G20/OECD-INFE Policy Guidance on Digital Financial Literacy

Abstract

The digitalisation of financial products and services, and the consequent need to strengthen digital financial literacy has become an important component of the global policy-making agenda. This guidance aims to identify and promote effective initiatives that enhance digital and financial literacy in light of the unique characteristics, advantages, and risks of digital financial services and channels. This policy guidance is for consideration by policy makers responsible for the implementation and application of key elements of the OECD/INFE High-level Principles on National Strategies for Financial Education, the G20 Principles for Innovative Financial Inclusion and the G20 High-level Principles on Digital Financial Inclusion, with respect to principle 6. The Policy Guidance Note was developed by the OECD International Network on Financial Education (OECD/INFE), comprising now representatives from 119 economies. This note contributes to the Argentinian G20 presidency’s financial inclusion agenda. Following a consultation process with members of the OECD/INFE and of the Global Partnership for Financial Inclusion (GPFI), the Policy Guidance Note has been approved by the OECD/INFE Technical Committee, the OECD Committee on Financial Markets, the OECD Insurance and Private Pensions Committee in May 2018 and has been endorsed by the GPFI in June 2018. It is now transmitted to the G20 Finance Ministers and Central Bank Governors at their meeting in Buenos Aires on 19-20 July 2018. This document is complemented by G20/OECD Policy Guidance on Financial Consumer Protection Approaches in the Digital Age developed through the G20/OECD Task Force on Financial Consumer Protection. It contributes to the OECD Going Digital project which provides policy makers with tools to help economies and societies prosper in an increasingly digital and data-driven world. For more information, visit www.oecd.org/going-digital. 3