Supporting Financial Education Initiatives is an essential element for promoting individual well-being, reducing economic disparities, and enabling people to participate fully in society. But the landscape is complex, and rolling out effective initiatives to increase literacy can be challenging. Many OECD members have joined forces to share learnings and best practices to build a global community of action for financial inclusion.
In this article, we present a new framing for the field of financial education that challenges us to recognize the dynamic interplay of internal and external elements that influence research, interventions and success metrics. We call this the “ecosystem of financial education,” and the idea is that by thinking about a full range of influences, we can design research and programming that has more impact.
Funding Financial Education with Crypto Initiatives
One example of the approach is the ABA Foundation’s Unlocking Homeownership campaign, which provides new resources for banks to support and complement the work of housing counseling organizations and nonprofits to help grow homeownership in low- to moderate-income communities. Another example is Veteran Saves, which applies behavioral economics and social marketing principles to encourage savings behavior among veterans.
In addition, the CFPB has launched a multilingual video that introduces consumers to the CFPB in English, Spanish, Arabic, Russian, Chinese and Korean. The video is available on consumer-facing pages and as a download. Additionally, a version with captions for the deaf and hard-of-hearing is also available. The CFPB is collaborating with other stakeholders to develop additional videos in the future.