Education as the main tool for improving financial literacy: theoretical foundations and practical approaches

Abstract

This article examines, both theoretically and practically, the role of education as a key instrument for improving financial literacy. The essence of the concept of financial literacy and its structural components (financial knowledge, skills, behaviour and attitudes) are analysed; international experience (OECD/INFE, S&P Global FinLit, the PISA financial literacy module) is comparatively studied; and a pedagogical model for developing financial literacy through the system of lifelong education in Uzbekistan is proposed. The findings substantiate the effectiveness of systematic, age-appropriate and practice-oriented educational programmes in enhancing financial literacy.