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FSCA-OECD International Conference

Financial Education of the Future

Presentations

Day 1

23 May 2019

Cape Town, South Africa

Opening remarks (video address)

Angel Gurría, OECD Secretary-General

Deputy Minister of Finance of South Africa, the Honourable Mondli Gungubele, Ladies and Gentlemen, honoured guests,

I am delighted to have the opportunity to address you at the start of this two-day event focusing on the Financial Education of the Future. I would like to congratulate and to thank the Financial Sector Conduct Authority of South Africa for having the vision, courage and energy to organise such a forward thinking conference.

Financial education is a priority for the OECD. Over the past decade, we have developed numerous evidence-based policy tools and this has led to concrete progress on the ground. More than 50 countries have used the OECD tools to measure financial literacy, including the OECD International Network on Financial Education (OECD/INFE) survey on adults and the PISA financial literacy assessment; and more than 70 countries around the world are applying our instruments to design and implement national strategies for financial education. Furthermore, we are increasingly hands-on, providing technical assistance and implementation guidance nationally and regionally with the financial support of several partner countries.

Nevertheless, we are well aware that there is still an important amount work to be done. Levels of financial literacy around the world are still far lower than they need to be. Many consumers continue to face difficulties in understanding the benefits and risks of different financial products and in creating financial security for themselves and their families.

This is why this conference comes at such an important moment. We not only need to tackle these existing unresolved issues, but also be prepared for emerging challenges.

These are times of rapid change and financial markets are growing and evolving. In many jurisdictions, regulatory and supervisory systems are also undergoing important changes, as seen here in South Africa. Various countries are seeking ways to ensure that their financial education policies stay abreast of such major transformations, and we look forward to hearing more about their approaches.

Later today you will hear how ‘trial and error’ has provided valuable insights into the design and delivery of effective initiatives at ‘teachable moments’ to those who need help most.

First, what this means is that financial education should be targeted on specific segments of the population. On this point, let me applaud our Japanese colleagues for prioritising the challenges facing older financial consumers as part of their G20 presidency this year. The OECD is committed on these issues and thrilled to be the main contributing intergovernmental organisation on the related G20 policy priorities document.

Second, financial education should focus on the most pressing issues – in other words, those that do most harm if not addressed. Some issues are particularly urgent such as helping consumers to stay safe in this digital age. Last year, the OECD and the G20 developed Policy Guidance on this issue and our ongoing work focuses on helping consumers to understand how their financial data are being used, running alongside projects such as appetite for crypto-currencies.

And last but not least, financial education should have as its ultimate goal positive behaviour change, since financial well-being is influenced more by what people do than what they know.

Ladies and Gentlemen,

With these introductory words, I wish you a successful and thought provoking conference. The OECD remains committed to working with and for you in creating better financial education for better lives.

Thank you.

2

Welcoming address

Abel Sithole, Commissioner, Financial Sector Conduct Authority, South Africa

The Secretary General of the OECD, Angel Gurria, honoured guest, ladies and gentlemen. It is indeed an honour for me to extend a warm South African welcome to all of you on behalf of the Financial Sector Conduct Authority (FSCA)

My initial role was to introduce the Deputy Minister of Finance of South Africa, the honorable Mondli Gungubele to you; however, as you all might be aware, we have had a general election in South Africa recently. A new administration is to be sworn in on Saturday, and this has meant that all members of the incumbent executive have been asked to not engage in any public platform until after the inauguration ceremony of the of Members of Parliament and the new President.

Mr. Gungubele has sent his apologies for not being able to attend but has assured us that his absence does not detract from his belief in the necessity of financial education as an imperative part of our country’s economic growth. He is also certain that this conference will serve as a significant catalyst for new means to design, implement and evaluate consumer education to reach and ultimately positively impact the financial consumer.

Our sincere gratitude to Mr Angel Gurría, Secretary-General, OECD, for his words of encouragement and for providing the FSCA with the opportunity to host this auspicious event in our beautiful country.

We do agree that financial education is an integral aspect of the bouquet of tools to build a vibrant, sustainable, fair and inclusive financial sector. It is therefore not by accident that financial education and the promotion of financial inclusion and transformation are mandated by our twin peaks legislation, the Financial Sector Regulation Act, 2017 (FSRA). The Act has widened the scope of the FSCA regulatory powers to include oversight over retail banks and credit providers. I am sure you are well aware that 25 years after our first democratic elections, South Africa is facing many challenges with respect to economic transformation and the exclusion of sectors of the population from financial services. The FSR Act mandates the FSCA to be the driving force behind financial inclusion and to ensure that our regulatory and supervisory frameworks support and strengthen transformation initiatives in the sector and other initiatives aimed at broad-based black economic empowerment.

Meaningful inclusion goes to how the sector supports real economic activity. It speaks to the kinds of services that are provided to consumers (access or inclusion, lower charges, and more appropriate products) Transformation speaks to how sensitive firms are to our country’s needs and challenges and how the assets in the system are put to use (procurement, empowerment financing, socio-economic development). Finally, transformation also refers to who decides how those assets are invested or put to use? (management control, employment equity and skills development).

Together with the initiatives from the National Development Plan, we will work hard to ensure that our mandate towards financial inclusion not only creates a non-intimidating environment for black South Africans to get access to financial services and products, but that those products are developed and distributed in a manner that adheres to Treating Customers Fairly principles.

