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The Status of Financial Education in Africa

Author

Listed:
  • Flore-Anne Messy

    (OECD)

  • Chiara Monticone
Abstract
While the African situation displays disparities both within and between countries in terms of economic and human development, on average, many African countries have relatively low school enrolment ratios, highly informal labour markets, high poverty rates, as well as low financial inclusion and financial literacy levels. Against this backdrop, it is desirable to improve the level of financial literacy among the most vulnerable parts of the African population. Well-designed financial education initiatives can reduce demand-side barriers to more effective financial inclusion and can empower vulnerable individuals economically, so that they can better manage household resources and develop income generating activities. This report provides an overview of the status of financial education programmes developed in Africa, discusses their rationale, and offers initial guidance for policy makers. In recent years public authorities, as well as the non-profit and the private sector, engaged in the development of financial education programmes in several African countries. These programmes typically aim at improving financial knowledge and skills, raising awareness of financial issues, and improving financial inclusion. They usually target vulnerable groups, including low-income people, women, and youth, and sometimes deliver financial literacy training in combination with access to financial products.

Suggested Citation

  • Flore-Anne Messy & Chiara Monticone, 2012. "The Status of Financial Education in Africa," OECD Working Papers on Finance, Insurance and Private Pensions 25, OECD Publishing.
    • Handle: RePEc:oec:dafaad:25-en
    DOI: 10.1787/5k94cqqx90wl-en
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    Citations

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    Cited by:

    1. Misheck Mutize & Ejigayhu Tefera & McBride Nkhalamba, 2020. "The development of financial markets in Africa: trends, challenges and prospects," Journal of Economics and Behavioral Studies, AMH International, vol. 12(1), pages 46-54.
    2. Olipha Mpofu & Athenia Bongani Sibindi, 2022. "Informal Finance: A Boon or Bane for African SMEs?," JRFM, MDPI, vol. 15(6), pages 1-15, June.
    3. Ruth Cadaoas Tacneng & Klarizze Anne Martin Puzon & Thierno Barry, 2021. "Crowding out effects of financial knowledge and attitude on risk preferences: Evidence from a least developed African country," WIDER Working Paper Series wp-2021-58, World Institute for Development Economic Research (UNU-WIDER).
    4. Musah, Alhassan & Yakubu, Ibrahim Nandom & Abagna, Matthew Amalitinga, 2022. "Financial Literacy: A Peep into the Literature and Note for Policy," MPRA Paper 115703, University Library of Munich, Germany.

    More about this item

    Keywords

    Africa; Afrique; compétences financières; financial education; financial inclusion; financial literacy; inclusion financière; éducation financière;
    All these keywords.

    JEL classification:

    • D14 - Microeconomics - - Household Behavior - - - Household Saving; Personal Finance
    • D18 - Microeconomics - - Household Behavior - - - Consumer Protection
    • I28 - Health, Education, and Welfare - - Education - - - Government Policy
    • O16 - Economic Development, Innovation, Technological Change, and Growth - - Economic Development - - - Financial Markets; Saving and Capital Investment; Corporate Finance and Governance

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