Education is key to improving financial literacy and increasing financial inclusion around the world, says a report on financial inclusion by the Global Federation of Insurance of Insurance Associations (GFIA).
The GFIA also pointed to financial inclusion strategies that target financial education and consumer protection and access as a method of boosting financial literacy, as well as education programs that help raise the understanding of insurance products and encourage responsible financial behaviour.
The report indicated that cooperating with a wide range of stakeholders like public authorities, the private sector and civil society could help address knowledge deficits about financial products and services and in funding financial education programs.
Educating at a young age was also a key pillar, with the GFIA highlighting that financial literacy is a “core life skill” that must be nurtured as early as possible through school curricula.
Finally, the GFIA recommended embracing innovation as tech-based tools could contribute to raising financial literacy levels and help overcome some barriers to financial inclusion.