It is within this context that consumer financial education, becomes a vital part of the consumer protection landscape. The objectives of the FSCA are to enhance the efficiency and integrity of financial markets; promote fair customer treatment by financial institutions; provide financial education and promote financial literacy; and assist in maintaining financial stability. So, while the FSCA will strive to become a strong, dedicated market conduct supervisor (which is essential to an effective Twin Peaks system of financial sector regulation), the integration of financial education into the FSCA’s regulatory function is essential to, build trust of consumers in the financial sector, to empower them to make informed financial decisions so that we build confidence in the financial services sector,.

3

In an environment that already has a myriad of complex financial products, the introduction of financial technology has added a further challenge, not only to our “silver surfers and golden oldies”, but I believe even our youth and the so-called “Millennials” find it difficult to navigate the financial landscape. Fintech also brings with it many opportunities for inclusion and education and we believe our role is to increase consumers’ financial capability and demystify the complexities of FinTech to further contribute to the delivery of financial products which add value to peoples lives..

This requires a coordinated effort from all stakeholders including regulators and government, the financial industry, civil society and labour movements. The FSCA’s mandate for consumer education has been further strengthened by the inclusion in the FSR Act of the ability to make conduct standards for consumer education. We believe this to be a global first and hope that this will assist in better coordination, monitoring and evaluation of the financial education initiatives in our country.

In conclusion, I want to support Secretary General Guira’s call for making positive financial behaviour change the ultimate goal of financial education, and in doing this we must acknowledge that behavioural change, will be difficult to achieve if we do not recognise the unique socio-economic circumstance of those we intend to protect.

Finally, thank you to the OECD/INFE secretariat team for their professional and tireless work in organising this conference, as well as the Consumer Education Department at the FSCA for putting together this auspicious event. Well done to you all!

I wish you a successful conference.

Thank you for your attention, ladies and gentlemen. Sithold, Welcome Address

Date: 23-24 May 2019

A generational dividend?Financial literacy and financial education among

South Africa’s youth

Ben Roberts, Steven Gordon, Jarè Struwig,Ngqapheli Mchunu and Thobeka Radebe

FSCA-OECD Conference "Financial Education of the Future”

The Westin, Cape Town

Mandela’s Children: The ‘Born Free’ Generation

• Demographic dividendo South Africa’s youthful population structure; more than

two-thirds under 35 and about a third under 15o Transition to adulthood: ‘Born free' generation

transitioning from adolescence to adulthood

• The promise…o Greater tendency towards school completiono Greater digital connectivity (via cellphones)o Social and political trendsetters: new activism

• The challenge…o Youth faced with unprecedented challenges and threatso Youth unemployment: single greatest risk to social stabilityo Questions around educational quality; inequalityo 4th Industrial Revolution: opportunity vs. precariousness,

possible intensification of class divide and inequality3

73

70

66

63

56

47

38

31

25

24

22

23

20

13

55

27

30

34

37

44

53

62

69

75

76

78

77

80

87

45

0 50 100

20-2425-2930-3435-3940-4445-4950-5455-5960-6465-6970-7475-7980-84

85+RSA

Secondary school completion by age, 2016

Completed Not completed

The challenge in numbers

• Unemploymento Unemployment Q1 2019, 15-64: 27.6%o Youth unemployment:

o Youth 15-24: 55.2%o Youth 15-34: 34.2%

o Not in employment, education or training

o Youth 15-24: 33.2%o Youth 15-34: 40.7%

• Structural factors…o Proximity to employment opportunitieso Lack of skills or training o Lack of entrepreneurial skills

o Youth employment service (YES)…o Employability programme: 1 year work

experience, work readiness training; focus on sectors where skills needed

o Priority: growing the economy

27.6

55.2

34.2

0.0

10.0

20.0

30.0

40.0

50.0

60.0

Jan-

Mar

200

8Ju

l-Sep

200

8Ja

n-M

ar 2

009

Jul-S

ep 2

009

Jan-

Mar

201

0Ju

l-Sep

201

0Ja

n-M

ar 2

011

Jul-S

ep 2

011

Jan-

Mar

201

2Ju

l-Sep

201

2Ja

n-M

ar 2

013

Jul-S

ep 2

013

Jan-

Mar

201

4Ju

l-Sep

201

4Ja

n-M

ar 2

015

Jul-S

ep 2

015

Jan-

Mar

201

6Ju

l-Sep

201

6Ja

n-M

ar 2

017

Jul-S

ep 2

017

Jan-

Mar

201

8Ju

l-Sep

201

8Ja

n-M

ar 2

019

Unemployment rates by age group, Q1 2008 - Q1 2019

15-64 15-24 25-34

The challenge in numbers

5

South Africa’s mathematics and science education quality was ranked as the worst in the world

by the World Economic Forum 2015.

79% of South African Grade 6 maths teachers have content knowledge below that of the level

being taught (Venkat & Spaull, 2015: p.127)

• Youth educational attainment improving fast…but quality huge concern

• Rapid uptake in internet access among youth…but issues remain about nature + quality of access

40

77

42

73

3450

18 30

60

23

58

27

6650

82 70

0

20

40

60

80

100

2011 2017 2011 2017 2011 2017 2011 2017

16-24 25-34 35-64 65+

Internet access by age group, 2011 and 2017 (%)

Access None

Research Scope

Core questions1. How do young South Africans approximate or

differ from older cohorts in terms of level of financial literacy?

2. In assessments of financial literacy, are the youth penalised because of a possible lifecycle effect underlying financial literacy indicators?

