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Increasing the Impact of Financial Education: Approaches to Designing Financial Education Programs

Andrej Popovic's picture

Recent evaluations of a number of worldwide financial education programs reported widely varied outcomes. While some found evidence of effectiveness, others reported mixed or no evidence. Yet an increasing number of developing countries are putting financial education strategies in place or are expanding financial education programs. The quality of design of such strategies and programs is therefore crucial.

Financial education programs can be ad hoc targeted interventions, aimed at addressing specific financial education gaps, or they can be more comprehensive approaches through financial education or literacy strategies that aim to address a number of priorities. Regardless of the approach – which depends on the local context – financial education programs have a higher likelihood of greater positive impact if they are based on reliable diagnostic tools and focused on clearly defined and sequenced priorities.
 
Over the past two years, the Financial Inclusion and Consumer Protection team at the World Bank Group has conducted substantial technical and diagnostic work in the area of responsible finance. For example, we have developed methodologies for financial capability surveys and impact evaluation, and we have conducted a series of diagnostic reviews in the area of consumer protection and financial literacy on a global scale.

Development amid Violence and Discrimination: Sexual Minorities in Latin America

Phil Crehan's picture

As more Latin American countries enact laws protecting sexual minorities, violence and discrimination remain prolific.  Preliminary evidence shows that exclusion lowers education, health, and economic outcomes.  With the World Bank’s new focus on social inclusion within the twin goals of ending extreme poverty and promoting shared prosperity, I see numerous points of intervention for lesbian, gay, bisexual and transgender (LGBT) people in this region. 

On January 28th the Latin America and Caribbean Poverty, Gender and Equity Group joined my project “Sexual Orientation, Gender Identity and Development” to discuss this cross-sector and nascent agenda.  A host of experts from the region had the very first World Bank conversation on sexual minorities in LAC.

Inclusion is No Illusion

Zahid Hussain's picture

The World Bank’s recent report Bangladesh: Towards Accelerated, Inclusive and Sustainable Growth—Opportunities and Challenges examines inclusiveness along three dimensions—poverty, inequality, and the distribution of economic opportunities. The findings are summarized in this post.

Economic growth in the last two decades in Bangladesh has been pro-poor. Poverty declined significantly from 58.8 percent in 1991/92 to 31.5 percent in 2010. Bangladesh succeeded in “bending the arc of poverty reduction” in the decade ending 2010, a period in which the number of poor declined by around 15 million, compared with a decline of about 2.3 million in the preceding decade. There has also been regional convergence in poverty patterns during 2005-10. Poverty reduction in the lagging Western divisions (Rajshahi, Khulna, and Barisal) was larger than in the Eastern divisions. A number of other indicators of welfare also show notable improvements between 2000 and 2010 for the general population and the poor alike.

Income distribution stabilized after deteriorating in the 1990s. While comparisons based on consumption data have been used to argue that inequality in Bangladesh is low by international standards, when income rather than HIES consumption data are used, inequality appears to be much higher. The degree of income inequality was reasonably low and stable compared to countries such as Malaysia, Thailand and Philippines during the 1970s and 1980s. But there was a sharp increase between 1991-92 and 1995-96. Gini consumption concentration ratios based on HIES 2000, 2005, and 2010 data were almost unchanged while Gini income concentration ratios increased by 3.5 percent during 2000-05 followed by 1.9 percent decrease during 2005-10. The good news is it has been a race to the top in the past decade with consumption growing for the poor and non-poor alike. However, income inequality in Bangladesh is relatively high. Among Bangladesh’s peer group of countries only Sri Lanka has a higher income Gini and Cambodia is close.

#4 from 2012: Openness for Whom? and Openness for What?

Soren Gigler's picture

Citizen consultations in Bolivia.Our Top Ten Blog Posts by Readership in 2012

Originally published on April 9, 2012

The emerging concept of “Open Development” has become a topic of keen interest to citizens, policy makers, and development practitioners alike.

Opening data to enhance transparency, accountability and development outcomes sounds great. However, two main issues remain unclear: Openness for whom? And openness for what?

Two weeks ago, I participated in a fascinating panel, entitled ‘Does Openness Enhance Development?’ at the ICTD2012 Conference in Atlanta. At the center of the discussion were the following issues: (i) what do we mean by open development? (ii) Can openness close the ‘accountability loop’ between citizens, governments and international donors? (iii) Can openness lead to a more inclusive development? (iv) What is truly open and what not? and (v) What are the main barriers to opening up the development process?

