Financial education for youth : the role of schools.
Organisation for Economic Co-operation and Development.
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. This attention fo financial education and in particular to youth is justified by the enw challenges faced by youth globally, and by the greater financial competences that they require. Younger generations will face increasing financial risks, and will be confronted with more sophistocated financial products than did previous generations. They are now given access to financial services and products at an even younger age. However, these developments do not appear to be matched by an equivalent increase in their financial skills. Evidence from national and OECD surveys shows that younger generations have lower levels of financial literacy compared with those of their parents, leading to potential new vulnerabilites. This mismatch potentialy has important impleications for example in terms of new responsible use of credit, adequacy of saving for the long-term and retirement or even social, economic and financial inclusion of future generations--Foreword.
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. This attention fo financial education and in particular to youth is justified by the enw challenges faced by youth globally, and by the greater financial competences that they require. Younger generations will face increasing financial risks, and will be confronted with more sophistocated financial products than did previous generations. They are now given access to financial services and products at an even younger age. However, these developments do not appear to be matched by an equivalent increase in their financial skills. Evidence from national and OECD surveys shows that younger generations have lower levels of financial literacy compared with those of their parents, leading to potential new vulnerabilites. This mismatch potentialy has important impleications for example in terms of new responsible use of credit, adequacy of saving for the long-term and retirement or even social, economic and financial inclusion of future generations--Foreword.
1. The importance of financial education for youth -- 2. Implementing financial education in schools -- 3. Comparing selected financial education learning frameworks.
Includes bibliographical references.
Finance
Education