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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.
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    Cited by:

    1. Helena Chytilová & Zdeněk Chytil, 2014. "Ekonomické vzdělání a peněžní iluze, experimentální přístup [Economic Education and Money Illusion: An Experimental Approach]," Politická ekonomie, Prague University of Economics and Business, vol. 2014(4), pages 500-520.
    2. Nicole Jonker & Anneke Kosse, 2020. "The interplay of financial education, financial literacy, financial inclusion and financial, stability: Any lessons for the current Big Tech era?," Working Papers 692, DNB.
    3. Mochhoury, Sarah, 2023. "Central bank communication and trust: an experimental study on the European Central Bank and the general public," Working Paper Series 2824, European Central Bank.
    4. Bernd Hayo & Florian Neumeier, 2021. "Explaining central bank trust in an inflation-targeting country: the case of the Reserve Bank of New Zealand," Oxford Economic Papers, Oxford University Press, vol. 73(1), pages 27-48.
    5. Nicole Jonker & Anneke Kosse, 2022. "The interplay of financial education, financial inclusion and financial stability and the role of Big Tech," Contemporary Economic Policy, Western Economic Association International, vol. 40(4), pages 612-635, October.
    6. 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.
    7. Freddy H. Castro & Ingrid Monroy, 2011. "Demanda laboral en la Banca Central: análisis de tendencias 2000-2009," Borradores de Economia 8842, Banco de la Republica.
    8. Neuenkirch, Edith & Hayo, Bernd, 2015. "The influence of media use on laymen s monetary policy knowledge in Germany," VfS Annual Conference 2015 (Muenster): Economic Development - Theory and Policy 113218, Verein für Socialpolitik / German Economic Association.

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    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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