GFIA Global Federation of Insurance Associations

GFIA has today published an infographic that highlights the importance of financial education in increasing financial inclusion around the world.

Improving levels of financial literacy through education is one of the keys to increasing financial inclusion. Financial education helps to raise understanding of financial and insurance products, encourages responsible behaviour and gives people the confidence to take control of their finances.

GFIA outlines five ways to increase financial literacy and inclusion:

• Boost financial inclusion strategies According to the World Bank, more than 55 countries have made commitments to financial inclusion since 2010,and more than 30 have either launched or are developing a national strategy.
• Develop and implement financial education programmes GFIA members — the national insurance associations — are already engaged in a broad range of initiatives around the world to increase people’s financial literacy and understanding of insurance.
• Cooperate with a wide range of stakeholders Public authorities, the private sector and civil society can all play their part in addressing knowledge deficits among citizens about financial products and services, and in funding financial education programmes.
• Start educating at a young age Financial literacy is a core life skill that must be nurtured as early as possible through school curricula to encourage responsible behaviour and financial inclusion.
• Embrace innovation Technology-based tools can contribute to raising financial literacy levels and help overcome some barriers to financial inclusion.

The infographic also includes best-practice examples from GFIA members.