Financial education gives people the skills and confidence to make informed and responsible decisions about managing their money. Recently, AFI’s Consumer Empowerment and Market Conduct Working Group (CEMCWG) surveyed AFI members on their progress, challenges, and priorities to strengthen financial education. The responses reveal how financial education is becoming a catalyst for economic and social development.
National Strategies: From Commitment to Action
19 of 42 members have implemented a National Financial Education Strategy (NFES), while 12 members are currently developing one. Most have decided to integrate financial education within broader financial inclusion strategies, and many have standalone education strategies.
However, challenges remain. The lack of financial resources, and difficulties in evaluating impact, were both flagged as obstacles by 16 members. Inter-institutional coordination challenges also limit collaboration among ministries, central banks, regulators, the private sector and academia. There is limited outreach to vulnerable groups, who are often excluded due to geographic, technological or cultural barriers.
In response, AFI has developed a range of knowledge products to guide members in adopting best practices, including the National Financial Education Strategies Toolkit (2021).
The survey makes it clear that national strategies need to evolve from policy documents into living roadmaps, supported by dedicated budgets, measurable targets, and inter-institutional governance mechanisms to ensure continuity and sustainability.
Monitoring and Evaluation: Measuring to Improve
20 respondents indicated that monitoring and evaluation of their financial education programs forms part of their National Financial Inclusion Strategy (NFIS) monitoring framework. This reflects a growing effort to align financial education with national development objectives.
Half of respondents use quantitative and qualitative analysis indicators to evaluate the long-term impact of their financial education programs. The most common indicators used are financial literacy levels, program participation, and changes in financial behavior — that is, whether people apply what they have learned through actions such as saving regularly, debt management improvement, and using digital tools securely.
Members expressed a need for greater support to strengthen their monitoring systems, in terms of capacity building, digital tools and key indicators, and developing a comprehensive M&E Framework
41 of 42 respondents expressed interest in learning how to measure long-term impact. As data evidence becomes essential to guide public policies, moving forward, countries could adopt common indicator frameworks that contribute to creating a benchmark to evaluate progress in financial education initiatives across different countries.
Financial Competencies: Building Confidence and Capability
Two-thirds of respondents considered financial education programs to be partially accessible, while only a third viewed them as widely available. Nearly half of members have made use of AFI’s Financial Competency Matrix for Children and Youth (2021), a policy framework that defines core financial competencies for children and young people, helping them make sound decisions about their personal finances.
Priority areas identified by members include:
- Standardized assessment tools (cited by 62% of respondents)
- Funding for competency measurement (62%)
- Technical training in data analysis (57%)
This reveals an increasing commitment to strengthening evidence-based and competency-driven financial education, aimed at building confidence, autonomy and sustainable financial habits.
Digital Financial Literacy: Closing the Gap
Digitalization has transformed the way people interact with money—but it has also widened existing knowledge gaps. The main challenges highlighted by AFI members include the digital knowledge gap, low levels of overall financial literacy, and the lack of qualified trainers.
To address these issues, AFI members are prioritizing:
- Training programs for specialized educators
- Funding for digital literacy initiatives
- Interactive tools tailored to local contexts
In this respect, AFI’s Digital Financial Literacy Toolkit (2021) is serving as a practical guide.
The survey findings underscore the need to strengthen collaboration between regulators, the private sector and academia, promoting inclusive digital literacy programs that ensure that no one is left behind in the financial; ecosystem of the future.
Looking Ahead
When quizzed on the key topics that should shape AFI’s agenda, members cited:
- Digital financial literacy (71%)
- Monitoring and evaluation (67%)
- Financial education for MSMEs (52%)
- Inclusion of vulnerable populations (45%)
These findings confirm that financial education is entering a new phase—more digital, more measurable, and more focused on long-term impact.
Only a population that is informed, digitally equipped and empowered can build a truly inclusive financial system. As the Financial Education Subgroup of AFI’s Consumer Empowerment and Market Conduct Working Group, we will continue working to transform data into action, strategies into results, and learning into sustainable policy outcomes.
Discover the full results of AFI’s Financial Education Survey.