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Coordination Key to Efficient Resource Use in Financial Literacy Efforts

Warsaw, Poland - A new report emphasizes the importance of coordination in financial literacy efforts to ensure efficient use of resources.

Importance of Coordination

The report maps existing financial education initiatives in Poland and highlights the need for collaboration between research institutions and universities to understand the financial attitudes and behaviors of Polish citizens. This understanding can lead to the design of financial education policies and programs that are more consumer-centric and effective.

Recommendations

  • Develop a common, trustworthy website on financial education, serving as a one-stop-shop for consumers seeking reliable information on financial matters.
  • Focus on supporting teachers and parents/guardians in gaining knowledge and confidence in financial matters through specific financial education programs, trainings, and resources. This can help advance financial literacy among children and young people.
  • Develop tailored financial education programs for socio-economic target groups that need it most. By understanding the needs, preferred communication channels, and learning styles of these groups, financial educators can design more effective programs.

Monitoring and Evaluation

  • Develop guidelines for monitoring and evaluating financial education programs to identify best practices and successful programs, which can be scaled up or replicated.
  • Incentivize the adoption and usage of financial education programs to encourage their implementation and sustainability.

National Strategy for Financial Education

The National Working Group on Financial Education Strategy, a collegiate body composed of government agencies, banks, and other stakeholders, is leading the development of a National Strategy for Financial Education in Poland with technical support from the Organisation for Economic Co-operation and Development (OECD) and financial support from the European Union Directorate General for Structural Reforms.

Conclusion

The report’s findings are crucial in informing the development of a national strategy for financial education that addresses specific needs and gaps in financial education provision in Poland. By prioritizing coordination, collaboration, and evidence-based approaches, Poland can make significant strides in improving financial literacy among its citizens.