CONCEPT
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.
MANDATE
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.
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