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Promoting Better Lifetime Planning Through Financial Education

Publication | April 2016
Promoting Better Lifetime Planning Through Financial Education

Effective pension management, financial education curricula in schools, internationally comparable data on financial literacy and the evaluation of the effectiveness of financial education programs are highlighted in this book.

Surveys show that financial literacy levels are typically low around the world, despite the widening access to financial services and the increasing financial risks borne by households in many countries. This suggests that there will be mounting challenges for households and SMEs to invest wisely and effectively as societies age and governments shift away from defined benefit to defined contribution pension schemes. Individuals will increasingly have to make complex financial decisions to plan for their retirement and for a range of foreseen and unforeseen expenditures. All of these developments suggest that financial education should be part of a lifetime process that starts at an early age and is pursued throughout adulthood.

The contributions in this book came from a symposium titled, Promoting Better Lifetime Planning through Financial Education, organized by the Asian Development Bank Institute, the Bank of Japan, the Japan Financial Services Agency, and the Organisation for Economic Co-operation and Development, held on 22–23 January 2015 in Tokyo.

Amongst the topics discussed were: effective pension management, financial education curricula in schools, training for teachers of financial education, internationally comparable data on financial literacy and the evaluation of the effectiveness of financial education programs. There are also case studies on financial inclusion, regulation, and education in Indonesia, Pakistan, Philippines, Viet Nam, Thailand, and Japan.

Co-published with World Scientific. For orders, please contact World Scientific Publishing.

Edited by: Naoyuki Yoshino, Flore-Anne Messy, and Peter J. Morgan

Contents 

  • Financial Education: What Can It Achieve? Research, Good Practices, and Evidence:
    • Overview of International Good Practices and Effective Approaches to Financial Education
    • Why is Financial Education Needed in Asia?
    • New Zealand's National Strategy for Financial Capability
  • Financial Education for Effective Pension Management: Challenges and Solutions:
    • Findings from the OECD Survey on Financial Education for Retirement Saving
    • Addressing the Challenges of Providing Effective Financial Education for Pension Management in the Russian Federation
    • Personal Pension Investments and the Role of Financial Literacy
    • The Role of Financial Education to Support Effective Pension Management in Australia
  • Target Audiences for Effective Financial Education:
    • Overview of Financial Education in Japan
    • Financial Education in Japan
    • Financial Education Aimed at the Youth (College Students and Younger Employees) in Japan
    • General Insurance Association of Japan (GIAJ) Financial Education Initiatives for the Younger Generation in Japan
    • Financial Education for Elderly People in Japan
    • Women and Financial Literacy
  • Financial Education in Japan: Challenges Presented by the Aging Population and Declining Birthrate
  • Financial Inclusion, Financial Regulation, and Financial Education in Asia
    • Financial Inclusion, Financial Regulation, and Financial Education in Asia: Case of Indonesia
    • Advancing Financial Inclusion through Financial Education in Pakistan
    • Save Now or Pay Later: A Philippine Perspective on Financial Inclusion and Education
    • Evaluation of Financial Literacy in Viet Nam and National Financial Education Program
    • Promoting Access to Capital Markets by the SEC Thailand