Financial and Economic Education
Author: Imperium Anglorum | Category: Education and Creativity | Area of Effect: Educational
The World Assembly,
Recognising its past actions in GA 80 "A Promotion of Basic Education" which establishes a requirement for member nations to give their citizens knowledge or awareness "of financial mathematics and concepts, currency and economics that is appropriate to the economy of their nation" and
Convinced that simply being aware of the existence of taxation and financial investments, as well as sources wherein one can find more information on those topics, is insufficient, hereby:
1. Defines "personal finance products" to mean products and services which an average inhabitant of a member nation could reasonably be expected to encounter in adult life which includes, in those nations where that is the case, but is not limited to, products or services which:
- extend credit, service loans,
- lease or purchase personal property,
- engage in deposit-taking or investment activities,
- provide payments and transaction services, including cheque or bill of exchange liquidation services,
- analyse and disseminate customer report information for the purposes of evaluating creditworthiness,
- collect against obligations made by any product mentioned in this section, and
- all other products which that member nation defines as a personal finance product for the purposes of this resolution;
2. Requires member nations to truthfully educate all of their inhabitants on core personal finance topics, which shall include but is not limited to:
- setting and managing a personal budget,
- protection of their identity against possible identity theft,
- the method and means of filing tax forms which those inhabitants can reasonably be expected to file,
- management of personal savings or long-term investment accounts based on the best available evidence,
- the means of establishing and evaluating personal finance products,
- the existence and benefits of available preferential governmental schemes for certain purposes;
3. Further requires member nations to truthfully educate all of their inhabitants on general economic topics, which shall include but is not limited to:
- the means of production in their society,
- issues associated with those means of production,
- their nation's fiscal state and determinants thereof,
- the determinants of economic growth,
- the causes and policy responses to economic downturns,
- financial intermediation, rent-seeking behaviours,
- public goods, collective action problems, and inflation.