Reframing the expectations of financial literacy education: Bringing back the reality

There is no agreed framework for financial literacy education (FLE) and considerable debate in the academic literature about whether it can improve financial literacy and decision making, thereby enhancing the overall financial well-being of individuals. Based on a review of the literature and reflections on the outcomes of various FLE programs, this paper develops a framework which incorporates enabling factors, levels of content and desired outcomes for these levels. Our model seeks to achieve alignment between the expectations of FLE and its actual delivery and content