OECD -二十国集团关于金融福祉的政策说明 G20 policy note on financial well-being

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G20POLICYNOTEON

FINANCIALWELL-BEING

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©OECD2024.

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Acknowledgements

ThispolicynotewaspreparedfortheG20GlobalPartnershipforFinancialInclusion(GPFI)speciallybytheCentralBankofBrazilrepresentingBrazil’sG202024Presidency(LuisGustavoMansurSiqueira,RonaldoVieiradaSilva,DiogoNogueiraCruz,AdrianaKriegerFioravantiBarbosa,CecíliaOliveiraTelles,ErikaAkemiSoki,LíviaBastosGratz,LucasItenTeixeira,RaquelMelodeAlmeida)jointlywiththeOECDSecretariat(Flore-AnneMessy,SerdarCelik,MilesLarbey,ChiaraMonticone).CGAP(KarinaBronsNielsen,EricDuflos)andtheOfficeoftheUNSGSA(SmitaAggarwal,NancyWidjaja)contributedtothedevelopmentoftheTheoryofChangewhichunderpinsthepreliminaryConceptualFramework.Thepolicynotebenefittedconsiderablyfromthesupport,inputandthoroughreviewofthemembersoftheGPFIandGPFIImplementingPartners.ItwassharedforconsultationwithmembersoftheG20/OECDTaskForceonFinancialConsumerProtectionandoftheOECDInternationalNetworkonFinancialEducation.

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Tableofcontents

Acknowledgements3

1Introduction5

Overview5

Backgroundonfinancialwell-being6

Objective7

Process8

Terminology8

2Establishingaconsensualconceptoffinancialwell-being10

Preliminaryconceptualframeworkforfinancialwell-being10

Aworkingdefinitionoffinancialwell-being23

3Measurementframeworkforfinancialwell-being:Apreliminaryroadmap30

Objectivesanduse-casesformeasuringfinancialwell-being30

Fromtheworkingdefinitiontopracticalexamplesformeasuringfinancialwell-being32

Wayforward:considerationsforthefuturedevelopmentofameasurementframework40

AnnexA.Listofstudieswithexamplesofsurveyquestionsandindicators42

AnnexB.Examplesofsurveyquestionsandindicators43

References44

Notes53

FIGURES

Figure1.Financialwell-being:Preliminarytheoryofchange20

Figure2.Financialwell-beinganditselements33

TABLES

Table1.Selecteddefinitionsoffinancialwell-beingorfinancialhealth24

Table2.Examplesofquestions-Abletosmoothlymanagefinancialneedsandobligations36

Table3.Examplesofquestions-Cancopewithnegativeshocks37

Table4.Examplesofquestions-Canpursueaspirations,goalsandcaptureopportunities39

Table5.Examplesofquestions-Feelsatisfiedandconfidentaboutfinanciallives39

Table6.Examplesofstudieswithsurveyquestions42

Table7.Examplesofstudieswithindicatorsfromadministrativedata42

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1Introduction

Overview

Inthelastdecades,therehasbeennotableprogressatgloballevelinmakingfinancialproductsandservicesmoreaccessibletoindividuals,with76%ofpeopleage15+havingabankormobilemoneyaccountin2021(Demirgüç-Kuntetal.,2022[1]).Thisrepresentsasignificantincreasefromjustoveradecadeagowhenthefigurestoodat51%(Demirgüç-Kuntetal.,2022[1]).Atthesametime,growingaccesstoformalfinancialproductsandserviceshighlightedtheneedtofocusonthequalityoffinancialinclusionandonfinancialwell-beingasguidingprinciples,toimprovetheeffectivenessoffinancialinclusionpolicies,andtoavoidthatpoliciesintendedtoincreaseaccesstotheformalfinancialsystemcouldinadvertentlyleadtonegativeconsumeroutcomes.

