Since the global financial crisis, financial literacy has become as an important element of financial stability and economic development. There is a consensus that low level or lack of financial literacy may cause challenges for local markets. Consequently, governments around the world recognize that good financial literacy skills would enable individuals to make better informed decisions in an increasingly complex financial marketplace. Well informed decisions could have positive spill-over effects on financial markets and the economy as a whole.
From regulator perspective, widening the access to financial markets in developing economies, enhancing households trust in financial markets, strengthening households saving for retirement and other important life expenses, reinforcing households investment in financial markets to support economic and infrastructure development became forefront in all regulatory bodies agenda.
The overall objectives, as well as a focused, concrete plan of action for strengthening the financial literacy of various segments of the population
This task force is proposed to improve opportunities to exchange best practices between members.
Following issues will be considered by the delegates on the forthcoming 26-27 September 2012 Forum meeting.
- Chair/co chair for the Task Force
- Member authorities
- Contributor/recipient members
- Working procedures
I. Determining Currrent State of Status for Financial Literacy of COMCEC Member States
- Survey Preparation, coordination and filling out the survey,
- Need analysis for cooperation,
- Country specific issues
II. Possible Co-operation Proposals
In specific terms under this Task Force following co-operation issues can be proposed for consideration;
- Setting the policy framework
Raise public knowledge and awareness about managing their own budget and investing in capital market instruments for the purpose of creating wealth.
Enhance the demands for financial matters,
- National strategies and their implementation
Promoting financial literacy through pilot projects (web based portfolio management competions, social media activities, university seminars, middle-high school educational and competional practices etc.)
- Exchanging experiences and reviewing best practices of COMCEC capital market regulators
III. Strategies and Policy Recommendations for Enhancing Financial Literacy of COMCEC Member States
- With reference to the output in the above I. and II. titles drafting a report on strategies and policy recommendations regarding market development.