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Policy Papers and Research

Smarter Financial Education: Key Lessons From Behavioural Insights for Financial Literacy Initiatives

"The application of behavioural science in financial education programmes is relatively new, but offers promising insights to design initiatives that take into account the decision-making process of individuals and the biases that are likely to influence their financial decisions. Combining traditional ways of teaching with the insights drawn from behavioural research can create smarter financial education that encourages people to make choices, change behaviour and act in ways that could improve their financial well-being.

This brief document draws on the IOSCO/OECD joint report on “The Application of Behavioural Insights to Financial Literacy and Investor Education Programmes and Initiatives” produced in 2018 to suggest actionable lessons for policy makers (IOSCO and OECD, 2018). It gives a short overview of the ways in which behavioural insights are relevant for financial education and then summarises five key lessons that policy makers can follow, illustrated with the experiences of OECD/INFE members. These should be read in conjunction with the eight conclusions for policy makers described in the joint report and replicated in the Annex of this document."

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Source details: OECD (2019). Smarter financial education: key lessons from behavioural insights for financial literacy initiatives; prepared by Sona Lalayan, Policy Analyst, with oversight by Adele Atkinson, Senior Policy Analyst. Editorial support was provided by Jennah Huxley, all OECD.