The U.S. Federal Reserve Bank of Chicago and Visa Inc. have convened a global summit on financial literacy, bringing together government leaders from multiple countries to explore ways to promote lasting economic stability through improvements in individual money management.

On Monday, speakers at the third annual Financial Literacy and Education Summit focused on three imperatives: recognition of financial literacy as a critical life skill; all entities involved in the global financial system doing their part to find solutions; and the necessity of cross-border and cross-industry collaboration.

Featured speakers included U.S. Sen. Daniel Akaka, Canadian Finance Minister Jim Flaherty, and Head of the Banking, Securities and Savings Unit of the Mexican Ministry of Finance and Public Credit Guillermo Zamarripa Escamilla.

“We are living in an increasingly complex financial world of investment and credit products whose characteristics and risks have become much more difficult to comprehend,” said Flaherty. “Today’s financial world cries out for improved financial literacy – it will be a necessary ingredient in restoring confidence, and ensuring long-term prosperity.”

“Given the current environment, it has never been more important to ensure that people have the opportunity to make informed financial decisions,” added Joe Carberry, global head of public affairs, Visa Inc. “By forging partnerships across organizations and across geographies we can achieve a common goal: A world in which all consumers have the skills and knowledge to manage their money effectively.”