Olaf Simonse

High-level conference on global and European trends in

financial education

22-23 May 2014 - Istanbul, Turkey

Revised

National Strategy for

Financial Education

in the Netherlands

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Since the introduction of the National Strategy for

Financial Education in June 2008, the world has

changed

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2008:

2013:

Steps

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Analysis Desk research - Academic research - Market research - Evaluation of results - OECD documentation - National strategies from other countries

Research - Financial Behavior Monitor - Pension Awareness Monitor

Interviews - Stakeholders (national) - National coordinators from other countries

Strategy

Highlights from the analysis

• International context

• (Academic) research results

• National context

• Analysis of MoneyWise

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Highlights from the analysis

• International context

• (Academic) research results

• National context

• Analysis of MoneyWise

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International context (1)

• Financial literacy and financial education are high on

the international agenda

• G20 leaders: financial education contributes to economic

development

• Institutions from 108 countries are members of the OECD/INFE; an

increasing number of them have developed and implemented a

National Strategy for Financial Education

• Financial literacy was added to the PISA framework

• Why?

• Government devolution

• Ageing population

• Developments on the financial markets

• Increasing evidence that financial education contributes to better

financial decision making and economic development

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International context (2)

• Shift in financial education efforts: more focus on financial behaviour

• Internet is the major channel for reaching consumers, supplemented

by face-to-face contact for specific target groups

• More emphasis on measuring financial self-reliance and evaluating

the effectiveness of financial education programs

• Expansion of partnerships (financial services industry, civil society,

employers …)

• Investing in young people is key.

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Highlights from the analysis

• International context

• (Academic) research results

• National context

• Analysis of MoneyWise

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Academic research

• Critique from academics on “traditional” forms of

financial education

• Little evidence of the effectiveness of financial education programs

• Financial behaviour is determined more by context and irrational

factors than by knowledge and conscious decision making

• Elements that contribute to effectiveness of financial

education

• start with the desired behaviour in mind

• make it relevant to the individual

• deliver at teachable moments

• offer prospects for action

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Financial Behavior Monitor (November

2013) (1)

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Responsible financial

behavior consists of three

elements:

- Money management

- Financial planning

- Choosing financial products

These elements have low

correlation

Influencers of reponsible financial behavior:

- Attitudes such as core values and involvement have

significant influence

- Knowledge is not a significant influencer

Highlights from the analysis

• International context

• (Academic) research results

• National context

• Analysis of MoneyWise

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National context

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Problematic debts ↑ Participation society

Financial unconsiousness Digitisation and technology

Highlights from the analysis

• International context

• (Academic) research results

• National context

• Analysis of MoneyWise

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Key conclusions from the analysis

• The force field in which the Money Wise Platform

operates is complex.

• The Money Wise Platform has a strong position as an

objective, expert party. Synergy and coordination

between stakeholders multiply impact

• There is for improvement in the cooperation with

partners. The role of the platform and the position

of the label and website need to be clarified

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The strategic programme consists of a new

mission and five strategic starting points

Mission

MoneyWise is the platform in which partners pool their

strengths to advance responsible financial behaviour in

the Netherlands

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Strategic starting points

1. Advancing responsible financial behaviour is the key

focus area

2. Focusing on specific life events and the related

target groups

3. Greater impact through the pooling of strengths

4. Greater impact through professsional development

5. Greater impact through innovation

1. Advancing responsible financial

behaviour is the key focus area

Objectives

The activities of Money Wise focus on advancing the three

aspects of responsible financial behaviour, i.e.:

1. Money management:

2. Financial planning:

3. Choosing financial products:

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2. Focusing on specific life events

and the related target groups

Objectives

1. Money Wise focuses on specific themes. Its activities

are aimed at achieving the greatest possible impact for

each theme.

2. Money Wise is devoted to the structural integration of

financial competencies into the school curriculum

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3. Greater impact through the

pooling of strengths

Objectives

1.Money Wise works on projects that offer parties the

opportunity to use their own expertise and channels to

contribute to the realisation of the platform’s mission.

This guarantees the optimal use of resources, ensures

integration and expands the impact for consumers.

2.Money Wise aims to stimulate knowledge sharing with

and between the parties (nationally and internationally)

so that the platform can use relevant acquired insights

to increase effectiveness.

3.Money Wise collaborates with organisations that are in

the position – based on their expertise and channels –

to influence the behaviour of the target groups

regarding the chosen themes.

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4. Greater impact through

professsional development

Objectives

1.Money Wise supports policy makers in developing

effective interventions (nudging, interventions focused

on choice architecture, the social environment and

educational programmes).

2.Money Wise aims to stimulate and initiate the

development of instruments that advance the

responsible financial behaviour of consumers. The

distribution channels of the partners are utilised to

together generate a maximum reach.

3.Money Wise develops a new on-line strategy

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5. Greater impact through

innovation

Objectives

1.Money Wise uses scientific insights to develop

interventions and supports the use of these insights by

the partners.

2.Money Wise contributes to the expansion of

insights by assessing how effectively interventions are

used.

3. Money Wise supports innovations in the field of

pension communications (including the Pension

Dashboard)

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Implementation

• The Money Wise label stands for the collective

commitment of partners and provides authority

towards consumers

• Partners contribute their knowledge, channels and

resources to achieve the common goal

• The programme office drives the realisation of the

objectives of the platform

• International cooperation and knowledge sharing

through OECD/INFE is key

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For inspiration, go to

www.moneywiseplatform.nl

• Go to www.moneywiseplatform.nl

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