History of the development of existing frameworks

In Scotland, New Zealand, Northern Ireland and England the financial education frameworks were developed by government education agencies with responsibility for the school curriculum. In Australia, the development of the framework was commissioned by the Australian Government's Ministerial Council on Education, Training and Youth Affairs (MCEETYA) which is made up of representatives from all state and territorial jurisdictions. In South Africa, the learning framework was developed by the Department of Education and the Financial Services Board.

In Malaysia, Japan and the Netherlands there was significant private sector input into the development of the learning frameworks. Bank Negara Malaysia collaborated with the Ministry of Education and other financial institutions to take a leadership role in the financial education framework. In Japan, the Central Council for Financial Services Information, comprised of the Bank of Japan and other member organisations, took a lead role in the development of the financial education programme. In the Netherlands, an agreement was concluded by the government and partners from the financial sector and consumer organisations.

The framework from the United States was developed by the Jump$tart Coalition for Personal Financial Literacy, a not-for-profit organisation consisting of 180 private sector and educational organisations and 47 affiliated state coalitions. It does not cover mandatorily the national school system.

In Brazil, New Zealand, South Africa and the United Kingdom government-funded agencies with responsibility for national leadership of financial education strategies took a leading role in initiating and developing the financial education frameworks. In New Zealand, the Commission for Financial Literacy and Retirement Income developed, trialled and independently evaluated the draft framework then formally handed responsibility to the Ministry of Education. The Financial Services Board of South Africa played a significant role in developing the financial education component which was integrated in the National Curriculum Statement (NCS). In the United Kingdom, the Financial Services Authority and the Government set out a joint action plan for financial literacy. This work created the impetus and informed the development of the frameworks for England and Northern Ireland.

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