marusa freire - 2014 conference on global and european trends in financial education in istanbul
TRANSCRIPT
Key Criteria for Success of Financial Literacy
Brazilian Case Marusa Vasconcelos Freire
Global and European Trends in Financial Education: New Challenges, Innovation and Measures of Success
Instanbul, Turkey – 22-23 May 2013
Development Testing Evaluation Re-Dev (...)
Development Testing Evaluation Re-Dev (...)
Development Testing Evaluation Re-Dev (...)
State Policy (Presidential Decree // program in the
federal government multiannual plan // permanent and nationwide policy // public interest must prevail )
Strategic planning and management (strong & active
participation/involvement of financial regulators and supervisors // mapping stakeholders and existing initiatives // consultation process)
Governance mechanisms (public, private
and civil society participation & partnerships // centralized coordination & decentralized execution // national & sectorial actions)
Communication & accountability (all initiatives employing information-formation-orientation approach // free of charge for target audience)
Core competencies framework (clear
goals, competencies and concepts => content, skills, knowledge and attitudes)
Impact evaluation (monitoring, evaluating and re-
planning …)
National Strategy for Financial Education – ENEF
Great Challenge Public, private and not-for-profit stakeholders & partnerships
• Monitoring and evaluating the national strategy
– a way to evaluate the progress of NFS and determine if its moving towards its planned objectives.
• Monitoring and evaluating ENEF’s projects impact
– a way to evaluate if the NFS projects (actions / initiatives) are reaching their planned goals.
Items to be considered when designing the evaluation system (ENEF)
1. To specify clearly the results and objectives to be achieved in the short, medium and long term.
2. To select indicators for monitoring and evaluating both implementation and results.
– These indicators should be clear, adequately measuring results, be available for reasonable cost and be subject to be independently validated.
3. To establish a baseline, i.e., to measure the status of the indicators before implementing the action or programme.
4. To establish deadlines for achieving goals and targets.
5. To collect data and calculate indicators often in order to assess whether goals are being achieved.
– These measures must be stable in time and space so that they can be compared.
6. To analyse the results to check if goals and targets are being met, even checking whether resources are being handled efficiently.
7. To plan corrective actions so that goals and targets are achieved.
Make it simple
Objectives Comments
To promote and foster a “culture” of financial education in the country
Overview of ENEF’s recent initiatives (Mapping; 1st National FE Week)
To broaden the understanding of citizens in order to make informed choices regarding the management of their resources.
ENEF’s core competency framework can be used as a tool or reference to set targets, goals and mechanisms to monitor financial education outcomes (e.g. FE in Schools)
To contribute to the efficiency and soundness of financial, capital, insurance, and pension funds markets.
Financial Citizenship Program (large scale FE projects) Surveys (T0, T1, T12, …) => OECD Toolkit to Measure Financial Literacy?; CFSP Partnership. Databases (CCS & SCR).
Mapping – Multiplication of Initiatives Association of Financial Education in Brazil - AEF
Ministries, Regulatory Agencies, Civil Society Representatives
2010 => 100 FE initiatives 2013 => 803 FE initiatives http://www.vidaedinheiro.gov.br/RelatorioAnaliticoENEF.pdf
1st National Financial Education Week
179 - Events 54 - BCB & Partners 5.034 - Participants 12 States
http://www.semanaenef.gov.br/
Financial Education Programme in High Schools
• A pilot project has been implemented in schools aiming to assess the adequacy of the material produced for high schools. It included 891 volunteering schools, trained 1,200 teachers, and reached nearly 27,000 students aged 14–17.
• The impact evaluation, made in partnership with the World Bank, concluded that the program increased students’ financial knowledge, led to improvements in financial attitudes, and changed participants’ financial behaviour.
• Students in the treatment group are more likely to engage in saver financial behaviour, talk to their families about financial matters, and help with organizing household budget.
http://www-wds.worldbank.org/external/default/WDSContentServer/WDSP/IB/2012/06/05/000425970_20120605160329/Rendered/INDEX/693250WP0P123702375400June02802011.txt
Association of Financial Education in Brazil – AEF Ministry of Education
Financial Education Programme in High Schools
• In the next two years the
program should reach from 2.962 to 4.000 public schools.
• Further dissemination of this
programme will be driven by strategies that enable the scalability of educational materials distributions.
