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NATIONAL FINANCIAL EDUCATION STRATEGIES TOOLKIT
STAGE 1: PREFORMULATION
1 CONCEPTUALIZE THE NFES The following checklist outlines the recommended activities for conceptualizing the NFES. Identify NFES lifecycle Define key terms Identify timeline Determine language
The following checklist outlines the recommended activities for the pre-formulation phase.
Conceptualize the NFES
Conduct diagnostic and analysis Identify governance structure and coordinating mechanism
Align with diagnostic and analysis
1.1 NFES LIFECYCLE The figure “NFES LIFECYCLE” (see page 6) outlines the key steps of the NFES life cycle for the pre-formulation, formulation and implementation phases. 1.2 DEFINE KEY TERMS An important step in conceptualizing the NFES is to define key terms such as financial literacy, financial education, and financial capability. A working definition may be developed during this stage and then refined in the formulation phase with key stakeholders that comprise the institutional structure and perhaps with the lead body after an analysis of demand and supply-side mapping. A working definition can be established through: > Reviewing definitions presented in this toolkit > Reviewing definitions adopted by other countries in their NFES > Taking into account local context and vulnerable groups a definition is granular and measurable > Ensuring > Integrating key themes such as money management, financial planning, building resilience, consumer protection and use of financial services 1.3 IDENTIFY TIMELINE It is essential to include in the NFES a timeline for each of the four dimensions: pre-formulation, formulation, implementation and monitoring and evaluation. A typical timeline for most NFES is four or five years. This will also be reflected in the NFES action plan developed during the next stage of formulation. 1.4 DETERMINE LANGUAGE It is also recommended to determine the language of the NFES. A country may prepare the NFES in multiple