3. What differences in financial literacy can be discerned among young South Africans (16-34 years)

4. What might this mean for continued efforts at providing and enhancing financial education?

6

FSCA Financial Literacy Studies

• FSCA commissioned financial literacy studieso 2010 OECD INFE pilot module

o 2011 Baseline Survey

o 2012, 2013, 2015, 2017 module updates

• Multidimensional measurement approach o Based on OECD INFE conceptual framework

o Recognises financial literacy as a complex multi-dimensional concept comprising awareness, knowledge, skills, attitude and behaviour

• Goalso Identify and monitor vulnerable groups

o Assess the cumulative impact of consumer financial education at an aggregate level: monitoring and evaluating changes in the level of financial literacy in South Africa

Financial Literacy

Financial control

Financial planning

Choosing financial products

Knowledge & understanding

7

8

SASAS Survey design• Responses to the survey voluntary and confidential,

collected by face-to-face interview• Nationally representative of adult population living in

private residence• Primary sampling units: 500 census small area layers

(SALs)• All protocols and instrumentation will be submitted

for approval by the HRSC REC• Of 3,500 addresses will be issued –we have an

average realisation rate of more than 75%.• Data weighted to yield a nationally representative

sample of adults. • Benchmarked to the latest Mid-Year Population

estimates produced by Statistics South Africa

9© Duarte, Inc. 2014

Results IAre South African youth (under 35) distinctive from older cohorts?

+ Four financial domains by age group over time

+ (1) Financial control

+ (2) Financial planning

+ (3) Product choice

+ (4) Financial knowledge01

Financial Control and Planningby age group, 2011-2017

10

0.0

10.0

20.0

30.0

40.0

50.0

60.0

70.0

80.0

16-34 35-49 50-64 65+

Financial Control

2011 2012 2013 2015 2017 2011-17 Average

o Youth tend to display lower levels of financial control and planning relative to older cohorts.

o Dimensions prone to lifecycle effect, especially behavioural sub-measures

o Between 2011-17, general tendency towards modest increases in financial control andmodest declines in financial planning

o Economic fluctuations: prudent management, difficulty in long-term provisioning

0.0

10.0

20.0

30.0

40.0

50.0

60.0

70.0

80.0

16-34 35-49 50-64 65+

Financial Planning

2011 2012 2013 2015 2017 2011-17 Average

Clear signs of a financial control ethic among youth

Pooled 2012-17 data (%)

7279 81 77

1613 12 13

10 77 8

0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

100%

16-21 years 22-27 years 28-34 years All youth (16-34)

Please can you tell me how often before you buy something you carefully consider

whether you can afford it?

Always / often Some of the time Seldom / never (Do not know)

45

63 6156

21

17 22

20

29

1715

21

0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

100%


Please can you tell me how often you keep a close personal watch on your financial

affairs?


Yet scope for improvement in instilling a financial planning ethic


4048 51 47

18

2121

20

36

28 26 30

0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

100%


Please can you tell me how often you set long-term financial goals and work hard to

achieve them?


5342 44 46

11

1314 13

3442 41 39

0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

100%


How much you agree or disagree with each of the statement: I find it more satisfying to spend

money than to save it for the long term?

Agree Neutral Disagree (Don't know)

Retirement Planning, by age group

45

59

41

35

33

37

34

52

37

56

63

65

61

65

0 20 40 60 80 100

All youth (16-34)

16-21

22-27

28-34

35-49

50-64

65+

Provision for retirement

No retirement plan Provision for retirement (Do not know / refused)

10

22 25 2126 28

21

2326

2824 26

59

5048

46 4744

105 1 5 3 3

0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

100%

16-21 22-27 28-34 35-49 50-64 65+

How confident are you that you have done a good job of making financial plans for your

retirement? (those w/ plan)

Very / somewhat confident Neutral

Not very / not at all confident (Do not know / refused)

2017 data (%)

Product choice and Knowledgeby age group, 2011-2017

14

o Youth slightly lower scores on appropriate product choice dimension relative to older cohorts, but difference modest

o Product holding vulnerable to lifecycle effect

o Little change over the for youth; more fluctuation among older cohorts, esp. pensioners

o Youth slightly higher scores on financial knowledge dimension relative to those aged 50 and above

o Domain least likely to be affected by lifecycle effect

0.0

10.0

20.0

30.0

40.0

50.0

60.0

70.0

80.0

16-34 35-49 50-64 65+

Appropriate product choice

2011 2012 2013 2015 2017 2011-17 Average

0

10

20

30

40

50

60

70

80

16-34 35-49 50-64 65+

Financial knowledge

2011 2012 2013 2015 2017 2011-17 Average

Awareness and Holding of Credit and Loan Products

5660 62 62

65 6359

35

44 44 42 43 42 42

0

10

20

30

40

50

60

70

16-19 20-24 25-29 30-34 35-49 50-64 65+

(0-1

00) A

war

enes

s Sco

re

Awareness of Different Types of Credit and Loan Products

Formal Credit and Loan Index Informal Credit and Loan Index

o Awareness of different types of formal and informal credit and loans remains fairly constant across age groups

o However, the holding of credit and loans follows inverted u-curve pattern (lifecycle effect)

11

23

3437

42

32

19

7

17

27

19

28

22 22

0

10

20

30

40

50

16-19 20-24 25-29 30-34 35-49 50-64 65+

% w

ho h

as o

ne c

redi

t and

loan

pro

duct

Holding at Least One Credit and Loan Product

Formal credit and loan Informal credit and loan

Saving behaviour among youth

11.1

5.0

13.2

23.3

16.0

50.5

7.0

7.8

18.6

22.5

24.4

44.2

4.3

7.2

10.7

20.2

22.2

30.7

37.0

8.5

7.9

17.3

22.7

23.7

43.9

0.0 10.0 20.0 30.0 40.0 50.0

Other

Financial Investment Products

Giving Money to Family

Informal Savings Club

Bank Account

Saving Cash at Home

Savings Account

No Recent Savings

16-34 Age Group28-34 Age Group22-27 Age Group16-21 Age Group


Self-reported indebtedness

9

15

23 23

26

1917

0

5

10

15

20

25

30

16-19 20-24 25-29 30-34 35-49 50-64 65+

Percentage agreeing that they have too much debt at present, by age group (2015)

Total agreement National average (20%)

Are there age group differences in levels of self-reported indebtedness?

o Reported current over-indebtedness follows an inverted u-curve across the lifecycle It increases progressively from

around a tenth of those in their late teens (9%) to a high of 26% of those aged 35-49 years

It falls again to slightly below a fifth of older cohorts.

