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 | >> Partnership with CYFI
Updated: January 2019
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.
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 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 on 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
High Level Messages on Financial Education
Delivered by different speakers during the Financial Education Conference on 22 May 2018
>> Read messages
Conference: Financial Education: Quo Vadis?
WSBI-ESBG conference builds a clear case for financial education and addresses challenges and opportunities
>> Read story
Poverty stops where savings start
Bankers, academics agree in Madrid that financial education at savings banks' core
The way forward for financial education
Erste Financial Life Park setting for future-focused financial education summit
>> Read story
>> Discover: FLiP
>> Visit: FLip FinEd Summit
>> European Stock Market Learning, an initiative coordinated by ESBG
>> Financial education initiatives by WSBI-ESBG members
>> Global Money Week
>> Review of 2006 Framework of Key Competences for Lifelong Learning
>> WSBI-CYFI Partnership
>> World Savings Day
>> More initiatives on financial education from WSBI-ESBG members