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.



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.


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