Financialwell-being,alsoreferredtoasfinancialhealth,1hasemergedasakeypolicyobjectivebothnationallyandinternationallywithintherealmsoffinancialinclusion,financialeducationandfinancialconsumerprotection.Inthepastdecade,agrowingawarenesshasdevelopedamongpolicymakers,theprivatesector,anddevelopmentagenciesabouttheimportanceoffocusingonfinancialwell-beingasacoreoutcomeforconsumers.Thistrendisaimedatensuringthatpolicyinitiativespositivelyimpactindividualsastheynavigatetheirfinanciallives,makefinancialdecisions,andinteractwiththefinancialsystem.

Severalorganisationshaveidentifiedfinancialwell-beingasagoalforpolicy-making,anddiscussionsonthethemehaveprogressedsteadily(OECD,2020[2];2022[3];UNSGSA,2021[4];UNCDF,2022[5];WWB,2024[6]).The2023FinancialInclusionActionPlan(FIAP),developedbytheG20GlobalPartnershipforFinancialInclusion(GPFI),considersfinancialwell-beingasanoutcomeofadvancing(quality)financialinclusion.Morespecifically,the2023GPFIFIAPrecognises“theneedtomakeheadwayontheissueofimprovingthequalityoffinancialinclusiontoenhancethefinancialwell-beingofindividualsandhouseholds”(G20,2023[7]).

Buildingupontherecentdevelopmentsonthetopic,theGPFIproposestoestablishaconsensualconceptoffinancialwell-being,includingapreliminaryconceptualframeworkandaworkingdefinition,andtodiscussapreliminaryroadmaptomeasurefinancialwell-being.Developingacommonunderstandingiscrucialforcreatingacohesiveandeffectiveapproach,facilitatingdialoguebetweenorganisationsandcountries.

Byprioritisingfinancialwell-being,theGPFIemphasisesthatsystemicfactors,suchasregulatoryframeworks,industrypractices,theavailabilityofinnovative,inclusive,andresponsiblyprovidedfinancialsolutions,aswellasfinancialliteracyinitiatives,playaroleinshapingindividuals'financialoutcomes,inadditiontosocialpolicy,economicresources,personalcircumstances,levelsofinequalityandothersocietalfactors.Itemphasisestheneedforfinancialinstitutions,policymakers,andregulatorstoactivelycontributetocreatinganenvironmentthatfostersthequalityoffinancialinclusionandfinancialwell-being.

Itisworthnotingthataneffectivefinancialwell-beingapproachshouldincludeafocusontheempowermentofconsumerstoimprovetheirfinanciallivesthroughaccesstosuitableandqualityfinancialproductsandservices,theirinformedandsafeuse,andeffectivefinancialdecisionmaking.Financialpolicy

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makersandregulatorscanhaveacrucialroleineffectivelypromotingfinancialwell-being,byevaluatingandanalysingtheimpactoffinancialservicesanddrivingandcatalysingthefinancialsectortohaveaconsumer-centricapproach.

Furthermore,thisapproachadvocatesforaforward-thinkingstancefrombothpolicymakersandfinancialservicesproviderstoaddressunderlyingissuesthatmayhinderindividuals'capacitytoachieveandsustainfinancialwell-being.Thiscouldinvolveinitiativeslikedesigningproductsthatmeetdiverseneedsattherightmoments,aswellasestablishingafairandopenmarketplaceforawidearrayofproviderstooffertailoredconsumersolutions.

Policymakers,regulators,financialserviceproviders,suchasbanks,paymentserviceproviders,insurers,lenders,butalsoplatforms/andappsproviders,big-techcompanies,impactinvestors,fintechinnovators,andfinancialadvisorscanallhavecrucialrolesinshapingpeople'sfinancialwell-being-mainlybymakingfinancialwell-beingamainstreamimperativeforbusinessesandforfinancialinclusion,financialliteracyandfinancialconsumerprotectionpolicies.

