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On October 5-6, representatives from finance museums around the world as well as regulators, policy makers, and private-sector professionals came together at the headquarters of Erste Group Bank AG in Vienna for the 5th International Federation of Finance Museums (IFFM) Annual Meeting. As a co-founder of and the academic advisor to the IFFM, GFLEC was delighted to participate in the meeting and engage in discussions of how financial literacy research can help to further financial education efforts.
IFFM Annual Meeting 2017 Program
The annual meeting included an engaging panel discussion with Ewald Nowotny, Governor of Austria’s Central Bank; Andreas Treichl, CEO of Erste Group Bank AG; and Annamaria Lusardi, Academic Director of GFLEC. They addressed the importance of financial education and how best to implement it.
Other highlights of the program included keynote addresses by Silvia Singer, Co-Chair of the IFFM and CEO of the Museo Interactivo de Economia, on the social significance of economy and finance museums; Giovanna Paladino, then Co-Chair of the IFFM and Director of Museo del Risparmio, on the gender gap in financial literacy; Elsa Fornero, Chair of Economics at the University of Turn and GFLEC Board of Advisor, on the idea that financial literacy is a crucial skill not only for personal life, but also for civic life.
The Gender Gap in Financial Literacy
Director Annamaria Lusardi presented GFLEC’s research into the differences in financial literacy levels among men and women around the world at the 5th IFFM meeting in Vienna. The research includes identifying the unique circumstances that women face, how women fare across different measures of financial literacy, and what factors may affect the gender gap in literacy levels. Exploring the gender gap adds another lens through which the IFFM is working to understand financial literacy around the globe, and is part of their effort to create effective curricula for financial education.
Financial Literacy Around the World and Among the Youth
“On average, across OECD countries and economies surveyed, 22% of students do not have basic financial skills.”
As a keynote speaker, Director Lusardi presented evidence on financial literacy levels worldwide, and emphasized the corresponding need for financial education. Data on financial literacy were analyzed in the context of an evolving global economic and financial landscape. One of the studies—the 2015 PISA—enabled a focus on 15-year-olds, including their existing financial skills, source of financial education, and use of financial products.
Financial Literacy Around the World and Among the Youth – Lusardi Presentation
Erste Campus, Vienna
Headquarters of Erste Group Bank AG