National Financial Capability Strategy
The recent economic crisis both underscored and intensified the need for financial education strategies worldwide and several nations have built coalitions to answer this call. The growing concern about financial literacy has produced substantial effort among government agencies and task forces, financial institutions, and economists to set forth viable standards by which financial education programs may be judged.
The NFEC analyzed 47 recent proceedings documents, agency reports, conference presentations, and peer-reviewed research articles to clarify key points of agreement and topics for future research. Materials from the U.S. plus five other countries, along with documents from the International Forum for Investor Education (IFIE), International Monetary Fund (IMF), Organisation for Economic Co-operation and Development (OECD), and World Bank were reviewed for this analysis.
The National Financial Capability Strategy report presents some of the overall strategies identified by various agencies to guide nationwide financial literacy promotion. Next, from our analysis three common themes emerged that might usefully underpin national standards for promoting financial literacy: education, awareness, and sustainability. The remainder of this paper is organized around those three topic areas.
The NFEC has leveraged the latest research and data since its inception. Our business model has been developed by gathering research, interpreting the data, developing products and services that aligns with the research, testing and modifying the material and then making evidence-based solutions available for others to use. To further the financial literacy movement and promote best practices among the industry, the NFEC has open-sourced the research our business model is based on. We encourage other organizations to adopt best-practices outlined in this report to help propel the financial literacy movement beyond the tipping point.
Review notes from the National Financial Capability Strategy report below or download the full report by clicking on the image to the right.
National Financial Capability Report References
- Organisation for Economic Co-operation and Development. OECD/INFE High-level Principles on National Strategies for Financial Education. Paris, France: OECD; 2012 Aug.
- National Financial Literacy Framework & Standards- All Ages