alicia valencia - 2014 conference on global and european trends in financial education in istanbul
TRANSCRIPT
Financial Education in Spain National Strategy implementation
Alicia Valencia
High-level international conference
Global and European Trends in Financial Education: New Challenges, Innovation and Measures of Success
22-23 May 2014, Istanbul, Turkey
Financial Education Plan
Once upon a time… Spain
Financial Education as an instrument to reach financial stability and economic policy objectives
1. Spanish Financial Education Plan 2. The pilot programme: Financial Education enters into the school 3. Regulation: a tool to support Financial Education initiatives
SPANISH FINANCIAL EDUCATION PLAN 3
Financial Education Plan:
2008-2012
2013-2017
Respectful of international recommendations:
OECD Principles and Good Practices for Financial Education (2005)
EC Communication on Financial Education (2007)
SPANISH FINANCIAL EDUCATION PLAN 4
Main principles:
Inclusiveness. Vocation to reach all segments of the population and to progressively cover all financial products and services
Cooperation. Calls for collaboration among financial supervisors, public authorities and social and institutional agents
Continuity. Limited temporal scope, but requires longer implementation horizon
SPANISH FINANCIAL EDUCATION PLAN 5
Governance
Working group integrated by public bodies
SPANISH FINANCIAL EDUCATION PLAN 6
Website
A reference for Financial Education in Spanish
Main contents Tools Frequent updates
SPANISH FINANCIAL EDUCATION PLAN 7
Website
Dedicated section for teachers and schools
1. Spanish Financial Education Plan 2. The Pilot Programme: Financial Education enters into the school 3. Regulation: a tool to support Financial Education initiatives
THE PILOT PROGRAMME: FINANCIAL EDUCATION ENTERS INTO THE SCHOOL 9
Financial Education in 3rd ESO (Secondary school) Schools participate on a voluntary basis
2009: Agreement with Ministry of Education
Course 2010/2011: 32 schools and 2,700 students.
Course 2012/2013: 400 schools and more than 21,500 students.
Course 2013/2014: 450 schools and more than 43,000 students.
Evaluation of the programme (September 2013)
Other private initiatives complement the Pilot Programme
THE PILOT PROGRAMME: FINANCIAL EDUCATION ENTERS INTO THE SCHOOL 10
Competition on Financial Education for schools participating in the Pilot Programme
And the winner is… I.E.S Pino Montano (Sevilla)
THE PILOT PROGRAMME: FINANCIAL EDUCATION ENTERS INTO THE SCHOOL 11
Competition on Financial Education for schools: prizes
1. Spanish Financial Education Plan 2. The Pilot Programme: Financial Education enters into the school 3. Regulation: a tool to support Financial Education initiatives
REGULATION: A TOOL TO SUPPORT FINANCIAL EDUCATION INITIATIVES 13
Financial Education in the EU regulation
Directive 2014/17/EU of the European Parliament and of the Council of 4 February 2014 on credit agreements for consumers relating to residential immovable property and amending Directives 2008/48/EC and 2013/36/EU and Regulation (EU) No 1093/2010 Text with EEA relevance
Article 6. Financial education of consumers
1. Member States shall promote measures that support the education of consumers in relation to responsible borrowing and debt management, in particular in relation to mortgage credit agreements. Clear and general information on the credit granting process is necessary in order to guide consumers, especially those who take out a mortgage credit for the first time. Information regarding the guidance that consumer organisations and national authorities may provide to consumers, is also necessary.
2. The Commission shall publish an assessment of the financial education available to consumers in the Member States and identify examples of best practices which could be further developed in order to increase the financial awareness of consumers.
REGULATION: A TOOL TO SUPPORT FINANCIAL EDUCATION INITIATIVES 14
Financial Education in the Spanish school curricula
Organic Law 8/2013, of 9 December, for the improvement of the education quality (LOMCE).
Royal Decree 126/2014, of 28 February, which establishes the basic curriculum for Primary Education.
Recent regulation target: the Spanish
Educational System has to prepare our children
to be able to actively participate in the
economic, social and cultural life with
critical and responsible attitude.
Basic concepts related to the value of money,
saving, personal budget and responsible
consumption are incorporated in
Primary School (pupils between 6 and 11 years old) through
Social Sciences subject
Secondary Education
(compulsory for pupils between 12 and 16 years old): basic finances and
personal economics as optional subjects
