STAGE

CONTENTS

1

INTRODUCTION

2

SCOPE AND DEFINITIONS

2.1 Financial Literacy 2.2 Financial Education 2.3 Financial Capability 2.4 Financial Well-Being 2.5 Behavioral Economics

3

4

3

NFES LIFECYCLE

6

STAGE 1: PRE-FORMULATION 8

1 Conceptualize the NFES 2 Diagnostic and Analysis 3 Identify Governance Structure and Coordinating Mechanism

STAGE 2: FORMULATION 14

1 Identify Policy Priorities 2 Develop Implementation Plan 3 Develop Monitoring and Evaluation

Framework

STAGE 3: IMPLEMENTATION 23

1 Prepare for Rollout 2 Rollout Program 3 Conduct Monitoring and Evaluation

4

CONCLUSION

33

Key factors for a successful national financial education strategy

ACRONYMS AND ABBREVIATIONS 34

ANNEXES 35

BIBLIOGRAPHY 49

ACKNOWLEDGMENTS

This Toolkit is a product of the Consumer Empowerment and Market Conduct Working Group (CEMCWG) and its members from the Financial Education Subgroup. Authors and Contributors: The following AFI member institutions provided qualitative insights through in-depth interviews: Madalitso Chamba (Reserve Bank of Malawi), Hazell Raquel Del Cid Marroquín (Central Bank of El Salvador), George Wilson Ssonko (Bank of Uganda), Moses Musantu and Madalitso Mwanza (Bank of Zambia), Hery Njaka and Solofo Rakotomavo (Ministry of Finance, Madagascar), Ligia Marcela Herrera (National Commission of Banks and Insurance, Honduras), Wati Seeto (Reserve Bank of Fiji), Freda Diau (Central Bank of Solomon Islands), Dr Waleed Qasrawie, Ola Khakil, Dinas Madfas (Central Bank of Jordan), Francoise Kagoyire (National Bank of Rwanda). The AFI Management Unit, led by Eliki Boletawa (Head of Policy Programs and Regional Initiatives) with support from Sulita Levaux (Specialist, Consumer Empowerment and Market Conduct). We would like to thank the consultant Danielle Hopkins (IF Consulting LLC) for her support with relevant research and development of the Toolkit. We would like to thank AFI member institutions, partners and donors for generously contributing to development of this publication.