Above-average levels of reported over-indebtedness are apparent among those aged between 25 and 50 years

Likely to at least partially reflect additional financial commitments associated with the transition to adult roles, especially marriage (and lobola) and parenthood.


Results IIInfluential financial literacy information sources by age

+ Most influential sources on financial investments

+ Most valued source of learning about personal finance 02

Most important influence onfinancial investment decisions by age

What source do you feel most influences your decisions about the financial investments you make? (2017, %)

26

1311 10 9

5 42

16

4

0

5

10

15

20

25

30

35

16-34 35-49 50-64 65+ South Africa

Significant variation in informational influences among youth

What source do you feel most influences your decisions about the financial investments you make? (2017, %)

29

1211

97

42 3

16

5

27

8 810

14

4 5

1

17

4

23

6

1310

17

47

1

13

4

0

5

10

15

20

25

30

3516-21 22-27 28-34

Most important source of learning about personal finance, by age group

Thinking about what you have learned about personal finance, where do you think that you learned the most? (2017, %, ranked 16-34 years)

1917 17

10 10

7

43

1

9

3

0

5

10

15

20

25

School Learned byoneself

Parents / athome

Friends Financialprofessional

Internet Self-helpbooks

Spouse /partner

At work None ofthese/Other

(Don'tknow)

16-34 35-49 50-64 65+

Most important source of learning about personal finance, among youth

Thinking about what you have learned about personal finance, where do you think that you learned the most? (2017, %, ranked 16-21 years)

29

1614

11 10

53

1 1

8

2

1916 17

9

4 5

13

31

11

3

9

1820

10

74

14

53

8

3

0

5

10

15

20

25

30

35

School Parents / athome

Learned byoneself

Friends Internet Self-helpbooks

Financialprofessional

Spouse orpartner

At work None ofthese/Other

(Don'tknow)

16-21 22-27 28-34


Results IIIA united or divided generation?

03

Recognising the heterogeneity

o South African youth (16-34 years): appreciable variation based on an intersection of demographic and class-based attributes

o Basis of variation among the youth: o No sizable gender dynamico Differences by age among

youtho Race and class dynamic

(education, employment status, living standards, geography)

o Needs to be considered in financial education information, communication and interventions

40.0

45.0

50.0

55.0

60.0

65.0

70.0

75.0

80.0

Whi

teIn

dian

Tert

iary

edu

cate

dHi

gh li

ving

stan

dard

Colo

ured

Empl

oyed

Seco

ndar

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ucat

ion

Stud

ent

Mal

eU

rban

28-3

416

-21

22-2

7M

ediu

m li

ving

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dard

Fem

ale

Blac

k Af

rican

Une

mpl

oyed

Rura

lLa

bour

mar

ket i

nact

ive

Inco

mpl

ete

seco

ndar

y ed

ucat

ion

Low

livi

ng st

anda

rd

Financial knowledge among youth

25Conclusion

Conclusions

• A generation apart? • Lower financial control and financial

planning…but ethic around money management

• Slightly higher stocks of financial knowledge

• A heterogeneous generation• Significant variation among young citizens• Need for an intersectional approach

• Financial education• Financial education programmes have

targeted the youth as a vulnerable group • Traditional informational sources still

regarded as most influential

26Conclusion

Conclusions (cont.)

• Digitalisation of financial products, services • Opportunity for extending reach and access

of financial services• Risks to poorer, more vulnerable citizens:

widening financial literacy inequalities• Requires not only basic financial education but

new digital financial literacy skills focus• Diverse needs among youth and channels of

access to financial information• Pre-existing digital literacy inequalities• Cellphone access and data pricing• Life-cycle and differential financial

education needs: transition to adulthood• School curriculum (core competencies) vs.

reaching youth not in education or employment: multi-sectoral partnerships

“”

Education is the most powerful weapon which you can use to change the world

– Nelson MandelaFormer President, South Africa

Financial

^

contact informationFor more info, please contact us atthank you

Dr Benjamin Roberts Jarè StruwigSASAS Coordinator SASAS CoordinatorTel: (031) 242 5606 Tel: (012) 302 2511Cell: 0845230374 Cell: 0827745749email: [email protected] email: [email protected]

English Thank youAfrikaans DankieNdebele NgiyathokozaXhosa EnkosiZulu NgiyabongaSepedi Ke a lebogaSesotho Ke a lebohaSetswana Ke a lebogaXitsonga Ndzi khense ngopfuSiSwati NgiyabongaTshivenda Ndi a livhuwaNama Gangans

A new frontier: Providing financial education to Millennials

Laura Higgins

Senior Executive Leader

Financial Capability

Millennial Australians are

making major life

decisions for the first time

These experiences will

inform their future

financial decision making

• When surveyed, Australians responded

that financial education

was best delivered:

• Throughout life (43%)

• When starting out (32%)

• Childhood (14%)

23 May 2019 3

Millennial Australians

are seeking trusted

information more

than other age

groups

They are experiencing

things for the first time

23 May 2019 5

9.3%

32.3%

24.5%

16.8%

11.6%

5.5%

7.6%

33.2%

24.7%

16.8%

11.8%

6.0%

0.0%

5.0%

10.0%

15.0%

20.0%

25.0%

30.0%

35.0%

18-24 25-34 35-44 45-54 55-64 65+

Pe

rce

nta

ge

of

Use

rs

Age Groups

User Age Groups

2017 2018

Source: Google Analytics 2017 vs 2018

We need to meet

millennials where they are

spending their time.

