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Selected Central Banks’ Economic and Financial Literacy Programs

Author

Listed:
  • Manfred Fluch

    () (Oesterreichische Nationalbank, Communications, Planning and Human Resources Department)

Abstract

This study examines the type and extent of information central banks provide to advance economic literacy in general and financial literacy in particular. Some 30 central banks across the world provide financial education products of varying complexity for different target groups, some in close cooperation with other institutions. Some central banks consider their financial education activities a core competence and give them a prominent role, whereas the “educational visibility” of others is limited. Several central banks have recently launched financial literacy campaigns. Products designed to make people financially knowledgeable are aimed at key target groups, basically children, adolescents, students and teachers. Print products – once the product of choice – have been losing importance. Conversely, central banks use more and more modern knowledge transfer methods, in particular (multilingual) multimedia and e-education packages ranging from online games to multiyear educational programs. Moreover, some central banks have invested heavily in establishing special visitors or training centers, or have pooled knowledge e.g. at money museums. Central banks’ educational Internet resources differ extensively in scope and presentation; only few central banks’ websites provide truly comprehensive and easily accessible information. Financial knowledge transfer appears to work best from simple media and for products that are very strongly focused on individual benefit.

Suggested Citation

  • Manfred Fluch, 2007. "Selected Central Banks’ Economic and Financial Literacy Programs," Monetary Policy & the Economy, Oesterreichische Nationalbank (Austrian Central Bank), issue 3, pages 80-104.
  • Handle: RePEc:onb:oenbmp:y:2007:i:3:b:5
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    File URL: https://www.oenb.at/dam/jcr:91e39993-8a18-4c15-9cef-09552498fc49/mop_2007_3_fluch_tcm16-69089.pdf
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    References listed on IDEAS

    as
    1. Ernest Gnan & Maria Antoinette Silgoner & Beat Weber, 2007. "Economic and Financial Education: Concepts, Goals and Measurement," Monetary Policy & the Economy, Oesterreichische Nationalbank (Austrian Central Bank), issue 3, pages 28-49.
    2. Anthony M. Santomero, 2003. "Knowledge is power: the importance of economic education," Business Review, Federal Reserve Bank of Philadelphia, issue Q4, pages 1-5.
    Full references (including those not matched with items on IDEAS)

    Citations

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    Cited by:

    1. Sabine Schlögl, 2007. "Financial and Economic Education Products and Services of Austrian Institutions and Enterprises," Monetary Policy & the Economy, Oesterreichische Nationalbank (Austrian Central Bank), issue 3, pages 68-84.

    More about this item

    Keywords

    economic education activities; central banks.;

    JEL classification:

    • A20 - General Economics and Teaching - - Economic Education and Teaching of Economics - - - General
    • I20 - Health, Education, and Welfare - - Education - - - General

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