​​​​​​​​​​​​​Financial Education

​There is a clear case for financial education efforts and this must imply a shared responsibility between all actors: private and public bodies, educational and financial institutions, NGOs, the academic sector, consumers and other stakeholders reflecting a joint commitment between them.

>> Financial education work by WSBI-ESBG members​​ |​ >> Partn​ership​ with CYFI

Updated: January 2019

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​​WSBI-ESBG position

WSBI-ESBG and its members recognise the importance of promoting financial education for all citizens worldwide and continue to carry out a wide range of initiatives with the aim not only to prevent social and economic exclusion, but also to contribute to the commitment of providing citizens with a better knowledge of financial issues that will enable them to make informed choices. Based on the principle that financial education must be introduced at an early age, WSBI-ESBG believe it should be provided to everyone and at all ages. WSBI-ESBG​ consider that it must be a continuous process that constantly adapts to the changing nature of the social, financial and political context, where several actors representing different sectors of society shall play a key role in improving its efforts to attain good results in this field. Attention should be paid to several aspects, for example:

• Financial education leads to sound financial inclusion;

• The role of financial education regarding children and young people;

• Whether schools, teachers and parents​ should be assisted to teach financial concepts, and how;

• The responsibility of households when facing challenges;

• The role of financial education for the financial system to develop its function of channelling savings correctly;

• The path to be followed by public authorities to develop and implement financial education strategies; 

• How financial education can complement consumer protection;
  

• How WSBI-ESBG members can contribute in financial education efforts.

What is financial education?

Financial education is the process by which financial consumers / investors improve their understanding of financial products, concepts and risks and, through information, instruction and/or objective 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.

WSBI-ESBG and OECD-INFE

WSBI-ESBG is an affiliate member of the OECD International Network on Financial Education, or OECD-INFE​. The OECD and its INFE provide a unique policy forum for governments to exchange views and experiences o​n this issue. OECD-INFE serves as a platform to collect data on financial literacy, develop analytical and comparative reports, research, and develop policy instruments. More than 230 public institutions from over 100 countries have joined the OECD-INFE.

​In the spotlight

ESBG financial education brochure 

Focus on good practice from ESBG members, addressing how financial education can act as a powerful tool in the fight against over-indebtedness. A lack of education – particularly financial education –  can be the cause in some cases of some of the problems affecting part of the financial system, namely over-indebtedness, lack of diversification, fraud and abuse. An increased level of financial literacy can mitigate those, particularly over-indebtedness. Increased levels of financial literacy, complementing adequate consumer protection regulation, can lead to fairer and more inclusive societies. >> Read the brochure​ ​