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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Main Author: Holzmann, Robert
Format: Working Paper
Language:English
en_US
Published: World Bank, Washington, DC 2017
Subjects:
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
id okr-10986-27828
recordtype oai_dc
repository_type Digital Repository
institution_category Foreign Institution
institution Digital Repositories
building World Bank Open Knowledge Repository
collection World Bank
language English
en_US
topic 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
spellingShingle 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
Holzmann, Robert
Bringing Financial Literacy and Education to Low and Middle Income Countries : The Need to Review, Adjust, and Extend Current Wisdom
relation SP Discussion Paper;No. 1007
description 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.
format Working Paper
author Holzmann, Robert
author_facet Holzmann, Robert
author_sort Holzmann, Robert
title Bringing Financial Literacy and Education to Low and Middle Income Countries : The Need to Review, Adjust, and Extend Current Wisdom
title_short Bringing Financial Literacy and Education to Low and Middle Income Countries : The Need to Review, Adjust, and Extend Current Wisdom
title_full Bringing Financial Literacy and Education to Low and Middle Income Countries : The Need to Review, Adjust, and Extend Current Wisdom
title_fullStr Bringing Financial Literacy and Education to Low and Middle Income Countries : The Need to Review, Adjust, and Extend Current Wisdom
title_full_unstemmed Bringing Financial Literacy and Education to Low and Middle Income Countries : The Need to Review, Adjust, and Extend Current Wisdom
title_sort bringing financial literacy and education to low and middle income countries : the need to review, adjust, and extend current wisdom
publisher World Bank, Washington, DC
publishDate 2017
url 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
_version_ 1764465175781441536
spelling okr-10986-278282021-04-23T14:04:44Z Bringing Financial Literacy and Education to Low and Middle Income Countries : The Need to Review, Adjust, and Extend Current Wisdom Holzmann, Robert 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 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. 2017-08-15T15:35:39Z 2017-08-15T15:35:39Z 2010-07 Working Paper 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 English en_US SP Discussion Paper;No. 1007 CC BY 3.0 IGO http://creativecommons.org/licenses/by/3.0/igo World Bank World Bank, Washington, DC Publications & Research :: Working Paper Publications & Research