Greaterfinancialwell-beingcanalsobeseenasanintermediateoutcomecontributingtogreaterindividualwell-beingandempowerment(Aubreyetal.,2022[8]).Furtherimprovingfinancialwell-beingmayalsohelpcountriesintheireffortstomeettheUNSustainableDevelopmentGoals(SDGs),especiallyintermsofSDG1(eliminateextremepoverty),SDG2(zerohunger),SDG3(achievegoodhealthandwell-being),SDG4(qualityeducation),SDG10(reduceinequalitieswithinandamongcountries),andSDG16(buildsuccessfulinstitutionsatalllevels)(UNSGSAetal.,2023[9];Fu,2020[10]).

Toproperlyaddresstheimportanceoftheissuetoguidetheworkoffinancialinclusion,financialconsumerprotectionandfinancialliteracy,itiscrucialtoacknowledgethatfinancialwell-beingisastatethatdependsonacombinationofmanyfactors(fromincomelevelstoexternalshocks),andthatitcanbeinfluencedbymanypolicies(fromfiscaltosocialprotectionpolicies).Withinthiscontext,itisimportanttorecognisetherolefinancialservicesandfinancialsectorpoliciesplayincontributingtofinancialwell-being,althoughtheywillnotbeableonlybythemselvestoensurethisoutcome.

Thisnotewillfocusonfinancialwell-beingwithintherealmoffinancialservicesandfromtheperspectiveoffinancialsectorinterventions.

Backgroundonfinancialwell-being

Asignificantbodyofresearchinawiderangeofeconomieshasbeendevelopedtoconceptualiseandmeasurefinancialwell-being,providingdataonlevelsoffinancialwell-beingwithincountriesandexploringitsrelationshipwithrelevantdrivingfactors(CFPB,2015[11];Parkeretal.,2016[12];Kempson,FinneyandPoppe,2017[13];Prawitzetal.,2006[14];Muiretal.,2017[15];Ladhaetal.,2017[16];Brüggenetal.,2017[17];Comerton-Fordeetal.,2018[18];Netemeyeretal.,2018[19];Brune,KarlanandRouse,2020[20]).Studiesatnationalandregionallevelaroundtheworldinvestigatedtheheterogeneityoffinancialwell-beinglevelswithinthepopulation(CFPB,2015[11];Cárdenasetal.,2021[21];Kempson,FinneyandPoppe,2017[13]).Forinstance,astudybytheUSConsumerFinancialProtectionBureau(CFPB)in2017foundthatfinancialwell-beingisstronglyassociatedwithmakingendsmeetandwithavoidingexperiencesofmaterialhardship(CFPB,2017[22]).AstudyconductedinKenyarevealedthatfinancialhealthdecreasedovertheperiod2019-2021mostlyduetoanincreasinguseofloansandshort-termcredit,despitepositiveeconomicgrowthandincreasingfinancialinclusion(GubbinsandHeyer,2022[23]).

Growinginterestandevidenceonthetopichavebeenreflectedinrecentpolicydevelopmentsattheinternationallevel.Forinstance,financialwell-beingisincludedasoneofthreecross-cuttingthemesintheupdatedG20/OECDHigh-LevelPrinciplesonFinancialConsumerProtectionandisrecognisedasthegoaloffinancialliteracypoliciesandprogrammesintheOECDRecommendationonFinancialliteracy(OECD,2022[3];2020[2]).Therecognitionoffinancialwell-beingintheseglobalstandardsbuildsonpreviouswork,

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includingafinancialwell-beingdefinitiondevelopedin2019(OECD,2019[24]),measurementsofindividualfinancialwell-beingthroughtheOECD/INFEfinancialliteracysurveys(OECD,2020[25];2023[26]),andvariousreportsonfinancialresilience,includingsomedevelopedinconnectionwiththeprioritiesofrecentG20presidencies(OECD,2021[27];2021[28]).

