IMPROVING FINANCIAL LITERACY - International Conference hosted by the Russian G8 Presidency in Cooperation with the OECD is held at 29-30 November 2006 in Moscow, Russia

The aim of this conference, convened under the auspices of Russia's G8 Presidency, is to recognize the increased need for financial education in both developed and developing countries.

The importance of financial education has increased in recent years as a result of financial market developments and demographic, economic and policy changes. A large percentage of the population lacks a basic financial education, limiting their ability to make effective decisions regarding their financial future and exposing them to financial risks as well as potential market abuse.

In developed countries, the increasing number and complexity of financial products, the continued shift in financial responsibilities from governments and financial institutions to individuals, and the growing importance of individual retirement savings for financial security, are highlighting the importance of financial education for consumers, including the recognition of the benefits of educating individuals about financial matters as early in their lives as possible, in schools.

In developing countries, the growing number of consumers becoming involved in newly developing financial markets and newly liberalizing economies means that some level of financial literacy will be required if these markets and economies are to expand and operate efficiently. In addition, the growth of international transactions during the last decade, resulting from new technologies and the growing international mobility of individuals, makes the issue of improving financial literacy increasingly an international concern.

Financial education remains, however, largely unaddressed in many countries. There is substantial work to be done in both developed and developing countries to improve people's financial education and awareness.

This conference aims to increase governments, financial institutions and consumers' awareness of the importance of financial education and of the means by which financial literacy can be improved.

For more information, please, visit www.cifl.ru