Access to Financial Services But Without the Skills to Use Them: The Importance of Financial Literacy
Financial ignorance carries a hefty price tag
At the 2010 G20 summit in Seoul, leaders recognized greater financial inclusion as a core component of global development in both rich and emerging economies, and established the Global Partnership for Financial Inclusion (GPFI). Following the recent GPFI meeting under Germany’s G20 Presidency over May 2-4, Annamaria Lusardi explores some of the costs of financial illiteracy, and makes the case for G20 leaders to expand financial literacy education services.
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Enhancing the role of Multilateral Development Banks (MDBs) in sustainable global economic development has been an important issue for G20 leaders since their first meeting in 2008. For leaders, the primary purpose of revitalizing the MDBs was to counter the cyclical effects of the crisis. As the subprime crisis receded, the focus of leaders and the overall G20 agenda since 2010 has shifted towards growth, for which infrastructure financing has been highlighted as a key driver.
Gateway House hosted a T20 meeting in Mumbai on February 14, 2017 in collaboration with the Kiel Institute for the World Economy and the Ministry of External Affairs, Government of India, with support from GIZ and Siemens India. This was the third time Gateway House hosted a T20 meeting; previous editions were held in 2015 under the Turkish Presidency with the leading Turkish think tank TEPAV, and in 2016 under the Chinese Presidency with the leading Chinese think tanks — Institute for World Economics and Politics, Shanghai Institute for International Studies, and Chongyang Institute for Financial Studies.