The European Commission (EC) and the OECD International Network on Financial Education (OECD-INFE) have developed the joint financial competence framework for adults which, under the guidance of Latvijas Banka, will also be introduced in Latvia. This framework aims to improve individuals' financial skills so that they can make sound decisions regarding their personal finances.
It will support further development of public policies, financial literacy programmes and educational materials for adults in the field of financial literacy. The framework outlines key skills to help individuals make sound financial decisions. It builds upon the competences defined in the G20/OECD/INFE core competencies framework on financial literacy for adults, adjusting them to the European Union (EU) context, and integrating digital and sustainable finance skills.
The Core Competencies Standard for Adult Financial Literacy was developed in Latvia in 2017. It will be renewed under the guidance of Latvijas Banka by involving financial literacy experts from the public, non-governmental and private sectors to introduce the newly-developed EC and OECD-INFE financial competence framework. The framework existing in Latvia will also integrate the aspects of sustainable finance and digital skills.
The joint EC/OECD-INFE financial competence framework has been developed according to the 2020 Capital Markets Union Action Plan. The joint framework will support the exchange of good practices by policy makers and stakeholders in the EU. It is available on the website of the OECD-INFE: https://www.oecd.org/daf/fin/financial-education/financial-competence-framework-for-adults-in-the-European-Union.pdf.
The joint financial competence framework for adults was announced on Tuesday, 25 January: https://www.oecd.org/financial/education/financial-competence-framework-for-adults-in-the-eu-launch.htm.