Financial literacy (i.e., knowledge and skills) and financial capability (i.e., attitude, knowledge, skills, and self-efficacy for day-to-day money management) programs

Framework graphics with the entry point 'Expand Access to Financial Services & Products' highlighted

EVIDENCE-BASED STRATEGY

Considering people’s financial values, needs and contextual factors, initiatives help with knowledge acquisition about financial systems, institutions, products, services, and household finances as well as support skill development to help people navigate financial services and programs.

SAMPLE INDICATORS

Availability of in-person (face-to-face or virtual) financial literacy programs
Availability of online financial literacy programs
Access to financial literacy programs (e.g., to all people in the community)
Availability of free or low-cost financial literacy programs
Knowledge of financial systems, institutions, products, services, and money management
Number/percentage of people who report knowing where to find the accurate, relevant, timely information needed to support their financial decision-making
Number/percentage of people who report shopping around and being able to consider several options before making a financial decision

EVIDENCE-BASED STRATEGY

Building upon financial literacy strategies, initiatives support adoption of positive attitudes and behaviours towards saving, borrowing, spending, and planning to better inform and facilitate people’s financial decision-making.

SAMPLE INDICATORS

Availability of free or low-cost financial in person (or online) capability programs
People’s perceptions of the level of difficulty required for accessing financial capability programs (e.g., stratified by socioeconomic status)
Number/percentage of people with positive attitudes towards saving before and after participation in financial education programs
Number/percentage of financial educators and practitioners who report participants developed negative attitudes toward risky borrowing
Confidence in knowledge and skills regarding day-to-day money management
Number/percentage of people whose basic needs are met reporting staying within their budget (e.g., stratified by age and socioeconomic status)
Perceived ability to meet financial obligation and daily needs
Number/percentage of people who report considering spending money carefully and making informed financial decisions (e.g., stratified by sex, gender and age)

EVIDENCE-BASED STRATEGY

Initiatives consider the context that constrains or enables people to exercise their money management decisions (e.g., insufficient income to cover basic expenses) and act in accordance with people’s best interests.

SAMPLE INDICATORS

People’s perception of financial practitioners hearing and respecting their financial concerns and needs
Number/percentage of people who felt that financial practitioners developed customized strategies that met their needs and values
Number/percentage of financial educators and practitioners who report delivering personalized financial guidance and information according to people’s life circumstances and trajectories
Level of agreement with the statement that personalized steps outlined for improved financial literacy and capability are realistic and achievable

EVIDENCE-BASED STRATEGY

Initiatives help people to make informed decisions about what financial services and products reflect their values, meet their needs, and support their short- and long-term goals.

SAMPLE INDICATORS

Number/percentage of people who report knowing where to find appropriate, relevant, and accurate financial information and advice for making financial decisions
People’s perceptions of difficulty in finding financial services and products that meet their needs and values

EVIDENCE-BASED STRATEGY

Initiatives help people identify alternatives to using popular, but exploitative financial practices (e.g., payday lenders or cheque-cashing services).

SAMPLE INDICATORS

Number/percentage of people feeling confident about their financial knowledge and skills in identifying and avoiding exploitative financial services and products
Number/percentage of people who report understanding the warning signs of financial exploitation

EVIDENCE-BASED STRATEGY

Initiatives provide independent information, resources, and tools on formal, informal, and semi-formal financial services and products.

SAMPLE INDICATORS

Number/percentage of financial educators and practitioners who report delivering content/sessions dedicated to informal and semi-formal financial services and programs
Number/percentage of financial literacy and financial capability program participants who now feel well-informed on financial facts and concepts (i.e., improved financial knowledge)
Number/percentage of financial literacy and financial capability program participants who now feel well-instructed on how and where to find, understand, and act on financial resources (i.e., improved financial skills)