1. OECD/INFE Report on Financial Education in APEC Economies
- Author:
- The Organization for Economic Co-operation and Development
- Publication Date:
- 01-2019
- Content Type:
- Policy Brief
- Institution:
- The Organisation for Economic Co-operation and Development
- Abstract:
- At their 23rd Ministerial Meeting in Lima in 2016, APEC Finance Ministers called for a report on financial education in APEC to support “the design and implementation of financial literacy policies building on the expertise and standards developed by the OECD International Network on Financial Education.”1 This report, covering the 21 APEC economies spanning the Asia and the Pacific region, responds to that call.2 The findings illustrate that the majority of APEC economies are well-advanced in their efforts to collect relevant data, implement appropriate financial education policies, and address the remaining issues related to financial literacy, inclusion and consumer protection. They are applying international best practices and making good use of available tools and resources to develop and refine strategic approaches and specific initiatives. However, there is still some way to go in ensuring that everyone living in an APEC economy has the financial literacy that they need and concerns about financial fraud or abuse, the high complexity of financial services and the low financial literacy of specific population groups are driving policy interest in improving financial education. Section I reports that APEC economies accounted for almost 60% of the world’s GDP in 2017 and notes that impressive progress has been made in closing financial inclusion gaps in the entire region, including through digital financial services. However, it also indicates several challenges and factors of relevance to the development of financial education activities in APEC economies. These include important, persistent issues of inequality, rapid population ageing, and low financial literacy in several APEC economies. Section II discusses strong political recognition and support for financial literacy and inclusion in APEC economies; major co-ordinated policy efforts such as national strategies for financial education and financial consumer protection frameworks; and other financial education initiatives and efforts, including those seeking to introduce financial education in schools. All of the APEC economies with available data either have a national strategy for financial education already in place or are in the process of designing and planning one. Most national strategies aim at awareness of financial issues and strengthening the financial literacy of their citizens, while at the same time supporting financial consumer protection and financial inclusion policies and objectives. In addition, out of the 17 APEC economies participating in the survey for this study, 15 have firmly introduced financial education in their school curriculums (at different levels) to date.
- Topic:
- Education, National Security, Fiscal Policy, and Economic Crisis
- Political Geography:
- Asia and Asia-Pacific