"Developing countries today report a financial literacy level of as low as 30% compared to the average of 60% in developed economies."
In Davos, world leaders discussed global issues and how to solve them at the annual meeting of the World Economic Forum. The topic of financial literacy was discussed among the leaders.
It's good that these discussions are taking place, and that they will hopefully lead to making plans, testing, and implementing solutions.
The issue of financial illiteracy is truly a global challenge, and leaders like those mentioned in the article must lead the movement to help support families and individuals who lack access to resources that can help improve their financial IQ, increase their savings, and help them build generational wealth.
The iMar team really likes François Villeroy de Galhau's, the Governor of the Bank of France, idea to "bring in gamification elements into financial literacy campaigns, suggesting strongly that financial literacy cannot be done in isolation." As an educator, I know that many children and adults dislike sitting still to learn.
Financial literacy should be fun, engaging, entertaining, challenging, and collaborative.
The World Economic Forum must turn these discussions into actionable plans that can change lives and create a brighter future for the most vulnerable families.