Financial Education in Asia: Assessment and Recommendations

20 Pages Posted: 10 Aug 2015

See all articles by Naoyuki Yoshino

Naoyuki Yoshino

Asian Development Bank Institute

Peter Morgan

ADBI

Ganeshan Wignaraja

Asian Development Bank Institute

Date Written: August 10, 2015

Abstract

This paper assesses the case for promoting financial education in Asia. It argues that the benefits of investing in financial education can be substantial. Data are limited, but indicate low financial literacy scores for selected Asian countries. As economies develop, access to financial products and services will increase, but households and small and medium-sized enterprises need to be able to use the products and services wisely and effectively. More effective management of savings and investment can contribute to overall economic growth. Moreover, as societies age and fiscal resources become stretched, households will become increasingly responsible for their own retirement planning. Asia’s evolving experience suggests that more national surveys of financial literacy are needed and that coherent, tailored national strategies for financial education are essential for success.

Keywords: financial education, financial literacy, education investment

JEL Classification: D14, D18, G21, G28, I25, L26

Suggested Citation

Yoshino, Naoyuki and Morgan, Peter J. and Wignaraja, Ganeshan, Financial Education in Asia: Assessment and Recommendations (August 10, 2015). ADBI Working Paper 534, Available at SSRN: https://ssrn.com/abstract=2641681 or http://dx.doi.org/10.2139/ssrn.2641681

Naoyuki Yoshino (Contact Author)

Asian Development Bank Institute ( email )

Kasumigaseki Building 8F
3-2-5, Kasumigaseki, Chiyoda-ku
Tokyo, 100-6008
Japan

Peter J. Morgan

ADBI ( email )

Kasumigaseki Building 8F 3-2-5
Kasumigaseki, Chiyoda-ku
Tokyo, 100-6008
Japan

Ganeshan Wignaraja

Asian Development Bank Institute ( email )

Kasumigaseki Building 8F 3-2-5
Kasumigaseki, Chiyoda-ku
Tokyo, 100-6008
Japan

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