Moreover,in2020,HMQueenMáximaoftheNetherlandsinhercapacityastheUNSecretary-General’sSpecialAdvocateforInclusiveFinanceforDevelopment(UNSGSA)convenedaFinancialHealthWorkingGrouptoadvancethediscussionondefiningandmeasuringfinancialhealth.TheUNSGSAFinancialHealthWorkingGroupdevelopedreportsondefiningandmeasuringfinancialhealthinaninternationalcontext(UNSGSA,2021[4];2021[29]).In2022,theUNCapitalDevelopmentFund(UNCDF)developedawhitepapercollectinginsights,approachesandrecommendationsonpromotingfinancialhealth(UNCDF,2022[5]).AlsotheConsultativeGrouptoAssistthePoor(CGAP)developedworkonmakingconsumerprotectionregulationmorecustomer-centric,andonthelinkagesbetweenfinancialconsumerprotection,financialinclusionandfinancialhealth(DuflosandIzaguirre,2021[30];Izaguirre,2021[31];Soursourian,2019[32]).In2024,Women’sWorldBankingdevelopedanoteonthegenderperspectiveinfinancialwell-being,focusingonwomen'sagencythroughcapability,confidence,choice,andcontrol(WWB,2024[6]).

Similarly,developmentsalsotookplaceatthenationallevel.In2020,theUKdevelopeditsfirstFinancialWellbeingStrategy,aimingatsupportingpeopletomakethemostoftheirmoneyandpensionsby2030(UKMoneyandPensionsService,2020[33]).In2021,CanadalaunchedarevisedNationalFinancialLiteracyStrategyfor2021-2026focusingonfinancialresilienceasitsmaingoal(GovernmentofCanada,2021[34]).IntheUAE,theEmiratesFoundationlaunchedtheFinancialWellbeingandSustainabilityInitiativein2024andtheAbuDhabiFamilyWellbeingStrategyin2023tostrengthenfinancialplanningandfinancialresilienceinthepopulation(AbuDhabiMediaOffice,2024[35];GovernmentofAbuDhabi,2024[36]).

Theprivatefinancialsectorhasincreasinglyrecognisedtheimportanceoffocusingonconsumeroutcomesandpursuingtheirfinancialwell-being.Forinstance,anumberofbankshavesignedacommoncommitmenttosupportingthefinancialhealthandinclusionoftheircustomers,inthecontextoftheUNPrinciplesforResponsibleBanking(UNEPFI,2023[37]).

Objective

Theobjectiveofthisdocumentistopresentaconsensualconceptoffinancialwell-being,includingapreliminaryconceptualframeworkandaworkingdefinition,andalsotodiscussapreliminaryroadmaptomeasurefinancialwell-being.Thiswouldsupporttheinternationaldialogueonfinancialwell-beingandthecollectionoffurtherevidenceanddata,throughfutureresearchandstudies,onthedefinitionandmeasurementoffinancialwell-being,andontheroleofvariousfactorsandpoliciesinsupportingit.Ultimately,thiswouldhelpidentifypoliciesandapproachesthatcanpositivelyaffectfinancialwell-being,especiallyinthecontextoffinancialservicesandwithinthescopeoffinancialregulators,leadingtopositiveoutcomesforindividualsandcommunities.

Inordertodoso,thenoteincludes:

•Aproposaltoestablishaconsensualconceptoffinancialwell-being,includingapreliminaryconceptualframeworkandaworkingdefinitionforfinancialwell-being,inSection2.

•Adiscussiononapreliminaryroadmapforafinancialwell-beingmeasurementframework,inSection3.

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Process

AtemporarySub-CommitteewascreatedbytheGPFItoworkonFinancialWell-BeingduringtheG202024BrazilianPresidency;theSub-CommitteewasledbytheUSandBrazil,undertheoverallsupervisionoftheGPFICo-Chairs.TheFinancialWell-BeingSub-Committee(FWBSC)hadthefollowingMembers:

•GPFImembercountries:Argentina,Brazil,Canada,France,Germany,India,Italy,Portugal,Russia,SouthAfrica,TürkiyeandtheUS.

