This presentation by Adele Atkinson was made at the 3rd OECD-GFLEC Global Policy research Symposium to Advance Financial Literacy "Harnessing Financial Education to Spur Entrepreneurship and Innovation" which cutting-edge policy issues and identify key research directions, as well as practical solutions, with a view to advancing financial literacy for micro, small and medium-sized enterprises (MSMEs). Find out more at http://www.oecd.org/daf/fin/financial-education/3rdglobalpolicyresearchsymposiumtoadvancefinancialliteracy.htm

1. FINANCIAL LITERACY
AND
ENTREPRENEURSHIP
The role of the OECD/INFE
Adele Atkinson
Policy Analyst
OECD

2. Many countries are trying to improve financial literacy
through national strategies. However, only a minority
focus on SMEs
Countries with a national strategy for
financial education (2015)
2
This document and any map included herein are without prejudice to the status of or sovereignty
over any territory, to the delimitation of international frontiers and boundaries and to the name of
any territory, city or area
Countries
targeting SMEs
Egypt
Indonesia
Malaysia
Mexico
Netherlands
Pakistan
Portugal
Romania
Serbia
Turkey
(Source: OECD/INFE
member surveys)

3. • Contribute to sustainable, inclusive
growth and economic stability
• Reduce unemployment
• Increase innovation
In the right
circumstances,
SMEs can:
• Lack access to finance
• Low financial literacy, poor
management skills and business
acumen
• Lack of entrepreneurial skills or
willingness to innovate
But, many SME
owners/managers
face challenges
• Some issues combine: e.g. lack of
financial literacy and lack of access to
finance
Complex issues
Rationale for focusing on entrepreneurs and SMEs

4. The OECD has tools for
measuring financial
literacy:
• A toolkit for measuring
financial literacy and financial
inclusion among the adult
population
• 2nd wave currently in the field
• A financial literacy option within
the OECD Programme for
International Student Assessment
(PISA)
• 2nd wave also currently in the field
The focus of these is on
universal financial literacy
requirements such as:
• Handling money, managing and
keeping track of expenditure
• Choosing and using financial
products
• Financial planning for the short
and long term
• Understanding financial risk and
rewards
• Understanding the financial
landscape
Targeted efforts require robust data

5. Plan and manage business finances
Identify financial providers or investors, meet
their requirements and access funds
Manage financial risk
Understand the financial and economic
landscape of relevance to businesses and new
enterprises
The (additional) financial literacy needs of entrepreneurs
Surveys of
entrepreneurs
need to
understand
their basic
financial
literacy and
the extent to
which they
have the
ability to:

6. Proposed next steps
The OECD proposes developing a new
international measurement instrument to
capture the financial literacy of entrepreneurs
-Building on national efforts and current tools
-Incorporating specific entrepreneurial issues
Taking into account factors such as:
-The sector, size and maturity of the enterprise
and the available funding sources in the country
The data will be useful for informing national and
international policy and practical tools to support
SMEs
Participants are encouraged to submit any
information, existing questionnaires or data to
help to develop this new instrument.

7. Thank you
For queries, or to submit
information, please contact
adele.atkinson@oecd.org
or
SecretariatINFE@oecd.org
www.financial-education.org