Nowadays, Financial education is a topic of international interest. In many countries,
there are national strategies for Financial education, bringing together and coordi-
nating activities in the eld.1 This includes the activities of international organi-
zations, government agencies, businesses and business associations, trade unions,
non-governmental organizations, foundations, Financial regulators and central
banks. The aim is to guarantee that the many Financial education programs are
effcient, relevant, and effective over the long term.
Central banks often play a key role in these national strategies as promoters,
door-openers and bridge-builders. In many countries—including Switzerland—
central banks are also program providers. Central banks are well positioned to do
this because, as national institutions, they serve the interests of the country as a
whole and have the necessary economic know-how and resources. Moreover, they
do not pursue any commercial interests.
Just like the other institutions mentioned above, central banks have a signi cant
interest in a sound reference work on nancial literacy. Financial literacy is still a
new area of research, making it hard to get an overview. Many questions have only
been looked into partially, not least of which is the issue of curriculum design.
What skills does a young person need these days to perform well in society and at
work? The answer may not be nancial skills as such, but rather the ability to
handle real day-to-day situations skilfully, and the self-ef cacy that goes with it.
In addition to facts, knowledge, and ability, a role is also played by emotions,
values, and attitudes. The key word is cognitive control. This means the ability to
deal with oneself and with real day-to-day situations in a constructive manner, to
cope with resistance and setbacks sensibly, to control impulses, tolerate frustration,
and reflect on actions. In other words, it is a matter of personal development.
You might think that this is something for which a child or young person’s
family, or those close to them, should be responsible. But what happens if they
don’t ful l this responsibility? What role can or should be played by the public
1OECD. (2012). High-level Principles on National Strategies for Financial Education.
sector or social institutions? How, for example, can questions of values and
behavior be discussed productively in the classroom without students or their
parents viewing it as being either arrogance or a kind of brainwashing?
A further issue that interests everybody who invests resources in the promotion
of nancial literacy is quality control and the monitoring of results. What makes a
good nancial literacy product? Part of the answer lies in the relevant educational
content, but that is not the only thing. The practical matter of how to implement it in
the classroom is also relevant. Which instructional approaches yield results, and
which don’t? One can assume that two features ensure the quality of both teaching
and learning resources: on the one hand, their adaptability and flexibility over time,
and on the other hand, the target group’s involvement in their development, i.e.
teachers and students. But this is just a guess. What do theory and evidence show?
These, and other questions, are answered in this Handbook of Financial Literacy,
making it an extremely welcome guide and a valuable tool for many people:
practitioners looking for knowledge and guidance from academic research,
researchers familiarizing themselves with the current state of discourse in the area
of nancial literacy, and policymakers designing or evaluating programs. We hope
that the Handbook will be widely used in practice, research, and policy, thereby
contributing to the promotion of Financial literacy as widely as possible.
Nowadays, Financial education is a topic of international interest. In many countries,
there are national strategies for Financial education, bringing together and coordi-
nating activities in the eld.1 This includes the activities of international organi-
zations, government agencies, businesses and business associations, trade unions,
non-governmental organizations, foundations, Financial regulators and central
banks. The aim is to guarantee that the many Financial education programs are
effcient, relevant, and effective over the long term.
Central banks often play a key role in these national strategies as promoters,
door-openers and bridge-builders. In many countries—including Switzerland—
central banks are also program providers. Central banks are well positioned to do
this because, as national institutions, they serve the interests of the country as a
whole and have the necessary economic know-how and resources. Moreover, they
do not pursue any commercial interests.
Just like the other institutions mentioned above, central banks have a signi cant
interest in a sound reference work on nancial literacy. Financial literacy is still a
new area of research, making it hard to get an overview. Many questions have only
been looked into partially, not least of which is the issue of curriculum design.
What skills does a young person need these days to perform well in society and at
work? The answer may not be nancial skills as such, but rather the ability to
handle real day-to-day situations skilfully, and the self-ef cacy that goes with it.
In addition to facts, knowledge, and ability, a role is also played by emotions,
values, and attitudes. The key word is cognitive control. This means the ability to
deal with oneself and with real day-to-day situations in a constructive manner, to
cope with resistance and setbacks sensibly, to control impulses, tolerate frustration,
and reflect on actions. In other words, it is a matter of personal development.
You might think that this is something for which a child or young person’s
family, or those close to them, should be responsible. But what happens if they
don’t ful l this responsibility? What role can or should be played by the public
1OECD. (2012). High-level Principles on National Strategies for Financial Education.
sector or social institutions? How, for example, can questions of values and
behavior be discussed productively in the classroom without students or their
parents viewing it as being either arrogance or a kind of brainwashing?
A further issue that interests everybody who invests resources in the promotion
of nancial literacy is quality control and the monitoring of results. What makes a
good nancial literacy product? Part of the answer lies in the relevant educational
content, but that is not the only thing. The practical matter of how to implement it in
the classroom is also relevant. Which instructional approaches yield results, and
which don’t? One can assume that two features ensure the quality of both teaching
and learning resources: on the one hand, their adaptability and flexibility over time,
and on the other hand, the target group’s involvement in their development, i.e.
teachers and students. But this is just a guess. What do theory and evidence show?
These, and other questions, are answered in this Handbook of Financial Literacy,
making it an extremely welcome guide and a valuable tool for many people:
practitioners looking for knowledge and guidance from academic research,
researchers familiarizing themselves with the current state of discourse in the area
of nancial literacy, and policymakers designing or evaluating programs. We hope
that the Handbook will be widely used in practice, research, and policy, thereby
contributing to the promotion of Financial literacy as widely as possible.
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