FINANCIAL EDUCATION AS A TOOL FOR FINANCIAL DEVELOPMENT
FINANCIAL EDUCATION AS A TOOL FOR FINANCIAL DEVELOPMENT

Summary/Abstract: Financial education has become increasingly important as a tool for promoting financial development around the world. This article explores the relationship between financial education and financial development, highlighting the benefits of financial education for individuals, households, and entire economies. The article examines the role of financial education in improving financial decision-making, promoting financial inclusion, and enhancing economic growth. It also discusses various approaches to financial education, including formal education programs, workplace training, and community-based initiatives. Finally, the article emphasizes the need for continued investment in financial education as a key component of financial development strategies, particularly in the context of ongoing technological advancements and changing economic conditions. We will demonstrate the role of financial education in economic development, as well as in diversifying the range of financial products and services. In this article, we will also refer to financial education as a tool for consumer protection, supporting and strengthening innovation, as well as increasing access to financial products and services. Moreover, financial education is not an easy process to implement, as there are multiple challenges involved. There are no standardized approaches, but good practices observed in certain countries can serve as a starting point for the development and implementation of financial education programs.

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