Proyecto Capital
Financial inclusion opportunities in Latin America and the Caribbean
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Tuesday, 31 May 2016 11:52

InShort 59: Financial Education in Chile. Evidence and Proposal

Written by  Gloria Hormazábal/ Gabriel Valenzuela

So far, different governmental and non-governmental agencies have developed finan­cial orientation programs. Some programs seek to improve financial knowledge; others, to promote financial inclusion and/or deliver costumer protection tools. While it is true that most of the institutions claim to carry out activities that aim at providing financial education or at promoting a financial cultu­re, only some of them carry out activities that the Organization for Economic Co-operation and Development (OECD) categorizes as fi­nancial education. Therefore, it is necessary to reach a common definition of what is un­derstood by financial education as well as to establish what to educate financially consists of, in order to be able to create a strategy for promoting financial education.

In this context, in 2012, the Mesa de Educación Financiera-MEF (Board for Financial Education) was created thanks to the coalition of twelve institutions that look to promote the debate on financial inclusion in Chile. The objective of the board is to “contribute to people acquiring a better understanding of financial concepts and products so that they can make informed decisions, evaluating risks and opportunities”.1 Also, the MEF sought to promote a National Financial Education Strategy with a scope wider than that of the programs currently being developed in the country. Since the beginning, the MEF has had the support of the Instituto de Estudios Peruanos - IEP (Institute of Peruvian Studies), the International Development Research Centre (IDRC) and the Ford Foundation, through Proyecto Capital (Capital Project).

Read 1450 times Last modified on Tuesday, 31 May 2016 12:25