Social media provides an

obvious opportunity.

Laura Higgins

Senior Executive Leader

Financial capability

[email protected]

asic.gov.au

How to facilitate the school to work transition for at risk youth?

José Alexandre C. VascoCVM Brazil

Avenues for Intervention

School

Formal employmentInformal employment

Unemployment

Crime

1

2

78% of youth involved in crime are

out of school (13-16 years)

Enter trafficking to help family

54% of youth engaged in crime will

leave gangs if they get formal

employment

The homicide rate in Brazil is 30/100,000

Lab

or M

ark

etV

iole

nce

Youth Apprenticeship LawLeverage existing government program: • firms are required to hire 5-15% of their workforce as

apprentices:– Targets youth age 14-24 enrolled in school – Apprentices receive training before and during the program– No previous work experience required

• Established a partnership with the largest agency CIEE:– Outreach to vulnerable areas through:

• Close collaboration with government (Social Security)• CIEE program (e.g. “Jovem Alerta”) and other partners` programs

Proposed pilot area: Pavuna, Rio de Janeiro

Proposed pilot area: Pavuna, Rio de Janeiro

• Gang violence is a daily reality: – The region is divided between Terceiro Comando and Comando

Vermelho.– Most violent area of the city of Rio de Janeiro– In 2018, Pavuna was occupied by the army

• Boys enter gangs at a young age (13-15 years)• Ongoing partnership with Vila Olimpica staff that has strong

ties with the community and schools

Identification of barriers

Interest

• Knowledge of opportunities

• Aspirations: youth, parents, peers

• Expected returns

Selection process

• Paperwork:• Lack of documents

(ID, CV)• Complicated sign-up

process• Transport cost• Not prepared for

selection process

Demand from private sector

• Stigma

• Incompatibility of skills (Skill mismatch):• Cognitive• Non-cognitive

PROGRAM YOUR FUTURE

Transform challenges intoopportunities

Jovem aler ta: job market and how to access opportunities

Financial l iteracy to plan your l ife

{CIEE} {SICOOB}

Basic programming concepts Blockchain programming

{Banco Mare + UFRJ} {Blockchain academy}

Trac

k 1Introduction to the formal job market

Trac

k 2

21st century skills

+

+

Impact Evaluation

Dissemination campaign

Eligibility test

Randomization

Continuous data collection

Jovem aler ta: job market and how to access opportunities

Financial l iteracy to plan your l ife

{CIEE} {SICOOB}

Basic programming concepts Blockchain programming

{Banco Mare + UFRJ} {Blockchain academy}

Control

Trac

k 1

Introduction to the formal job market

Trac

k 2

21st century skills

+

+

PhotoGallery

Thank [email protected]

Thank [email protected]

mailto:[email protected]

‘Silver-surfers’ and ‘golden-oldies’: the impact of aging and longevity on individuals,

families and the wider community

Cape Town, South Africa May 23-24 2019

Presentation by: Rose Kwena

Retirement Benefits Authority

“To Proactively Promote Savings for Retirement in Kenya through Safeguarding, Supervising and Facilitating the Development of the Retirement Benefits Sector”

FACT: People are living longerGlobal average life expectancy increased by 5.5 years between 2000 and 2016, the fastest

