OECD is preparing a global standard on financial education and literacy. Its recent draft recommendation emphasised that each country should have a coordination mechanism and a national strategy to improve financial education and literacy. Finland lacks both.
The draft OECD recommendation is a thorough and well-balanced weighing of the actions proposed to both members and non-members of the OECD for the improvement of financial literacy and education at the national level. As a country that lacks a national strategy and a transparent coordination and governance mechanism in financial literacy and education, the recommendation is very topical for Finland. Both of the national objectives are already high on the Finance Finland (FFI) agenda, as well. However, none of the institutions asked so far ‒ the Ministry of Education and the Bank of Finland, for example ‒ have been interested in donning the cape of the coordinator.
In last week’s evening seminar for economic journalists, Speaker of the Parliament Paula Risikko took a strong stand for financial literacy and demanded that the development of a national strategy is discussed in the upcoming negotiations to form the new government.
“Once OECD officially releases its Recommendation, it will back up our position nicely in public debate. Many Finnish institutions are working hard to promote financial literacy and education, but common coordination is missing”, says Jussi Karhunen, FFI adviser in financial literacy and media.
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