They give rise to a multiplicity of non-stationary equilibria, which evolve through time. And the resulting distribution of outcomes in this system is highly non-normal, non-linear and fat-tailed. Of course, this system is hypothetical. So it is interesting to ask whether the behaviour exhibited in real-world economic and financial systems is  Source: Kieff (CC-BY-SA-3.0-migrated-with-disclaimers). Bill Gosper’s “Glider Gun” animation created by Johan Bontes and available here. broadly consistent with the patterns from complex ABMs. One simple, reduced-form way to assess that is to look at the statistical distribution of various economic and financial time-series for evidence of discontinuity, non-normality and fat-tails. These are properties which, we know, exist in other natural and social systems (Barabasi (2005), Turrell (2013)). 19  These are: Any live cell with fewer than two live neighbours dies; Any live cell with two or three live neighbours lives on to the next generation; Any live cell with more than three live neighbours dies; Any dead cell with exactly three live neighbours becomes a live cell. 24  All speeches are available online at www.bankofengland.co.uk/publications/Pages/speeches/default.aspx  24  The short answer is yes – the properties of economic and financial systems are little different than other social, and many natural, systems (Haldane and Nelson (2012)). To provide a few illustrations, Chart 6 looks at the distribution of a set of economic and financial variables over a time-series dating back at least 150 years – equity prices, bond prices, GDP etc.

At the moment, there is no structured response to address the financial education needs in Zambia. There are currently some financial educational programmes being conducted by financial institutions, including the Bank of Zambia, but these are generally limited in scope and are not being implemented in a coordinated manner. These un-coordinated initiatives leave gaps that can properly be addressed through the development and implementation of a cohesive financial education strategy. Ladies and gentlemen, with this realization, the Bank of Zambia, with financial assistance from the Financial Education Fund under the United Kingdom Department For International Development (DFID), is taking the leadership role in identifying and developing a national financial education strategy that will be cohesive for the country. As the formulation of both the first and second phases of the FSDP was done through a national stakeholder consultative process, we have taken a similar approach in the development of our national strategy on financial literacy. The FSDP process has already built a wide network of stakeholders, and a platform of institutional and individual membership through its working groups and committees which can take this agenda forward. We believe that the multi-stakeholder consultative process is a critical component of the strategy. Distinguished Guests, let me give you a few examples of how the consultative process has shaped the success of financial literacy strategies in other countries. In the United Kingdom, the country’s national strategy is led by the Financial Services Authority.