increase since the 1960s (WHO) Global Health Observatory (GHO) data

2

Chart1

1946

1947

1948

1949

1950

1951

1952

1953

1954

1955

1956

1957

1958

1959

1960

1961

1962

1963

1964

1965

1966

1967

1968

1969

1970

1971

1972

1973

1974

1975

1976

1977

1978

1979

1980

1981

1982

1983

1984

1985

1986

1987

1988

1989

1990

1991

1992

1993

1994

1995

1996

1997

1998

1999

2000

2001

2002

2003

2004

2005

2006

2007

2008

2009

2010

2011

2012

2013

2014

2015

Life Expectancy

41.585

41.74

42.074

42.457

42.888

43.368

43.894

44.463

45.069

45.701

46.348

46.997

47.635

48.251

48.841

49.409

49.962

50.514

51.074

51.644

52.222

52.803

51.074

51.644

52.222

52.803

53.379

53.945

54.497

55.042

55.592

56.148

56.705

57.247

57.757

58.211

58.588

58.869

59.039

59.082

58.994

58.783

58.465

58.05

57.536

56.918

56.212

55.449

54.669

53.911

53.205

52.589

52.106

51.805

51.751

52.004

52.565

53.413

54.513

55.819

57.271

58.784

60.275

61.68

62.936

64.008

64.907

65.651

66.242

66.695

Sheet1

CommercialIndustrialAdministrativeCivicAcademic

ServicesMarketingTrainingDirectingAdvocacyEditing

SalesEvaluationsDescribingTranslationWriting

DefiningCivilizingResearch

ProductBrochureInstallation manualsContractsConstitutionArticles

CatalogueProceduresInstructionsCode of ConductPapers

User manualsAnalysesSpecificationsCodes of EthicsStudies

ProposalsFlow ChartsService ChartersGreen/White PapersStyle sheet

InfomercialsIllustrationsJob profilesPetitionsTutorials

FAQPrescriptionsPersonnel profileSpeechesSyllabuses

DocumentationCurriculum

Commercial11.1

Industrial11.1

Administrative11.1

Civic11.1

Academic11.1200840.00

55.5200956.00

201066.00

Yes52201185.00

Not482012117.00

2013129.00

2014143.00

Finance2015155.00Information

Less than 11972016172.0012

1-228122017197.0016

2-422122018210.0010

More than 4311812

RemitancesIn USD '000

month /year200820092010201120122013201420152016

jan5392539535451176413989755102970110969114642137494

feb50382533534642360759103970102372110421123236136494

marc59344559475230971577106198103393119585126259141555

apr6787248117526797007195625104993113409124473143526

may48538491805117268124100995110150119657129101146760

jun494904634752541718889980999809116657135963146658

jul4413750372506527279792736112834117101131055134661

aug4338855947519937956394819107049128826132949146744

sep4895353347585578485492519107452127399128484143188

oct6111353037585038131191627112919120907137146142555

nov4397048231563808080297504113420113972130718143691

dec40129563296561785244105653113420130172134005160941

61124160974264194389112911712101290781142907515480311724267

Sheet5

Anova: Two-Factor Without Replication

SUMMARYCountSumAverageVariance

1213165.58320.5

1215778.512012.5

127537.52664.5

1218190.516020.5

123517.5544.5

124120.5760.5

1262311682

127738.52664.5

122211162

1252261152

1272362312

1284423200

122512.5180.5

225326.51104.5

2215376.510804.5

2216783.512960.5

2212562.57564.5

221909517672

2215376.511400.5

221849216562

temperature20341.70.6421052632

life202005100.253404.5131578947

ANOVA

Source of VariationSSdfMSFP-valueF crit

Rows32074.475191688.13026315790.98317162720.51456023292.1682516014

Columns97121.025197121.02556.56354741490.00000041424.3807496923

Error32623.475191717.025

Total161818.97539

Sheet2

YearSavingLendingYearSavingLendingmaterialtemperaturelife

197036703.006.0011130.00

197136713.006.0011156.00

197236723.006.001174.00

197336733.006.0011180.00

1974510745.0010.001134.00

1975510755.0010.001140.00

1976510765.0010.001260.00

1977510775.0010.001275.00

1978510785.0010.001220.00

1979510795.0010.001250.00

1980611806.0011.001270.00

19811014811014.001282.00

198212.5168212.516.001322.00

198312.5158312.515.002350.00

19841114841114.0023150.00

19851114851114.0023164.00

19861114861114.0021124.00

19871114871114.0021189.00

19881015881015.0021152.00

198912.5188912.518.0021183.00

199012.5199012.519.002336.00

199112.9209112.920.002349.00

199212.822.39212.822.302328.00

199311.338.69311.338.603360

19948.630.9948.630.903375

19956.933.5956.933.5033155

1996836.596836.5033143

19979.733.7979.733.7033195

19987.928.6987.928.6032145

199910.927.19910.927.1032183

200092200922.003248

20016.519.8016.519.803285

200251902519.003265

20034.817.5034.817.503277

20044.516044.516.0032185

200541305413.0032123

200641306413.0032154

20074.113.8074.113.8032183

20084.114084.114.003155

20093.614093.614.003186

2010414.3610414.363175

201141511415.003153

201271912719.0031144

20134.217134.217.0031155

20143.616.16143.616.1631185

20157.116.58157.116.5831132

20167.114167.114.0033196

201771417714.003348

201871418714.003386

3395

Sheet2

Saving

Lending

Sheet4

Saving

Lending

Sheet6


SUMMARYCountSumAverageVariance

Seed A-402549852399704.626319615.8

Seed B-894543333186666.21855846956.7

Seed C-952513668227336.41609618389.8

Fert I322571975239.66666666673245577666.33333

Fert II311368637895.33333333332454647652.33333

Fert III320410768035.66666666672543886017.33333

Fert IV331031710343920383699

Fert V3214707715692895869287

ANOVA


Rows14878635689.733327439317844.866677.99701685060.0123579634.4589701075

Columns6525046894.9333341631261723.733331.75355157080.23122422253.8378533546

Error7442092954.266678930261619.283333

Total28845775538.933314


Sheet3

Anova: Two-Factor With Replication

SUMMARYUntrimmedTrimmedTotal

High Marsh

Count5510

Sum482775

Average9.65.47.5

Variance21.85.817.1666666667

Mid Marsh

Count5510

Sum512879

Average10.25.67.9

Variance18.75.816.7666666667

Low Marsh

Count5510

Sum482472

Average9.64.87.2

Variance18.37.717.9555555556

Total

Count1515

Sum14779

Average9.85.2666666667

Variance16.88571428575.6380952381

ANOVA


Sample2.466666666721.23333333330.09475032010.90993854933.4028261054

Columns154.13333333331154.133333333311.84122919330.00213072324.2596772727

Interaction0.466666666720.23333333330.01792573620.9822471123.4028261054

Within312.42413.0166666667

Total469.466666666729

Sheet7

UntrimmedTrimmed

High Marsh126

152

77

38

114

Mid Marsh97

83

165

59

134

Low Marsh76

121

158

46

103

Sheet8

yearRemittancesyearDiaspora Remittances in Ksh. Bil

200840.00840.00200840.00

200956.00956.00200956.00

201066.001066.00201066.00

201185.001185.00201185.00

2012117.0012117.002012117.00

2013129.0013129.002013129.00

2014143.0014143.002014143.00

2015155.0015155.002015155.00

2016172.0016172.002016172.00

2017197.0017197.002017197.00

2018210.0018210.002018210.00

Sheet9

0 - 9,99910,000 - 19,99920,000 - 49,99950,000 - 99,000100,000 - 999,999Above 1,000,000

