The focus on strengthening the ability of consumers and businesses to use financial services confidently and effectively must therefore be an important part of any effort to promote financial inclusion, to make a real difference to people’s lives including the two billion adults globally, who still do not have access to financial services. The role of financial inclusion in supporting sustainable economic growth is particularly important now, given the global economic landscape where countries continue to search for an engine of balanced, sustainable and long-term growth. Financial inclusion provides low-income households with equal opportunities to save and invest securely, borrow for productive activities and buffer against unforeseen shocks. The utilisation of relevant financial services improves households’ income and empowers them to attain healthcare, education and social mobility, effectively reducing social and economic inequality. Research (IMF) has shown that countries with lower inequality tend to have higher and more durable growth. There is also evidence that access to credit spurs entrepreneurship and job creation, and improves the economic well-being of households. Inculcating financial capability and discipline so that all segments of society have the ability to make sound decisions regarding saving, use of credit, investment for education and retirement, and protection against adverse events is one fundamental way to raise financial well-being for all. Financial literacy becomes even more important for those who are financially less privileged. For households with limited resources, it becomes vital for them to manage the finances even more effectively to attain financial security and improve economic well-being.

More can be done collaboratively with national agencies to propagate successful financial education strategies; to promote more effective coordination with financial inclusion and financial stability mandates; and to develop frameworks, tools and guidance that can be adapted to local conditions. Frameworks for evaluating the effectiveness and measurement of financial education initiatives should be developed to avoid pitfalls that can lead to poor outcomes despite significant time and resources invested in many activities. At the regional level, consumer protection measures are being developed in tandem with the proposed economic measures to achieve greater economic integration under the ASEAN Free Trade Area. For the region, enhancing financial literacy of consumers will be an important consideration in raising the standards for consumer protection frameworks and in promoting financial inclusion. I expect that this will be discussed at the ASEAN Roundtable which will take place tomorrow and I encourage your active contribution to this important dialogue. The roundtable discussion will provide opportunities for ASEAN policymakers to share countries’ experiences, exchange key insights on promising approaches and to explore new ideas and identify opportunities to deepen collaboration at the regional level. These are important matters as it enables policy makers to formulate new development policies and better strategies. It has been a very productive symposium. The dedication and commitment expressed by those who have participated so actively in the various sessions should energise and inspire us all to strive even harder and achieve more to improve the well-being of our communities.