Paper
Financial Capability in Low-and Middle-income Countries: Measurement and Evaluation
Extending knowledge base on financial capability to help low- and middle-income countries
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164 pages
This paper provides an overview of the conceptual foundations and work program implemented by the World Bank under the Russia Financial Literacy and Education Trust Fund (RTF). It highlights the contributions of RTF work program to the conceptual development and measurement of financial capability and the evaluation of the results achieved by programs directed towards its enhancement. The paper covers the following in detail:
- Lessons learned from financial literacy and education (FL&E) discourse in high-income countries and circumstances to be considered when translating these concepts to low-income countries (LICs) and middle-income countries (MICs);
- Background of the RTF and key considerations for the selection of the specific measurement approach of financial capability piloted in LICs and MICs;
- Considerations, choices, selections, and implementation issues around the measurement of financial capability in LICs and MICs;
- Considerations, choices, selections, and implementation issues around the measurement of the effectiveness of financial education and other financial capability-enhancing interventions in LICs and MICs;
- Conclusions from the RTF program in the context of international developments in this area and the identification of major issues;
- Suggestions for countries undertaking or preparing national strategies to enhance financial capability.
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