Financial Education and Economic Growth: An Overview of Public and Private Policies around the World

Abstract

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Particularly since the financial crisis, it is widely recognized the importance of consumers financial decisions around the world. At the same time, several studies have shown that consumers worldwide have an insufficient knowledge of financial issues and a limited confidence in financial institutions and how that factors may complicate making informed financial decisions. That is the main reason why financial education is identified as a key driver to improve the stability of the financial system which would be a positive factor for economic growth. During the last years many public and private institutions have launched initiatives in the field of financial education, but now it´d be necessary to ensure the efficiency and usefulness of those programmes. The first objective of this chapter is to present a review of some relevant initiatives on financial literacy and education, developed by public and private organizations around the world. Secondly, it focuses on the effectiveness and efficacy of those initiatives, analyzing how those programmes could have a positive impact on economic growth.