Financial Inclusion and Consumer Protection

While the importance of financial capability has been studied empirically, questions remain about program effectiveness, whether and how effectively these skills can be taught to consumers, and if financial education programs lead to sustained behavioral changes that improve one’s financial wellness and inclusion. When studied analytically, the results of financial education have been mixed. The objective of this report is to help guide financial sector authorities to build a more effective approach to financial education. The report synthesizes available resources and complements existing knowledge about financial education. It also explores the appropriate role for financial sector authorities within financial education and outlines a practical approach for financial sector authorities who choose to develop financial education agendas or strategies. Lastly, the report provides an overview of the best tools and practices to improve the effectiveness of financial education initiatives.

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Developing financial knowledge and skills among beneficiaries of government cash transfer programs has emerged as a strategic policy objective around the world as it greatly enhances effectiveness of such programs and helps tackle chronic poverty and insecurity in low-income and poor households. This toolkit analyzes the benefits of such integrated programs, sequences a recommended roadmap of the necessary steps, and suggests a design and implementation methodology with reference to the global best practices.

Improving the financial capability of SME decision makers can significantly boost SME growth and stimulate sustainable economic development in low- and middle-income countries, especially in areas with large informal job sectors. This survey report yields a comprehensive view of SME financial capability, identifies clusters of vulnerable SMEs, and recommends areas of early stage policy intervention and support to help SMEs improve performance and attract investment.

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Financial inclusion in Zambia has nearly doubled in the last ten years - from 21.3 percent in 2005 to 40.2 percent in 2016. This success was made possible by Zambia's Financial Sector Development Plan that concluded in 2015. The World Bank survey covered in this report was requested by Zambian authorities to inform their further strategy work, help formulate quantifiable and concrete targets, and assess the effectiveness of future financial capability enhancing programs.

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The final output of the Russia Trust Fund on Financial Literacy and Education, this volume presents the results of the Trust Fund’s pilot projects - some truly pioneering research in financial capacity building, including methods to increase financial awareness and encourage safer financial behavior. Such tools and methods enable access to financial literacy for a much wider population, with potentially greater impact than what has been achieved using the more conventional means.

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