TOP 10 FINANCIAL LITERACY NEWS AND DEVELOPMENTS OF 2013

by | 12/28/13 | Commentary, Insight, Uncategorized

As the global financial literacy community looks back on 2013, it is clear that this past year was filled with several major developments that raised financial education to the highest levels of the policy, social and economic development agendas in countries throughout the world.  Based on feedback that Financial Corps received from our readers, we included below 10 of the Top Financial Literacy Developments of 2013.  Note that readers described many reasons for their selections, as there are many factors that contribute to why a particular initiative or development might be deemed the most impactful or beneficial to the global financial literacy movement.

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In addition, please submit any Financial Literacy News, Events, Funding Opportunities, Jobs, Research, or any other key financial education information (you can also email us at Info@FinancialCorps.com) that you want to share with the global financial literacy community at Financial Corps.

The following are the Top 10 Financial Literacy Developments in 2013 submitted by Financial Corps members:

1.  Nearly 20 States in the U.S. Have Enacted Legislation or Adopted Resolutions Regarding Financial Literacy

Making financial education a requirement to graduate from high school is an essential step to promote financial literacy. Early developmental years of life are spent without understanding the science and art behind spending, saving and investing money.

As of December 2013, nearly 20 states enacted legislation or adopted resolutions regarding financial literacy. For instance, California required the state board of education to integrate financial literacy, including, but not limited to, budgeting and managing credit, student loans, consumer debt, and identity theft security with the existing curriculum.

2.  The Organization for Economic Co-operation and Development (OECD) and Russia's G20 Presidency Issued a Report on Advancing National Strategies for Financial Education

The Russian Government funded the Financial Literacy Trust Fund in co-operation with the World Bank and the Organization for Economic Co-operation and Development (OECD) in order to support international research to measure financial literacy, assess the effectiveness of different approaches to financial education, and disseminate best practices and lessons learned.

As a result, the Organization for Economic Co-operation and Development (OECD) and Russia's G20 Presidency issued a report on Advancing National Strategies for Financial Education, detailing progress by the governments of the world’s major economies in implementing national strategies for improving financial education.

3.  In the United Kingdom, Financial Education Will be Compulsory in all Schools from September 2014

A new national curriculum published by the nation’s Department for Education in September 2013 includes financial education in mathematics and lessons in how public money is raised and spent.

Pupils will learn to manage their money and plan for future financial decisions in citizenship classes, which will also include lessons in financial products and how public money is raised through measures like income tax.  The curriculum will be rolled out across all government-funded, or maintained, schools, from September 2014.

4.  State Bank of Pakistan Launches Financial Literacy Program for Farmers

The State Bank of Pakistan launched financial literacy and awareness programs for farmers at grass root level. This was an unprecedented initiative especially because Pakistan is an agro-based economy where the financial literacy of farmers can empower the economy as a whole.

The program aims at creating awareness among the farming community about agro financing products and services offered by banks, money management techniques and lending procedures, documentations among other things.

5.  $1 Million+ Financial Literacy Funding From Lincoln Financial Powers Innovative Financial Education

Lincoln Financial announced over $1 million in funding to support financial literacy, education and related programs focused on empowering individuals to make better informed financial, occupational and related decisions that impact them and their families.

6.  Belarus Financial Literacy Program Nears Launch

The National Bank of Belarus announced that the nation is moving forward with a comprehensive financial literacy program that aims to systemize efforts to enhance financial literacy throughout the country. The resolution Joint Action Plan of Government Agencies and Financial Market Participants on Improving Financial Literacy of the Population of the Republic of Belarus for 2013-2018 was passed on January 2013.

7.  Capital One Bank’s “Fiscal U” Delivers Financial Literacy for Student-Athletes

Capital One Financial Corporation, in partnership with the National Association of Collegiate Directors of Athletics (NACDA), launched Capital One Fiscal U to provide student-athletes with personal finance basics in areas including saving, budgeting, credit and debt management, and investing. This program is now being offered to more than 1,600 colleges and universities across the nation as part of their student-athlete program.

8.  Bank of Georgia Doubling its Social Responsibilities for Financial Literacy

Bank of Georgia planned to double the budget of its social responsibility project Fund of Future for 2014. GEL 2.3 million will be issued for the purpose of carrying out all of its social responsibilities. The social initiatives of the Bank comprise: establishment of a consumer financial education center; creation of business incubators; and the issuing of grants and scholarships.

9.  FICO Financial Education App Takes off Fast in Brazil

FICO, a leading predictive analytics and decision management software company, today announced that the financial game FICO™ Missão: Positivo was downloaded over 1,000 times within 10 days of its debut. The game now ranks among Brazil's top 500 educational games, and is the only financial education game ranked on both Google Play and the Apple App Store.

10.  April 2013 Declared ‘Financial Literacy Month’ in the U.S. and November 2013 Declared ‘Financial Literacy Month’ in Canada

As in prior years, April was designated Financial Literacy Month in the United States with the passage of Senate Resolution 105, while November was declared Financial Literacy Month in Canada.  The Financial Literacy months aim to highlight the importance of financial literacy and promote a life-long commitment of individuals to understanding different financial roles and products present in the economy for personal financial security and growth.

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