Difference between revisions of "Financial Competence Framework"
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* facilitate the assessment of financial literacy levels and the evaluation of financial literacy initiatives. | * facilitate the assessment of financial literacy levels and the evaluation of financial literacy initiatives. | ||
+ | == Joint EU/OECD-INFE financial competence framework for adults == | ||
+ | In 2021 the European Commission and the OECD-INFE (OECD International Network for Financial Education) started a collaboration to develop a joint EU/OECD-INFE financial competence frameworks for adults. The objective of the EU/OECD-INFE financial | ||
+ | competence framework for adults is to promote a shared understanding of financial competences for adults amongst EU Member States and national authorities, educational institutions, industry and individuals. In addition, it provides a basis for a more | ||
+ | coordinated approach among EU and national policymakers. By supporting efforts to improve financial literacy, the framework aims at contributing to the overall goal of improving individual financial well-being. The framework focuses on competences pertaining to personal finance. | ||
+ | |||
+ | === Content Areas === | ||
+ | * [[Money and Transactions]]. This content area covers the knowledge, skills and attitudes related to: the different forms of money and currencies; income; prices, payments and purchases; and the importance of financial records and contracts. | ||
+ | * [[Planning and Managing Finances]]. This content area covers the knowledge, skills and attitudes related to budgeting; | ||
+ | managing income and expenditure; saving; investing; longer term planning; retirement; credit; debt and debt management. | ||
+ | * [[Risk and Reward]]. This content area covers the knowledge, skills and attitudes related to the identification of risks; financial safety nets; insurance; and balancing risk and reward. | ||
+ | * [[Financial Landscape]]. This content area covers the knowledge, skills and attitudes related to regulation and consumer protection; rights and responsibilities of consumers; the use of financial education, financial information and financial advice; financial products and services; scams and fraud; understanding of tax and public spending; and external influences on | ||
+ | financial decisions. | ||
== References == | == References == |
Revision as of 13:07, 1 April 2022
Contents
Definition
A Financial Competence Framework is a conceptual basis on which to build a variety of financial education policies and measures towards improving Financial Literacy[1]
Objectives
A competence framework aim to provide a set of outcome-based competences that can be used to:
- support the development, implementation and update of national financial literacy strategies.
- support the design of Financial Education programmes and the development of financial education learning materials and tools.
- facilitate the assessment of financial literacy levels and the evaluation of financial literacy initiatives.
Joint EU/OECD-INFE financial competence framework for adults
In 2021 the European Commission and the OECD-INFE (OECD International Network for Financial Education) started a collaboration to develop a joint EU/OECD-INFE financial competence frameworks for adults. The objective of the EU/OECD-INFE financial competence framework for adults is to promote a shared understanding of financial competences for adults amongst EU Member States and national authorities, educational institutions, industry and individuals. In addition, it provides a basis for a more coordinated approach among EU and national policymakers. By supporting efforts to improve financial literacy, the framework aims at contributing to the overall goal of improving individual financial well-being. The framework focuses on competences pertaining to personal finance.
Content Areas
- Money and Transactions. This content area covers the knowledge, skills and attitudes related to: the different forms of money and currencies; income; prices, payments and purchases; and the importance of financial records and contracts.
- Planning and Managing Finances. This content area covers the knowledge, skills and attitudes related to budgeting;
managing income and expenditure; saving; investing; longer term planning; retirement; credit; debt and debt management.
- Risk and Reward. This content area covers the knowledge, skills and attitudes related to the identification of risks; financial safety nets; insurance; and balancing risk and reward.
- Financial Landscape. This content area covers the knowledge, skills and attitudes related to regulation and consumer protection; rights and responsibilities of consumers; the use of financial education, financial information and financial advice; financial products and services; scams and fraud; understanding of tax and public spending; and external influences on
financial decisions.
References
- ↑ “European Union/OECD (2022), Financial competence framework for adults in the European Union