Savings148153050

Entertainment24.46101830

Clothings468101215

Other goods &Services888888

Transport151210864

Rent30181064.62

Food503015841

Sheet9

Savings

Entertainment

Clothings

Other goods &Services

Transport

Rent

Food

Effects of income levels on households' budget structures in Kenya

Sheet10

Sheet11

DateDescriptionTimeline

jan

febParliament raises any concerns on the aggregate consolidated expenditure bill. Parliament considers the amount as either, (a) Excessive and trim it down or; (b) Deficient and scale it up.2

marc

apr(1) Parliament approves expenditure bill; (2) Parliament receives funding bill from National Treasury2

mayParliament raises any concerns on the funding bill2

jun(1) Parliament approves appropriation bill; (2) Parliament approves funding bill2

jul(1) National Treasury proceeds with the function of funding all parties indiscriminately; (1) County Assembly approve their local budgets2

augCRA issues guidelines for submitting budget proposals1

sep

octCRA receives budget proposals from: All ministries , The Judiciary, Parliamentary Service Commission, 47 County Treasuries and Independent commissions and offices1

nov

decThe Commission for Revenue Allocation (CRA) submits consolidated expenditure estimates bill to parliament1

Sheet11

Timeline

YearLife Expectancy

194641.585

194741.74

194842.074

194942.457

192723.9248195042.888

193726.3736195143.368

194528.8224195243.894

194641.585195344.463

194741.74195445.069

194842.074195545.701

194942.457195646.348

195042.888195746.997

195143.368195847.635

195243.894195948.251

195344.463196048.841

195445.069196149.409

195545.701196249.962

195646.348196350.514

195746.997196451.074

195847.635196551.644

195948.251196652.222

196048.841196752.803

196149.409196851.074

196249.962196951.644

196350.514197052.222

196451.074197152.803

196551.644197253.379

196652.222197353.945

196752.803197454.497

197555.042

197655.592

197756.148

197856.705

197957.247

198057.757

198158.211

198258.588

198358.869

198459.039

198559.082

198658.994

198758.783

198858.465

198958.05

199057.536

199156.918

199256.212

199355.449

199454.669

199553.911

199653.205

199752.589

199852.106

199951.805

200051.751

200152.004

200252.565

200353.413

200454.513

200555.819

200657.271

200758.784

200860.275

200961.68

201062.936

201164.008

201264.907

201365.651

201466.242

201566.695

Life Expectancy

Aging is acquiring a new ‘meaning’

3

Working Kenyans are no longer retiring in their ancestral village

Social fabric that tied families together is breaking down

Children shouldn’t be the “parents’ pension plan“

Elderly Kenyans over 70 years getting $20.00 cash transfer

Technology is impacting lifestyles

Mobile telephony money

4

A 77 year old woman playing Lotto at Vanillas in Athi River in Machakos County on Wednesday. (Photo/Daniel Langat)

5

Inadequate data

Un-coordinated financial education efforts

Lack of preparedness

Development of a National Financial Education Strategy at an advanced stage

National-wide registration of all persons is in progress (Huduma Namba)

Introduction of RBA Mobile APP

6

CHALLENGES ON-GOING SOLUTIONS

Email: [email protected]

Toll-Free line: 0800720300USSD: *870#

@RBA_Kenya@RetirementBenefitsAuthorityKE

rbakenya

7

CONTACTS

OECD-South Africa Global SymposiumMay 23, 2019

By: Christopher Poole, Financial Consumer Agency of Canada

The Implications of Population Ageing for Financial Education in Canada

0%

5%

10%

15%

20%

25%

30%

1921

1926

1931

1936

1941

1946

1951

1956

1961

1966

1971

1976

1981

1986

1991

1996

2001

2006

2011

2016

2021

2026

2031

2036

2041

2046

2051

2056

2061

Share of Persons aged 65 or older in the Canadian Population

Observed Projected

The structure of the Canadian population is shifting

25% by 2049

18% in 2019

12% in 1999

5% in 1929

22% by 2029

Statistics Canada. Table 17-10-0005-01 Population estimates on July 1st, by age and sex

The share of Canadians aged 65 and older is expected to grow rapidly over the next 10-15 years.

1929 1939 1949 1959 1969 1979 1989 1999 2009 2019 2029 2039 2049 20595% 6% 8% 8% 8% 9% 11% 12% 14% 18% 22% 24% 25% 25%

Opportunities and challenges for financial education

• Higher levels of educational attainment

• Increased employment among seniors

• More financial resources, in terms of income and wealth

• Increased complexity and risk

• Increased debt, some seniors with few savings

• Growing risk of disability cognitive decline

• Technology heightens the risk of financial exclusion for some seniorsSource: Statistics Canada, Survey of Financial Security, 2016.

