As we observe the Financial Literacy Week scheduled from February 26 to March 01, 2024, let us recognise the contribution made by the International Network on Financial Education (INFE), a global platform dedicated to enhancing financial literacy worldwide. INFE was established by the Organization for Economic Co-operation and Development (OECD) in 2008.
Drawing from extensive research spanned across countries, OECD/INFE has developed a comprehensive framework for propagating financial literacy. One of the most important aspects of the OECD/INFE framework is that it is grounded in empirical evidence, with data and insights from numerous studies, some conducted by itself. For example, when targeting women, OECD/INFE suggests that we take into account factors such as the gender pay gap, career interruptions due to motherhood responsibilities, lower participation in formal financial systems, etc. If implemented properly, this framework can serve as an invaluable guide for institutions looking to develop effective financial literacy content and design financial literacy programs.
What are the benefits? Firstly, the framework is rooted in rigorous research and best practices, and not guesswork. Secondly, the framework is highly adaptable, meaning you can localise it to suit the unique needs of your target group. Finally, and the most important benefit is by adopting the framework, you can optimise your limited resources, and focus on implementation rather than reinventing the wheel.
An excellent example of a financial literacy program developed based on the OECD/INFE framework is "Multiply India" by the Creador Foundation. It offers comprehensive resources and tools designed to improve financial literacy across various target groups.
#financialliteracy #financialeducation #oecd #infe #multiplyindia #creadorfoundation
Senior Policy Advisor Communications & PR at Insurance Europe
1moI guess you mean 15-year-old instead of 5-year-old students? 😉