Ms Jeanne Hogarth, Federal Reserve Board, United States
• Presentation by Mr Gyan Bhushan, Pension Funds Regulatory and Development Authority, India
• Presentation by Mr Carlos Cuevas, The World Bank

Session 2: Specific Problems of Vulnerable Groups

• Presentation by Ms Irina Kunovskaya, National Fund for Financial Literacy, Russian Federation
• Presentation by Mr Nikolay Gusman, "Russlavbank"
• Background presentation and background document from Mr William Knight, Financial Consumer Agency of Canada
• Presentation by Mr Michal Matul, Microfinance Centre (MFC) for Central and Eastern Europe and the New Independent States
• Spotlight Note from MFC

Session 3: Financial Education for Pensions and Insurance : Raising Awareness of Risks

• Presentation by Ms Fiona Stewart, OECD Secretariat
• Presentation by Ms Flore-Anne Messy, OECD Secretariat
• Presentation by the Russian Ministry of Finance
• Presentation by Ms Doris Schönemann, Investor's Dialogue GmbH, Switzerland
• Presentation by Mr Andrey Vorontsov, Ministry of Finance, Russian Federation
• Presentation by Mr Robert Holzmann, The World Bank

Session 4: Role of Stakeholders in Financial Education and Awareness Campaigns

• Presentation by Mr Shaun Mundy, Financial Services Authority, UK
• Presentation by Ms Dara Duguay, Citigroup
• Presentation by Ms Catharine Crum, Ministry of Finance, The Netherlands
• Presentation by Ms Tatyana Smirnova, VISA Russia Association

Session 5: Evaluation of Financial Education Programmes

• Presentation and Background paper by Ms Annamaria Lusardi, Dartmouth College
• Presentation by Ms Swee Lian Koid, Bank Negara Malaysia
• Presentation by Ms Christina Tan, Money Authority Singapore

Session 6: Best Practices and Next Steps to Improve Financial Literacy

• Presentation by Mr Dan Iannicola, US Treasury
• Presentation by Mr Zdenek Hustak, Ministry of Finance, Cezch Republic
• Presentation by Ms Anna Zelentsova, Russia Partnership for Responsible Business Practices, International Business Leaders Forum
• Background documentation from Ms Doris Schönemann, Investor's Dialogue GmbH, Switzerland

Closing Remarks

Further reading

• U.S. National Strategy for Financial Literacy 2006 : http://www.mymoney.gov/pdfs/ownership.pdf
• U.S. Department of the Treasury, The National Srategy for Financial Literacy 2006, Quick Reference Guide : http://www.mymoney.gov/pdfs/QuickRefGuide.pdf
• HM Treasury - Financial Capability: the Government's long-term approach (January 2007)