Financial education has always been important for consumers in helping them budget and manage their income, save and invest efficiently, and avoid becoming victims of fraud. As financial markets become increasingly sophisticated and as households assume more of the responsibility and risk for financial decisions, financial education is increasingly necessary for individuals, not only to ensure their own financial well-being but also to ensure the smooth functioning of financial markets and the economy.
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. It is also intended to promote the exchange of views and the sharing of experience in the field of financial education. It analyses financial literacy surveys in member countries, highlights the economic, demographic and policy changes that make financial education increasingly important, and describes the different types of financial education programmes currently being offered in OECD countries. Finally, this book evaluates the effectiveness of financial education programmes and suggests actions policymakers can take to improve financial education and awareness.
Table of contents
Chapter 1. Overview of the Report
Chapter 2. Financial Education: Its Definition, its Increasing Importance, its Contributions to Market Efficiency and Consumer Well-Being, and the Role of Financial Intermediaries
Chapter 3. Assessment of the Financial Literacy of Consumers
Chapter 4. Investment/Retirement Saving and Financial Education
Chapter 5. Financial Education on Credit and Debt
Chapter 6. The Unbanked and Financial Education
Chapter 7. Conclusions and Future Directions for Financial Education
Annex A. Assessment of Financial Literacy of Consumers
Annex B. Investment/Retirement Saving and Financial Education
Annex C. Financial Education on Credit and Debt
Annex D. The Unbanked
Annex E. Recommendation on Principals and Good Practices for Financial Education and Awareness