Financial Education – Time for a Rethink?

• by Graham Wright, Angela Wambugu, Julie Zollmann and Daryl Collins
• Nov 23, 2011
• 1 min

This Note makes the case that it’s time to re-think the process of financial education to merge it with product marketing, thus making it more relevant for customers and FIs.

Traditional financial education both in poor and rich contexts have taken a didactic, class-room based approach to conveying analytical financial concepts like budgeting, saving, managing debt, and calculating interest rates. This Note makes the case that it is time to re-think the process of financial education to merge it with product marketing, thus making it more relevant for customers and more cost-effective for financial institutions. It is clearly time to test the efficacy of alternative, experiential, product-focused financial education interventions compared to traditional financial education training.