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INTERNATIONAL FINDINGS An international OECD study was published in late 2005 analysing financial literacy surveys in OECD countries. A selection of findingsHecklinger, Richard E. Deputy Secretary-General of the OECD speaking January 9, 2006 at The Smith Institute, London reported in New Statesman accessed at {Link without Title} June 5, 2006 included:
“Yet it is encouraging that the few financial education programmes which have been evaluated have been found to be reasonably effective. Research in the US shows that workers increase their participation in 401(k) plans (a type of retirement plan, with special tax advantages, which allows employees to save and invest for their own retirement) when employers offer financial education programmes, whether in the form of brochures or seminars.”Hecklinger, Richard E - as cited above AUSTRALIA The Australian Government established a National Consumer and Financial Literacy Taskforce in 2004, which recommended the establishment of the Financial Literacy Foundation in 2005. The task force also recognised the need for a Social Marketing campaign. Preliminary task force recommendations 2004 The Australian Federal Government created a website "Understanding Money" in mid 2006. {Link without Title} UNITED KINGDOM The current UK strategy involves the FSA spending about £10 million a year “Financial capability in the UK: Delivering Change”, Financial Services Authority, 2006, page 1, ISBN 1-84518-418-1 across a seven-point plan. The priority areas are:
A baseline survey“Financial capability in the UK: Establishing a Baseline”, Financial Services Authority, 2006, ISBN 1-84518-419-X conducted 5,300 interviews across the UK in 2005. The report identifies four themes:
“In short, unless steps are taken to improve levels of financial capability, we are storing up trouble for the future.”“Financial capability in the UK: Establishing a Baseline”, page 3 There are also numerous charities in the United Kingdom working to improve financial literacy such as Credit Action , Citizens Advice Bureax and the Personal Finance Education Group . UNITED STATES The US Treasury established its Office Of Financial Education in 2002; and the US Congress established the Financial Literacy and Education Commission under the Financial Literacy and Education Improvement Act in 2003. The Commission published its National Strategy on Financial Literacy [http://www.mymoney.gov/pdfs/ownership.pdf “Taking Ownership of the Future”, Financial Literacy and Education Commission, 2006] in 2006. NOTES EXTERNAL LINKS
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