Financial Education for Youth

Financial Education for Youth

The Role of Schools You do not have access to this content

English
Click to Access: 
    http://oecd.metastore.ingenta.com/content/2112021e.pdf
  • PDF
  • http://www.keepeek.com/Digital-Asset-Management/oecd/finance-and-investment/financial-education-in-schools_9789264174825-en
  • READ
Author(s):
OECD
07 Apr 2014
Pages:
184
ISBN:
9789264174825 (PDF) ;9789264174818(print)
DOI: 
10.1787/9789264174825-en

Hide / Show Abstract

The importance of financial literacy and specifically the need to promote financial education has been recognised as an important contributor to improved financial inclusion and individuals’ financial well-being as well as a support to financial stability. The relevance of financial education policies is acknowledged at the highest global policy level: in 2012, G20 Leaders endorsed the OECD/INFE High-level Principles on National Strategies for Financial Education that specifically identify youth as one of the priority targets of government policies in this domain. That same year, Asia-Pacific Economic Cooperation (APEC) Ministers of Finance identified financial literacy as a critical life skill.

The publication addresses the challenges linked to the introduction of financial education in schools, and provides practical guidance and case studies to assist policy makers, and a comparative analysis of existing learning frameworks for financial education in the formal school system.
 

loader image

Expand / Collapse Hide / Show all Abstracts Table of Contents

  • Mark Click to Access
  • Foreword and Acknowledgements

    The importance of financial literacy and specifically the need to promote financial education has been recognised as an important contributor to improved financial inclusion and individuals’ financial well-being as well as a support to financial stability. The relevance of financial education policies is acknowledged at the highest global policy level: in 2012, G20 Leaders endorsed the OECD/INFE High-level Principles on National Strategies for Financial Education that specifically identify youth as one of the priority targets of government policies in this domain. That same year, Asia-Pacific Economic Cooperation (APEC) Ministers of Finance identified financial literacy as a critical life skill.

  • Executive summary

    Most national financial education strategies have youth among the key target groups. As such, they aim at introducing financial education into the school curriculum and designing dedicated learning frameworks. The rationale for this focus and these new policy endeavours is multi-fold. First, while financial education concerns all ages, the education of younger generations on financial issues has become all the more important since they will likely bear more financial risks and be faced with increasingly complex and sophisticated financial products than their parents. Second, the young have access to, and are being offered, financial services at ever earlier ages (through pocket money, mobile phones, bank accounts, or even credit cards). Yet, most recent surveys show worrying low levels of youth financial literacy and, in many cases, significantly lower levels than older generations.

  • The importance of financial education for youth

    This chapter presents the global trends underpinning the rising importance of financial literacy, from improved financial inclusion and innovation to the transfer of (financial) risks to individuals. It then highlights the benefits of financial literacy for individuals, and its positive spillovers on the financial and economic system. The chapter also points to the rationale for a focus on youth and in particular on schools. It notably draws on OECD/INFE surveys, desk research and work developed for the preparation of the OECD PISA Financial Literacy Framework.

  • Implementing financial education in schools

    This chapter addresses the most challenging implementation aspects of the introduction of financial education in schools and illustrates the INFE Guidelines for Financial Education in Schools presented in Annex A. It provides policy makers with selected relevant experiences and effective practices from countries that developed or are currently developing financial education programmes in schools. The chapter provides examples of initial steps, such as securing the support of government and public authorities, and effective ways of introducing financial education into schools, showing examples of cross-curricular or – more rarely - stand-alone approaches. It then addresses the provision of financial education programmes, from the training of teachers to the development of good pedagogic materials. It finally highlights ways to reinforce the sustainability of programmes through partnerships with the private sector and evaluation of programmes. These examples aim to assist in the design and implementation of financial education in schools by showing how different countries addressed the same issues in different ways given their peculiar institutional asset, educational framework, funding component and political support for the introduction of these programmes.

  • Comparing selected financial education learning frameworks

    Learning frameworks provide a planned and coherent structure for financial education in the official school sector, at the primary or secondary level. They operate at meta-level, providing learning outcomes or standards for financial education. This chapter illustrates the INFE Guidance on Learning Frameworks that complement the INFE Guidelines displayed in Annex A. It provides both a comparative analysis of the learning frameworks, from their design to their practical implementation, and a detailed description of available relevant frameworks. The analysis focuses first on their development, and notably on the institutions responsible for their drafting, the goals and institutional endorsement. It then addresses their content, from the dimensions of financial education they focus on to the learning outcomes and topics, and their implementation, including links with other subjects, effective pedagogy, students’ assessment and the role of teachers.

  • INFE Guidelines for Financial Education in Schools

    This annex reproduces the INFE Guidelines for Financial Education in Schools. The Guidelines are aimed at providing high-level non-binding international guidance to assist policy makers and interested stakeholders in designing, introducing and implementing efficient financial education programmes in schools. They are complemented by the Guidance on Learning Frameworks, defined as planned and coherent approaches to financial education in the formal school sector that define overall learning outcomes or standards for financial education.

  • Add to Marked List
 
Visit the OECD web site