#9 from 2012: 'Why Nations Fail': The Constitutionalists Were Right All Along

Sina Odugbemi's picture

Our Top Ten Blog Posts by Readership in 2012

Originally published on May 1, 2012

Daron Acemoglu and James Robinson have produced a magisterial book: ‘Why Nations Fail’. If you are interested in governance, nay, if you are interested in development, you should read it. I picked it up the week it was published and I could not put it down until it was done. That is how powerful and well-written it is. Yet it is over 500 pages long. In what follows, I am going to focus on what I liked about it and the thoughts it provoked in me as I read it.

First, I admire the simplicity and power of the thesis: what the historical evidence suggests is that nations with inclusive political and economic institutions are capable of sustained growth. Nations with extractive political and economic institutions are not. End of story. Even when an authoritarian state/regime appears to engineer economic growth for a while, it will hit a limit soon enough. Why? Human creativity, human inventiveness and necessary creative destruction of old ways of doing things cannot happen in authoritarian environments. Vested interests are able all too easily to block threatening entrants to the economy; property rights are not secure and so on. Those who control political institutions use their power to extract surpluses in often brutal ways. Key quote:

Why Caste and Social Exclusion Need to be Addressed in Policy Making in Pakistan

Rehan Jamil's picture

The social institution of caste and the many ways it can create exclusion amongst different groups has a generated much literature in South Asia, primarily focused on India. Caste is often incorrectly characterized as a social hierarchy inherent within Hinduism. In fact, caste is a social phenomenon that exists across groups in South Asia, including Hindus, Muslims, Sikhs and Christians throughout South Asia in varying degrees.

In Pakistan, research and debate on the implications of caste and poverty has been limited. While a substantial literature exists about the social structures of Pakistan, including various caste, kinship groups and tribes such as zaat (caste), biraderi/qaum (kinship groups) and qabila (tribe), development practitioners and policy makers have largely ignored the issue of caste and social exclusion in Pakistan with its links to inequality in rights, access services and representation.

Do You Own Sri Lanka's Development?

Hafiz Zainudeen's picture

Did you know that the World Bank Group actually wants to listen to the men and women of Sri Lanka and their views on Sri Lanka’s development and ensure that their voices are taken into account whenever development activities are carried out? Most of you like me (some months ago), would probably answer in the negative. Having joined the World Bank this year and having being tasked with assisting with the preparation of Sri Lanka's next Country Partnership Strategy for Sri Lanka, I have come to realize that some of my own perceptions about public involvement in World Bank activities have not been entirely accurate.

My current role in the Bank has enabled me to understand firsthand the efforts undertaken by bank staff to ensure that development activities remain sustainable. One of the ways in which this is achieved is through active engagement with as wide a group of stakeholders as possible prior to the commencement of any new project. All of us who are a part of the Bank Group strongly believe that it’s only by invoking the ownership of development among citizens that long term sustainability is achieved.

Shared Societies: The Link Between Inclusion and Economic Growth

Anne-Katrin Arnold's picture

The Rt. Hon. Kim Campbell, former Prime Minister of Canada and Member of the Club de Madrid, presented an argument in favor of fostering "shared societies" at the World Bank today - providing, unintentionally, CommGAP with a systematic case why inclusive communication and accountability promotes economic growth. The "Shared Societies Project" of the Club de Madrid operates on the assumption that inclusive societies are more peaceful and economically more successful. A shared society, in this organization's understanding, is a society "where people hold an equal capacity to participate in and benefit from economic, political and social opportunities regardless of race, ethnicity, religion, language, gender or other attributes and where, as a consequence, relations between groups a peaceful."

Beggar thine own people?

Shanta Devarajan's picture

First the good news. The Indian government has agreed to sell the originally-agreed 400,000 tons of non-basmati rice to the Government of Bangladesh at a price of $430 per ton. On March 30th, the Government of Bangladesh’s Purchase Committee approved the Indian offer of procuring the 400,000 tons of rice at $430 per ton by ship.

Can social audits be change agents?

Maitreyi Bordia Das's picture
While international development practitioners debate and discuss the best tool for people’s monitoring, the Indian government takes a page out of the book of the Right to Livelihood and Right to Food movements and of the Mazdoor Kisan Shakti Sangathan (MKSS) and institutionalizes social audits by mandating them in the National Rural Employment Guarantee Scheme (NREGS). The onus is now on the state to ensure that its own performance is monitored and evaluated by the people.

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