THE GLOBAL LAUNCH OF GMW 2021

The 2021 edition of GMW was launched on 22 March 2021, through a virtual live event accessible on YouTube and the GMW website. The Global Launch featured opening remarks by:

• Mr. Angel Gurría, Secretary-General, OECD • H.M. Queen Máxima of the Netherlands, United Nations Secretary-General’s Special Advocate for Inclusive Finance for Development (UNSGSA)

Mr. Angel Gurría reminded that the OECD has for many years promoted financial literacy for all, and especially for young people. The OECD Recommendation on Financial Literacy encourages governments to take measures to develop financial literacy from the earliest possible age. More than 75 countries around the world are currently developing or implementing national strategies for financial education, to ensure efficient coordination of financial literacy initiatives for all target audiences, and especially for young people. Yet more remains to be done, and Global Money Week has an important role to play in this. Mr. Gurría highlighted that basic financial literacy can make a crucial difference in the opportunities and life prospects of young people, being a foundation stone for lifelong well-being and for a more inclusive economy. The OECD remains committed to advancing financial literacy for all and supporting participating countries in their efforts.

UNSGSA Queen Máxima, who also spoke in her capacity as the as the Honorary Chair of the Money Wise Platform in the Netherlands, highlighted that childhood financial experiences heavily influence adult financial well-being and that financial education of children and young people represents the most effective path to instil sound financial behaviours in future grown-ups. To build back societies and economies that have been affected by the COVID-19 pandemic, it is critical, according to the Special Advocate, to create an ecosystem that supports the financial resilience of today’s youth by incorporating financial education in broader strategies promoting financial health. The UNSGSA also emphasised the importance of collaboration between public and private sectors to ensure that young people are provided with financial education but also appropriate financial services within a well-developed financial consumer protection framework.

Opening remarks were followed by a video of young people from around the world, sharing why financial education is important for them.

A high-level panel of global policymakers discussed why financial education for young people is a priority for their countries, and shared how their institutions are celebrating Global Money Week this year. Key insights were shared by:

• Magda Bianco, Head of Consumer Protection and Financial Education Department, Bank of Italy and Co-chair of the G20 Global Partnership for Financial Inclusion • Anna Zelentsova, Ministry of Finance, Russian Federation and Co-chair of the G20 Global Partnership for Financial Inclusion • Mairead McGuinness, European Commissioner for Financial Services, Financial Stability and Capital Markets Union • Marcelo Barbosa, Chairman, Securities and Exchange Commission (CVM), Brazil • Olano Makhubela, Acting Commissioner, Financial Sector Conduct Authority, South Africa • Gurumoorthy Mahalingam, Commissioner, Securities and Exchange Board of India (SEBI)

The panel of global high-level policy-makers was moderated by Ms. Claer Barrett, Consumer Editor of Financial Times and closing remarks were provided by Ms. Flore-Anne Messy, Head of the Consumer Finance, Insurance and Private Pensions division at the OECD and Executive Secretary of the OECD/INFE.