Financial education and consumer protection

Public Consultation: Draft OECD Recommendation on Financial Literacy and Education




About the draft Recommendation

The draft OECD Recommendation on Financial Literacy and Education presents a single, comprehensive, global standard on financial education and literacy to assist governments, other public authorities and relevant stakeholders in OECD Members and non-OECD Members adhering to the instrument (Adherents) in their effort to design, implement and evaluate financial education policies. It draws on existing OECD Recommendations on financial education and other policy instruments developed at the OECD for the G20 and APEC.


The draft Recommendation includes principles and policy recommendations grouped under three key pillars:

  • The design and implementation of national strategies for financial education 
  • Financial education programmes in specific areas, such as saving, investment, pensions, credit and insurance
  • The effective delivery of financial education programmes


The draft Recommendation is still a work in progress at the OECD and the content may be subject to modifications, including in order to take account of comments received through the public consultation. Responses will be analysed and the OECD may publish them, but only in an aggregated and anonymous manner. Information on the respondents (i.e. country of residence, profession, etc.) will be collected by the OECD for statistical purposes only.


The draft Recommendation on Financial Literacy and Education was developed by the OECD International Network on Financial Education (INFE), under the aegis of the OECD Committee on Financial Markets (CMF) and the OECD Insurance and Private Pensions Committee (IPPC). It builds on a significant body of work at the OECD and consolidates a range of existing OECD Recommendations on financial education: the Recommendation of the Council on Principles and Good Practices for Financial Education and Awareness [OECD/LEGAL/0338], the Recommendation of the Council on Good Practices for Enhanced Risk Awareness and Education on Insurance Issues [OECD/LEGAL/0357], the Recommendation of the Council on Good Practices for Financial Education Relating to Private Pensions [OECD/LEGAL/0359], and the Recommendation of the Council on Good Practices on Financial Education and Awareness Relating to Credit [OECD/LEGAL/0370]. Once adopted by the Council, the present draft Recommendation would replace these previous Recommendations. 



Invitation to comment

Governments, other public authorities, practitioners, financial industry associations and institutions, not-for-profit organisations, international organisations, academics and individuals are encouraged to participate in this consultation and help shape the future of financial education.



The draft Recommendation is circulated publicly for consultation until 1 March 2019. In order to respond to this public consultation, please send your written comments by email to


What does the draft Recommendations mean by "Financial Education" and "Financial Literacy"?

In line with previous OECD work, the Recommendation defines financial education and financial literacy as follows:

  • Financial literacy is a combination of financial awareness, knowledge, skills, attitude and behaviours necessary to make sound financial decisions and ultimately achieve individual financial well-being. 
  • Financial education is the process by which financial consumers, investors and micro/small entrepreneurs improve their understanding of financial products, concepts and risks and, through information, instruction and/or objective general advice, develop the skills and confidence to become more aware of financial risks and opportunities, to make informed choices, to know where to go for help, and to take other effective actions to improve their financial well-being.



Process for development and approval of the draft Recommendation

The work to prepare this draft Recommendation started in 2017 within the INFE and underwent many discussions and iterations within the INFE, CMF and IPPC. Input collected during this public consultation will be taken into account in the further development of the draft Recommendation. Ultimately, the draft Recommendation will require the approval of the CMF and IPPC, after which it would be presented to the OECD Council for adoption.




What are OECD Recommendations and how are they used?

OECD Recommendations are adopted by the OECD’s governing body, the Council, and result from the substantive work carried out in the Organisation’s committees and their subsidiary bodies.  Recommendations generally contain high-level policy directions based on agreed good practices and aspirational goals, and serve to highlight the importance of specific work areas in the context of broader international policy-making.  They are not legally binding, but practice accords them great moral force as representing the political will of Members and non-Members having adhered to them (Adherents), on whom there is an expectation to do their utmost to fully implement them.

For more information, please consult the online Compendium of OECD Legal Instruments.




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