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Financial Education for Youth

The Role of Schools

image of Financial Education for Youth

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.

 

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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.

English

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