Accordingly, financial education contributes to the development of financial systems and markets as well as to the promotion of more transparent competition amongst financial service providers. In fact, financial education is very much considered as the first line of defence and protection for consumers of financial products and services, since it complements the regulatory and supervisory measures in place.
It is widely recognised that individuals across the globe, living in different economic, financial and social circumstances have to take more responsibility for their future financial well-being and protection.