Living standards

International approaches to improving financial capability

Claudia Wood
Claudia Wood

This briefing provides an overview of initiatives promoting financial capability through the provision of financial information and advice in Australia, Canada and the USA. It is largely based on desktop research and has been supplemented by a limited number of interviews. It also includes links to projects, initiatives and further research which may be useful for those wishing to explore these issues further. 

Key findings

  • As in the UK, some steps have been taken in Canada, Australia and the US to improve financial capability. However efforts in each of these countries have focussed on adult financial education seminars and school based curricula
  • Another key strand of financial education has been via the promotion of savings behaviour amongst lower income groups through matched-savings asset accumulation programmes, which is often combined with mandatory financial education classes
  • Financial capability programmes in Australia and the US seem to be quite disparate and fragmented, and so may be improved through greater coherence and coordination.
  • Despite the existence of financial counselling services in Australia and the US, advice initiatives are far less developed than financial literacy and education programmes
  • Several key members of the financial services industry in each of these countries have collaborated with the third sector and government agencies to provide financial support and to deliver curriculum based financial literacy programmes
  • Voluntary sector and community based organisations have also played a positive role in delivering financial literacy programmes, often through forging partnerships with financial services companies

Further reading

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Action to improve young people’s mental health, education and employment
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Claudia Wood
Claudia Wood Former Head of Policy and Research