•ImplementingPartners,AffiliatedPartnersandtheHonoraryPatron:theAllianceforFinancialInclusion(AFI),theBetterthanCashAlliance(BTCA),theConsultativeGrouptoAssistthePoor(CGAP),theOrganisationforEconomicCo-operationandDevelopment(OECD),theOfficeoftheUNSecretary-General'sSpecialAdvocateforInclusiveFinanceforDevelopment(UNSGSA),Women’sWorldBanking(WWB)andtheWorldBank(WB).

TheFWBSCheldfivevirtualmeetingsduring2024,on6February,5March,11June,20Augustand9September,allwithmorethan50participants.

ThebasisofthisworkistheOECDDraftPolicyNoteonDefiningandMeasuringFinancialWell-beingdevelopedbytheG20/OECDTaskForceonFinancialConsumerProtectionandtheOECDInternationalNetworkonFinancialEducation(OECD,2023[38]).ThecurrentpolicynotewasdraftedfortheGPFI,jointlybyBrazil(CentralBank)andtheOECD,withmajorcontributionsfromCGAPandtheOfficeoftheUNSGSA,especiallythedevelopmentoftheTheoryofChangewhichunderpinsthepreliminaryConceptualFramework.ThePolicyNotewasdraftedconsideringtheviewsandcontributionsoftheGPFIbroadmembershipandrelevantGPFIImplementingPartners.TheG20/OECDTaskForceonFinancialConsumerProtectionandtheOECDInternationalNetworkonFinancialEducationwerealsoconsulted.VariousversionofthepolicynotewerepresentedanddiscussedamongtheGPFIthroughoutitsdevelopment,duringthePlenarysessions.

ThisdocumentwasendorsedbyG20FinanceMinistersandCentralBankGovernorson23-24October

2024andwassubmittedtoG20LeadersasakeydeliverableofBrazilG20Presidency.

Terminology

Itisimportanttonotethatsomeorganisationsusetheterm“financialwell-being”andothersuse“financialhealth”,whilesubstantiallyreferringtothesameconcept.Likewise,theacademicliteraturesuggeststhatthetermsmaybeconsideredinterchangeable.Asaconsequence,thetwotermswillbeusedsynonymouslyinthisnote.

Forinstance,theOECDhastraditionallyreferredto“financialwell-being”,whichwasalreadystatedastheultimategoaloffinancialeducationinthe2005OECDRecommendationonPrinciplesandGoodPracticesforFinancialEducationandAwareness2andalsoendorsedbyG20leadersintheOECD/INFEHigh-levelPrinciplesonNationalStrategiesforFinancialEducation(OECD,2012[39]).TheUNCDFstatesthat“financialhealth”encompassesfouraspectsofindividual’sfinanciallife:security,resilience,controlandfreedom(UNCDF,2022[5]).TheUNSGSArefersto“financialhealthorwell-being”encompassing:day-to-day,resilience,goals,andconfidence(UNSGSA,2021[4]).TheWBGlobalFindexrefersto“financialwell-being”astheabilitytohandleanunexpectedfinancialevent(financialresilience),thelevelofstresscausedbycommonfinancialissues,andthelevelofconfidenceinusingfinancialresources(Demirgüç-Kuntetal.,2022[1]).MoreexamplescanbeseeninSection2.2,Table1.

Mostorganisationsandtheacademicliteraturetreatthesetwotermsasinterchangeable,duetotheiroverlappingelements,suchasfinancialsecurity,resilience,andcontrol.Atthesametime,eachtermmaybeinterpretedasemphasisingdifferentaspectsofanindividual'sfinanciallife.Forexample,financialwell-

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beingmaybetakentoencompassconsiderationsrelatedtooveralllifesatisfactionandfuturegoals(Netemeyeretal.,2018[19]),whilefinancialhealthmayhaveconnotationfocusingmoreoncurrentfinancialstabilityandcapability(Ladhaetal.,2017[16];Gutmanetal.,2015[40]).

