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If we consider the rapid pace of financial innovation, the growing complexity of financial products, and the increasing amount and size of financial risks and responsibilities transferred to households, consumers need to be better equipped to make good, informed and rational financial decisions, according to Mr Gurría.
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The OECD has been developing a response to the crisis that is holistic, looking atfinancial market issues, and the wide variety of factors that led to damaging incentive structures, as well as the requirements for broader macro and fiscal policies. The crisis has led to a variety of emergency financial measures such as loans, guarantees, and nationalisations. For financial markets, the focus is on exit strategies that are consistent
Mr. Gurría underlined that business ethics should be at the center of any new road-map for the global economy. Markets should not only be more stable, but morally acceptable as well. He said that it is time to reunite ethics and economics through a solid, transparent and updated set of rules.
This conference focused on advancing and elevating the dialogue on financial education in the international arena, with a special focus on South East Asian economies, as well as sharing country-specific experiences in implementing financial education strategies, reviewing applied research and discussing best practices.
The OECD- IFEP Symposium on Financial Education: Financial education: a possible response to the financial crisis goals are to
- Highlight the importance of financial education at a global scale as one of the long-term possible response to the current financial crisis
- Share experiences and international good practices including OECD instruments on financial education
- Reinforce the awareness of the public and policy makers,
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Many people have a poor understanding of the financial issues that affect their lives, according to OECD analysis. To help them, OECD countries have agreed new good practices on financial education relating to private pensions and insurance.
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OECD Good Practices for Financial Education Relating to Private Pensions, 2008
This Conference, convened under the auspices of Russia' G8 Presidency, was held in Moscow on 29-30 November 2006. The aim of the conference was to recognise the increased need for financial education in both developed and developing countries.
This book, the first major study of financial education at the international level, contributes to the development of consumer financial literacy by providing information to policymakers on effective financial education programmes.
English, PDF, 148kb
Citizens need a better grasp of how financial markets work in order to manage mortgage and consumer debt and save effectively to finance retirement, and OECD governments have recognised that they have to help people to develop such awareness. These Principles and Good Practices were adopted by the OECD Council.