EBI Publications

Financial Infos Issue (16) Definition: In the aftermath of the 2008 financial crisis, financial education has reached a momentum. Policy makers worldwide increasingly acknowledged the importance of financial education both as a life skill and as a key component of financial and economic stability and development. The 2008 economic crisis has highlighted how essential it is that individuals and families have the information, education, and tools that they need to make good financial decisions in an increasingly complex global financial system. However, there are a number of countries that began their efforts earlier in 2000 and represent success stories in the field of financial education. Unfortunately, efforts in Egypt were limited as far as financial education is concerned. According to the most recent available data Banks penetration is 10% out of the whole population, which means that there is a leakage of money out of the economy circular. Although Financial Education is a broad concept that includes both information and behavior, the Organization for Economic Co-operation and Development (OECD) has developed a widely acknowledged and comprehensive definition of financial education: “Financial education is the process by which financial consumers/investors improve their understanding of financial products and concepts and, through information, instruction Financial Education