• Schools will be able to join the programme through a virtual platform that was created for this purpose.
SPATIAL
DIMENSION
TEMPORAL
DIMENSION Exercising rights and
duties in an ethical and
responsible manner
Making financial decisions
socially and environmentally
responsible
Applying revenue and
expenditures understanding in
maintaining one’s financial
balance
Harmonizing wants and needs,
reflecting on one's own habits
of consumption and savings
Evaluating offers and making
autonomous financial decisions in
accordance with the actual needs
Acting as a disseminator of
knowledge and practices in FE
Relying on mechanisms of
prevention and protection of
short, medium and long term
Elaborating financial plans
for the short, medium and
long terms
Analysing alternatives to
overcome economic difficulties
Relying on the formal financial
system for the usage of financial
services and products
ENEF’S core competencies framework for adults => Supporting tool for designing actions for all target audiences => goals, content, …
Financial inclusion,
protection and literacy
contribute both to financial
citizenship and to the
efficiency of the SFN and
the maintenance of the
country’s economic
stability.
Financial Citizenship Program
11
Thematic Areas
Personal finance/money management,
focusing on saving and the responsible use
of credit.
Citizen’s relationship with the SFN –
information, instruction and advice about
financial services and products and conflict
resolution channels with the SFN, and
about the role and functions of the SFN
and the Central Bank.
Financial institutions’ relationship with
the citizen – induction of good financial
education practices when offering financial
services.
Distance-learning money management course School of Fiscal Administration
• Personal Finance Management (Basic)
– Financial education contents are presented in a ludic fashion manner by means of dialogues among the animated characters of a typical Brazilian family.
– Registrations will be open to the public at large.
• Sensibilization => raising awareness
• 10.000 people – 1st year
Entrepreneurial Financial Education Brazilian Micro and Small Business Support Service - Sebrae
• Financial Education for the individual and micro entrepreneur (IEs & SMEs)
– lectures at the Entrepreneur’s Fair
– lectures and courses on money management, under the National Program for Access to Technical Education and Employment (Ministry of Education)
– 1st. Stage => sensibilization => financial education material has been distributed through Sebrae to raise awareness among managers, teachers and students of technical schools (6.000 Technical Schools)
Cooperative Financial Education Brazilian Organization of Cooperatives & National Cooperative Learning Service
5 books for the students 5 books for the teachers
1 book for trainer of the teachers
10
millio
ns
of m
em
be
rs
Our relationship with money
Personal and familiar budget
Credit Usage
Planned Consumption
Investments
Other partnership
• Financial Education for multipliers in FE – to develop content, textbooks,
teachers’ manuals and courses to train multipliers in financial education for cooperative workers and contributors, focusing on money management and the relationship between cooperative affiliates and financial service providers.
• Capacity to train multipliers in FE => ability to scale up FE inniciatives to reach millions of people
Financial Citizenship: Relationship with the NFS National Consumer Protection System – Senacon – Ministry of Justice
• Financial Education for
consumer protection agents – lectures and courses for the
information, instruction and advice of the workforce and contributors of consumer protection agencies;
– Financial consumer protection channels and the role and functions financial institutions.
.
• Quantitative and qualitative changes on the claims and information
• Effectiveness of the consumer protection national system for financial claims.
• Reaching people with indebtness problems
citizens
Consumer protection
agents
Financial education material based on
financial consumer claims and informations
reported at RDR and SNDC (+600.000)
AcumulAtivos Project Fundación Capital (Colômbia Lista) , Ministry of Social Development, Research Center
Research Center / Social Tecnology Incubator
Confesol
Community Banks - Associations
1 tablet 5 families
15 families
Não há distribuição ou doação de tablets,
mas circulação
10 Communities 5 Regions
Ambiente Virtual
• Financial education to youth and adults in situation of poverty or extreme poverty – to develop/test FE methodology using
self-instructional content focused on asset accumulation
– people registered at the Social Programs Unique Database (16million/22million)
Studies and Research
To develop a methodology to assess and monitor the impact of financial education actions, its relation with the evolution of financial inclusion in Brazil and the levels of savings and indebtedness amongst the target audience of the program.
– Financial System Monitoring Department- Desig
– Research Department – Depep
– Financial Education Department
– Research Centers from Universities
