Making sense of financial capability surveys around the World : a review of existing financial capability and literacy measurement instruments

Abstract

Financial capability has recently emerged as a strategic policy objective that complements the financial inclusion and financial consumer protection agendas. Deeper and more inclusive financial markets require better informed and more confident consumers, a financial infrastructure that promotes easy access to high quality financial services and their active use, and financial consumer protection mechanisms that effectively address the risks to consumers. In 2012, in order to promote financial capability around the world, G20 Leaders endorsed the High-level Principles on National Strategies for Financial Education developed by the OECD/INFE. According to an OECD study, among the countries that designed and adopted their national strategies for financial education, 80 percent have used financial capability surveys to identify the key priorities for policy intervention. A broad variety of survey methodologies have been developed to support policy making and research in the areas of financial capability, financial inclusion, and financial consumer protection. This Review aims to identify, compare, and contrast the existing survey methodologies that have been used in the process of designing national strategies for financial education according to the OECD/INFE 2012 Principles. This Review will be particularly useful for policy makers, practitioners, and researchers who prioritize financial inclusion and/or financial literacy objectives and need to identify the appropriate combination of analytical tools.

Cite this work

No public copy is stored for this record, so only the metadata is cited.

Stored only when both papers are in the corpus — 24 citations exist upstream.