Financial Literacy In Developing Countries

This paper includes two parts: a guide to implementing a financial literacy program as well as a survey to evaluate the effectiveness of the program. The guide was developed through a literature review on financial literacy interventions in developing countries. Best practices on enrollment, training, and support post training are included. Generally, there is heterogeneity in the results of trainings but those which were the most successful were targeted to the specific needs of different socioeconomic groups. The survey is intended for use by Tostan, a nonprofit in Senegal, and other nonprofits who want to evaluate their financial literacy programs. The survey uses best practices in development economics to try and measure how financial literacy levels, behavior, and wellbeing change depending on involvement in an intervention.