Financial Literacy and Educational Toolkit

Financial Literacy & Educational Toolkit


Financial Education Toolkit

The toolkit can be accessed via http://financialeducationtoolkit.finmark.org.za/. FMT commissioned Genesis Analytics to develop this toolkit, which aims to assist providers of financial education to improve their programmes and thus the financial capability of their target population. Financially capable people can manage their day-to-day finances, provide for anticipated future expenses, understand and protect against risks and select and use the appropriate financial products and services based on their own personal circumstances . Financial capability therefore plays an important role in both increased financial inclusion and improved market stability, which, in turn, is necessary for sustainable market development and expansion. Financial education is the process through which people’s financial capability is built and improved. It is a process that involves providing information, improving individuals’ financial literacy, influencing attitudes to money and money management, exposing individuals to the financial sector and equipping them to make more informed choices about money, products and services. It can take various forms, from classroom-based lessons to media messaging and edutainment. As part of this project, over 90 financial education programmes from across 30 developed and developing countries, with a specific focus on sub-Saharan Africa, were reviewed. Twelve best practices relating to the design and implementation of financial education programmes at the strategy and implementation level were identified . (This document will be made available to participants separately.) Step-by-step guidelines on how to put these into practice are provided in this toolkit. These provide advice on how to successfully design, implement and evaluate financial education programmes.

Objectives of this Toolkit

This toolkit is aimed at financial education practitioners tasked with designing, implementing, monitoring and/or overseeing financial education programmes at the organisational level. It is a practical guide with multiple ‘how to’ examples, case studies and diagrams. It contains instructional information based on best practices and serves as a simple and accessible reference guide. It also provides the user with a glossary of terms, references to further reading material and references to open sources for content. The purpose of this toolkit is to equip users to be effective financial education practitioners. After working through the 5 modules you will:

  1. Have a common understanding of the meaning of the various terms used in financial education and why financial capability is important, from the individual level, through to the community and country levels;
  2. Be able to define the key components of your financial education programme, including its objectives, target market, key messages and channels;
  3. Be able to incorporate best practices when developing and implementing your programme, including content development, teaching strategies, workplans, piloting and innovation; and,
  4. Be able to plan, manage results and generate learnings for wider distribution and use.

Following the launch of the Mauritius Consumer Finscope Survey in November 2014 which identified financial literacy as an issue of concern, FinMark Trust rolled out its recently developed Financial Education Toolkit as part of its programme on financial literacy in Mauritius from 4-11 March 2015. The beneficiaries of this training are the Mauritius Bankers Association and the Financial Services Commission. It is expected that some 40 participants from these two institutions will benefit from this training. While many organisations and governments have recognised the need for improved financial capability in recent years, little has been done to assist practitioners in the design and implementation of effective and impactful financial education policies and interventions. To this end, the Financial Education Toolkit was developed by FinMark Trust which is aimed at building the skills and capacities of individuals that are involved in the design, funding, management and/or implementation of financial education programmes. The toolkit includes a practical step-by-step guide on best practices in the design and implementation of financial education interventions at national and programme levels. It is designed for use by both the novice and the experienced practitioner who requires some guidance or fresh thinking and is a practical guide with multiple illustrations and ‘how to’ examples, which can be used both in the classroom and as a reference guide. The toolkit was recently piloted in Namibia with participants from public and private sector, NGOs and civil society organisations. Following the launch of the Mauritius Consumer Finscope Survey in November 2014 which identified financial literacy as an issue of concern, FinMark Trust also rolled out its recently developed Financial Education Toolkit as part of its programme on financial literacy in Mauritius from 4-11 March 2015. The beneficiaries of this training were the Mauritius Bankers Association and the Financial Services Commission with some 40 participants from these two institutions benefitting from this training. The toolkit can be accessed via http://financialeducationtoolkit.finmark.org.za/.

Financial Literacy Publications