G20 Presidency Education and the OECD Financial

Advancing National Strategies for

Financial Education

A Joint Publication by Russia's G20 Presidency and the OECD

Advancing National Strategies for Financial Education

A Joint Publication by Russia's G20 Presidency and the OECD

This work is published on the responsibility of the Secretary-General of the OECD. The opinions expressed and arguments employed herein do not necessarily reflect the official views of the Organisation or of the governments of its member countries. This document and any map included herein are without prejudice to the status of or sovereignty over any territory, to the delimitation of international frontiers and boundaries and to the name of any territory, city or area. ? OECD 2013

You can copy, download or print OECD content for your own use, and you can include excerpts from OECD publications, databases and multimedia products in your own documents, presentations, blogs, websites and teaching materials, provided that suitable acknowledgement of OECD as source and copyright owner is given. All requests for public or commercial use and translation rights should be submitted to rights@. Requests for permission to photocopy portions of this material for public or commercial use shall be addressed directly to the Copyright Clearance Center (CCC) at info@ or the Centre fran?ais d'exploitation du droit de copie (CFC) at contact@.

MESSAGE FROM RUSSIA'S G20 PRESIDENCY

Most financial literacy surveys conducted worldwide, including in G20 countries show that a majority of the population do not have sufficient knowledge to understand even basic financial products and the risks associated with the products. A majority of individuals do not plan for the future and fail to make effective decisions to manage their finances. As the global crisis has shown, this can have a negative impact on financial and economic stability as well as on individuals' or households' wellbeing, especially among low-income groups.

The financial crisis also triggered demand for financial literacy programmes around the world as well as more comprehensive strategic approaches aimed at wider access to financial products, and increased awareness as well as improved financial literacy and financial consumer protection. We believe financial education supported by effective consumer protection, while not being a panacea, can lessen the magnitude of future crises by enabling individuals to effectively use financial products and services and to make sound choices to protect themselves and fruitfully participate in financial and economic activities. Such measures can also help in promoting economic recovery and growth, supporting small and medium enterprises, boosting the creation of new jobs as well as decreasing poverty.

The Russian Government has adopted a long-term strategy to strengthen the financial sector. It includes measures to improve access to financial services of broad segments of the population, and to promote financial consumer protection and financial literacy. With the support of the World Bank, the Ministry of Finance launched in 2011 a comprehensive five-year nationwide financial literacy and financial education programme. Russia has also taken concrete actions to promote financial literacy internationally. The Russian Government funded the Financial Literacy Trust Fund in co-operation with the World Bank and the Organisation for Economic Co-operation and Development (OECD) in order to support international research to measure financial literacy, assess the effectiveness of

3

 ................
................

In order to avoid copyright disputes, this page is only a partial summary.

Google Online Preview   Download