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Flore-Anne Messy
Senior Policy Expert
Executive Secretary
of the International Network on Financial Education
OECD Financial Affairs Division
NATIONAL STRATEGIESNATIONAL STRATEGIES
FOR FINANCIAL EDUCATION:FOR FINANCIAL EDUCATION:
OECD/INFE PrinciplesOECD/INFE Principles
The framework and worldwide statusThe framework and worldwide status
High-level Global Symposium on Financial Education
Promoting Long-term Saving and Investments,
26-27 February 2014
1. Empowering financial consumers :
A necessity in an evolving societal & financial context
Financial consumer empowerment trilogy :
Global recognition
G20 (2010)
Principles
for Innovative
Financial Inclusion
G20 (2011) High-Level
Principles on Financial
Consumer Protection
developed by the
OECD
OECD/INFE High-Level
Principles on
National Strategies for
Financial Education
2012
Exceptional G20 recognition in 2013:
Tools to measure financial literacy
G20 recognition in 2013
Targeted financial literacy approaches : youth and women
G20 recognition in 2013:
Promoting National Strategies
Available resources on financial education
welcomed/endorsed by G20 in 2013
OECD/INFE contribution to Financial Education
OECD/International Network on Financial Education
(INFE) Priority areas of work
National Strategies for Financial Education :
OECD/INFE Principles and follow up work
National Strategy for Financial Education (NS)
DefinitionDefinition
Status of National Strategies Worldwide
National Strategy for Financial Education
Framework
Preparatory and diagnosis phase
Today’s session
THANK YOU!
Flore-anne.messy@oecd.org
www.financial-education.org

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Flore-Anne Messy - 2014 Symposium on Financial Education in Korea

Editor's Notes

  1. Increasing transfer of risks to individuals More consumers have access or should have access to financial services More complex sophisticated financial landscape Prudential regulation and protection is not enough Healthy competition amongst financial providers Suitable financial innovation : providing incentives for their development and increasing use of relevant ones Robust and growing financial markets Financial inclusion : a demand-side complement to measures aimed at improving financial access Effectiveness of financial market conduct or consumer protection regulation Reduced welfare and corporate benefits and solidarities Growing variety and frequency of risks More and new consumers have access to financial services More and diverse providers More products; more complex products New technologies and related risks Gaps in FCP : Disclosure : more is less : too complex disclosure which is not tested Redress mechanism not always efficient Lack of harmonisation of the financial sector : regulatory arbitrage Negative consequences especially for vulnerable groups. Lack of coverage : uninsured individuals for basic and long-term risks -e.g. health, retirement, income replacement, liability- and large-scale risks – e.g.natural and industrial catastrophes, terrorism- may face dramatic situations in case of losses Inappropriate coverage (underestimation/inappropriate or useless coverage) may also entail unexpected costs which may harm to various extents households‘ budget and well-being. The most fragile are the less covered/insured and potentially the most affected (poorest, women, children, elderly, rural populations etc) which create further inequalities Costs and length of litigation and redress