Bringing Financial Literacy and Education to Low and Middle Income Countries : The Need to Review, Adjust, and Extend Current Wisdom

This paper presents a World Bank led and Russia trust fund financed work program to measure financial capability and the effectiveness of financial education in low and middle income countries. The two activities and their staging have been motivat...

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Bibliographic Details
Main Author:	Holzmann, Robert
Format:	Working Paper
Language:	English en_US
Published:	World Bank, Washington, DC 2017
Subjects:	ACADEMIC STUDIES ACADEMIC TRAINING ACCESS TO FINANCE ACCESS TO FINANCIAL SERVICES ACCOUNT MANAGEMENT ACCOUNTABILITY ACCOUNTING ACTIVE LABOR MARKET PROGRAMS ADVISORY GROUP ADVISORY SERVICE ALTERNATIVE INTERVENTIONS ASYLUM SEEKERS BANK ACCOUNT BEHAVIORAL ECONOMICS BEST PRACTICES BIASES BUDGETING BUSINESS CYCLE BUSINESS EDUCATION CALCULATIONS CAPACITY BUILDING CAPITAL MARKET CASH TRANSFER CASH TRANSFERS CLASSROOM COGNITIVE SKILLS COMPARISON GROUPS CONSUMER CONFIDENCE CONSUMER PROTECTION CONSUMER RESEARCH CONSUMERS CONTRIBUTION CORRUPTION CULTURAL NORMS CURRENT INCOME DELIVERY MECHANISM DELIVERY MECHANISMS DISABILITIES DISABILITY DISABILITY INSURANCE DIVERSIFICATION DIVORCE DIVORCES EARNINGS EARNINGS-RELATED PENSION ECONOMIC ACTIVITY ECONOMIC DEVELOPMENT ECONOMIC POLICIES ECONOMIC POLICY EDUCATION ACTIVITIES EDUCATION FUND EDUCATION PLANNING EDUCATION PROVIDERS EDUCATION STRATEGIES EFFECTIVENESS OF EDUCATION EMPLOYMENT SERVICES ETHNIC MINORITIES EVALUATION CAPACITY EVALUATORS EXCLUSION EXCLUSION OF WOMEN EXPLOITATION FAMILIES FINANCES FINANCIAL ACCESS FINANCIAL ACCOUNT FINANCIAL BEHAVIOR FINANCIAL CONSUMER FINANCIAL DECISION FINANCIAL DECISIONS FINANCIAL EDUCATION FINANCIAL EDUCATION PROGRAMS FINANCIAL INSTITUTION FINANCIAL INSTITUTIONS FINANCIAL INTERMEDIATION FINANCIAL ISSUES FINANCIAL KNOWLEDGE FINANCIAL LITERACY FINANCIAL LITERACY EDUCATION FINANCIAL LITERACY INITIATIVES FINANCIAL LITERACY PROGRAM FINANCIAL LITERACY PROGRAMS FINANCIAL LITERACY STRATEGY FINANCIAL LIVES FINANCIAL MANAGEMENT FINANCIAL MARKET FINANCIAL MARKET DEVELOPMENT FINANCIAL MARKETS FINANCIAL NEEDS FINANCIAL OPPORTUNITIES FINANCIAL RESOURCES FINANCIAL SECTOR FINANCIAL SERVICE FINANCIAL SERVICES FINANCIAL SKILLS FINANCIAL SUPPORT FINANCIAL SUSTAINABILITY FINANCIAL TRAINING FINANCING NEEDS FORMAL FINANCIAL SERVICES GENDER GENDER ISSUES HEALTH INTERVENTIONS HOUSEHOLD ACCESS HOUSEHOLDS HUMAN CAPITAL IMPACT EVALUATION INCOME INCOME DISTRIBUTION INCOME INEQUALITY INCOME LEVEL INCOME LEVELS INCOME TAXES INDEBTEDNESS INEQUALITY INFORMAL ECONOMY INFORMAL LENDERS INFORMATION CAMPAIGN INFORMATION SYSTEMS INFORMED CHOICES INSURANCE INSURANCE POLICIES INSURANCES INTERNATIONAL BANK INVESTING JOB TRAINING KEY CHALLENGE LABOR MARKET LABOR MARKETS LABOR MOBILITY LEARNING LENDERS LEVEL OF DEBT LIFE EVENTS LIMITED ACCESS LITERACY IMPROVEMENT LITERACY POLICIES LONG-TERM PLANNING LOSS AVERSION LOW INCOMES LOW-INCOME LOW-INCOME CONSUMERS LOWER INCOME MARKET TRENDS MARKETING MICRO-ENTERPRISE MICROFINANCE MINIMUM WAGE MONEY MANAGEMENT MONITORING & EVALUATION MONITORING & EVALUATION CAPACITY DEVELOPMENT MUTUAL LEARNING OCCUPATIONS OUTCOME INDICATORS OUTREACH PENSION ENTITLEMENTS PENSION FUNDS PENSION PLANS PENSION REFORMS PENSION RIGHTS PENSION SCHEMES PENSION SYSTEMS PENSIONS PEOPLE WITH DISABILITIES PERSONAL FINANCE POLICY DESIGN PRECAUTIONARY SAVING PROBABILITY PRODUCTIVITY PROGRAM EVALUATION PUBLIC FINANCE PUBLIC GOOD PUBLIC PENSION PUBLIC POLICY QUESTIONNAIRE QUESTIONNAIRES RADIO RANDOM SAMPLING REFUGEES REMITTANCES RETIREMENT RETIREMENT SAVING RETIREMENT SECURITY RISK MANAGEMENT RURAL POPULATION SAFETY NET SAFETY NETS SAVING BEHAVIOR SAVINGS SAVINGS ACCOUNTS SAVINGS BANK SCAMS SCHOOL CHILDREN SCHOOLS SECURITIES SENIOR SERVICE TRAINING SEVERANCE PAY SKILLS DEVELOPMENT SOCIAL FUND SOCIAL FUNDS SOCIAL INSURANCE SOCIAL PROTECTION SOCIAL RISK MANAGEMENT SOCIAL SECURITY SOCIAL SECURITY CONTRIBUTIONS TARGETING TEACHER TECHNICAL SUPPORT TECHNOLOGICAL INNOVATION TRANSACTION UNEMPLOYMENT UNEMPLOYMENT INSURANCE VALUABLE VOCATIONAL EDUCATION WAGE GAP WELL-BEING
Online Access:	http://documents.worldbank.org/curated/en/732421468180903389/Bringing-financial-literacy-and-education-to-low-and-middle-income-countries-the-need-to-review-adjust-and-extend-current-wisdom http://hdl.handle.net/10986/27828

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Summary:	This paper presents a World Bank led and Russia trust fund financed work program to measure financial capability and the effectiveness of financial education in low and middle income countries. The two activities and their staging have been motivated by the lessons of high income countries with financial literacy programs and the deviating characteristics of low and middle income countries. While progress has been made in high-income countries to measure financial capability, there is little robust empirical evidence that financial education can improve it. While applying the financial capability concept in low and middle-income countries looks promising it will need to be adjusted to their characteristic and supported by innovative interventions and rigorous impact evaluation to improve it.

Bringing Financial Literacy and Education to Low and Middle Income Countries : The Need to Review, Adjust, and Extend Current Wisdom

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