Giventhelimitedbutgrowingbodyofliteratureandpoliciesdedicatedtoachievingfinancialwell-being,furtherresearchandevidencewouldbenecessarytoexploreandrefinetheseconcepts,andtounderstandwhetherthereareanydifferencesbetweenthem,whichisnottheobjectofthisdocument.

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2

Establishingaconsensualconcept

offinancialwell-being

Definingaconsensualconceptoffinancialwell-beingcanbeanimportantstepforwardintheinternationalandnationaldiscussionsonthetopicasitprovidesacommonlanguageforindividuals,financialadvisors,andpolicymakerstodiscussandaddressfinancialwell-being.Byidentifyingthemainfactorsthatmaycontributetofinancialwell-being,thedifferentactorscanbetterdesigntargetedfinancialprogrammesandpromoteinitiativesthathelppeopletrackandimprovetheirfinanciallives.Italsoallowsforthedevelopmentofspecificindicatorsformeasuringfinancialwell-beinganditsdimensions.

Enhancingthecomprehensionoffinancialwell-beingdemandstheestablishmentofapreliminaryconceptualframework,avitaltoolforpinpointingandanalysingthemyriadfactorsthatareconnectedandintegraltothedefinitionandquantificationoffinancialwell-being,particularlywithinthecontextofpolicymaking.Itprovidesastructuredapproachtodissectthecomplexinterrelationsandinfluencesthatshapefinancialwell-being,therebyfacilitatingmoreinformedandeffectivepolicyinterventions.

Recognisingthesignificanceofestablishingaconsensualconceptoffinancialwell-being,thissectionlaysoutapreliminaryconceptualframeworkforfinancialwell-beingbasedonavailableevidence.Itthensuggestsatheoryofchange,describinghowthefinancialsectorandfinancialpolicieswouldbeexpectedtoimpactfinancialwell-being,acknowledgingtheroleofotherfactorsandpolicies.Nonetheless,theproposedimpactpathwayswillrequirefuturestudiesandevidence,outsidethescopeofthiswork.Thisconsensualconceptsectionendsbyproposingaworkingdefinitionforfinancialwell-being,anessentialsteptouncovertheelementsoftheconceptthatarerelevantforpolicymakingandtopavethewayforthedevelopmentofspecificindicatorstomeasurefinancialwell-being.

Preliminaryconceptualframeworkforfinancialwell-being

Apreliminaryconceptualframework:availableevidence

Rigorousevidenceonthedriversoffinancialwell-beinghasgrowninrecentyears,butremainsverylimited,especiallyintermsoftheimpactofdifferentpoliciesandprogrammesaimingatimprovingfinancialwell-being.Thissection,therefore,laysoutapreliminaryconceptualframeworkforfinancialwell-being.Mostoftheavailableevidenceisbasedoncountryorregionalstudies,whileglobalevidenceisstilllacking.Todevelopadeeperconceptualframework,furtherstudies,evidenceandresearch(includingbasedonfuturemeasurementsexercises)arerequired.TheTheoryofChange-presentedinthenextsubsection-outlinestheoreticallinkagesandcouldguidefuturestudiesandevidencegathering.

Thissectionpresentstherationaleandtheevidence,whenavailable,ontheexpectedroleofdifferentpolicies,especiallythoseinthefinancialsector,andontheassociationsbetweenindividual,household,community,societalandcountryfactorswithfinancialwell-being.

It'scrucialtoacknowledgethatthispreliminaryconceptualframework,muchliketheworkingdefinitionproposedinthispaper,isnotmeanttobeexhaustive,butrathersubjecttorevisionasstudiesandresearch

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advance.Asourcomprehensionoftheintricatefactorsandinterconnectionsshapingfinancialbehavioursandoutcomesdeepens,it'simperativefor