• Increased complexity and risk

• Increased debt, some seniors with few savings

• Growing risk of disability cognitive decline

• Technology heightens the risk of financial exclusion for some seniors

Many seniors are managing substantial financial resources in

their retirement

Chart1

No Debt

Any debt

2016

0.58

0.42

simple wealth

https://www150.statcan.gc.ca/t1/tbl1/en/cv.action?pid=1110001601Net Worth (assets less debts)Under 35 years35 to 44 years45 to 54 years55 to 64 years65 years and older

Economic families and persons not in an economic family1999$ 24,500$ 131,700$ 257,500$ 373,700$ 285,600

TOTAL VALUESShare holding asset or debtMedian value for those holding asset or debtAverage value for those holding asset or debt2016$ 35,200$ 219,600$ 432,100$ 669,500$ 517,100

Estimate (x 1,000,000)EstimateEstimate44%67%68%79%81%

Assets and debts1999200520122016199919992005201220162016199920052012201620052012

2016 constant dollars

Total assets1,040,7471,432,0822,384,8323,102,752100296,100384,800505,100100545,200462,400596,200790,200880,70010010084%

Private pension assets 375,610506,727839,510977,51265.5158,100187,900235,90075.1240,600254,900290,800384,800369,60072.572.352%

Registered Retirement Savings Plans (RRSPs), Registered Retirement Income Funds (RRIFs), Locked-in Retirement Accounts (LIRAs) and other 8131,553159,586307,628398,35346.262,20060,00079,10060.493,000126,500129,800173,400187,30051.258.850%

Employer-sponsored Registered Pension Plans (EPPs)244,057347,141531,882579,15949.9148,400180,100252,00054.5207,500217,100252,500346,600301,70057.250.940%

Financial assets, non pension207,100260,400387,559541,05493.620,00026,40026,40096.730,50098,300115,800132,100158,90093.697.253%

Deposits in financial institutions 999,861130,458137,375158,60392.913,80014,40010,60095.110,00047,80058,50047,40047,30092.896.1-28%

Mutual funds, investment funds and income trusts32,15747,18291,693132,68313.541,50069,60098,20015.7100,000105,600126,100189,600240,20015.616141%

Stocks40,419E49,464E81,111122,1108.641,500E45,600E105,5008.260,000E210,000E192,000E274,400422,30010.79.80%

Bonds (saving and other)16,91417,874E11,288E9,860E17.513,80010,200E12,700E420,000E42,90064,000E60,500E69,400E11.66.20%

Tax Free Saving Accounts (TFSA)....24,96165,564......15,80048.730,000....19,40038,200..42.70%

Other financial assets 1017,749E15,421E41,131E52,2337.620,700E18,000E25,300E10.824,000104,100E97,500E128,200E137,2006.610.60%

Non-financial assets415,527617,7561,049,7931,421,874100143,700169,200253,200100256,000184,600257,200347,800403,60010010078%

Principal residence286,735436,282732,2571,017,86166.9163,100198,000274,80066.9300,000190,400262,600342,500432,00069.270.884%

Other real estate54,50294,834204,522261,66116.882,90096,000158,30018.4180,000143,900219,300359,600403,6001818.8117%

Vehicles24,59427,21542,55254,85370.39,7009,60012,70079.312,50015,50015,90018,10019,60071.177.729%

Other non-financial assets 1149,69659,42570,46287,50010013,80012,00010,60010010,00022,10024,70023,30024,800100100-28%

Equity in business42,510E47,200E107,970162,3137.155,300E78,900E15,800E10.515,000E267,800298,300E378,100439,5006.69.50%

Total debts20,67132,40283,518123,59227.49,00015,40019,0004225,00033,50040,10065,10083,50033.742.5178%

Mortgages14,10518,558E48,37383,5927.762,20060,00084,40013.9102,00081,30079,900132,000170,8009.712.164%

Mortgage on principal residence10,17112,625E33,47953,0206.655,30060,00070,70012100,00068,10063,500107,300125,6008.310.381%

Mortgage on other real estate3,934E5,933E14,894E30,572E1.865,000E60,000E105,5003130,000E96,300E115,300E190,200E289,100E2.12.60%

Line of credit2,319E5,356E21,65823,5644.76,900E10,20017,900E12.725,00022,000E21,300E51,20052,50010.5140%

Credit card and installment debt1,0373,180E3,5104,12915.11,4002,500E2,10020.92,0003,0008,100E5,4005,60016.421.443%

Student loansFFF993EFFFF1.320,100EFFF22,200FF0%

Vehicle loans1,7493,2927,1488,7156.29,70012,00010,90015.413,60012,60012,20015,30016,00011.215.540%

Other debt1,1241,850E2,535E2,600E53,500E9,500E6,900E54,500E9,90019,500E17,500E14,800E3.94.80%

Net Worth (assets less debts)1,020,0751,399,6812,301,3142,979,160100285,600363,800486,000100517,100453,300582,700762,500845,60010010081%

19992016

1999 Median $2016 Median $%%

Total assets$ 296,100$ 545,200100100

Non-financial assets (Principal residence, other real estate, vehicles, etc.)$ 143,700$ 256,000100100

Private pension assets (Employer Pensions, Private Registered Retirement Savings)$ 158,100$ 240,60065.575.1

Financial assets, non pension$ 20,000$ 30,50093.696.7

Total debts-$ 9,000-$ 25,00027.442

Mortgages$ 62,200$ 102,0007.713.9

Line of credit6,900E$ 25,0004.712.7

Credit card and installment debt$ 1,400$ 2,00015.120.9

Vehicle loans$ 9,700$ 13,6006.215.4

Net Worth (assets less debts)$ 285,600$ 517,100100100

simple wealth

Financial assets, non pension

Non-financial assets (Principal residence, other real estate, vehicles, etc.)

Private pension assets (Employer Pensions, Private Registered Retirement Savings)

Median value of Assets held by Senior Households (2016 constant dollar)

PErcent

2016

Median Household Net Worth, by Age Group, Canada (2016 constant dollar)

Simple Percent

Year14 years and under15 to 64 years65 years and over

ObservedLow-growth scenario (L)Medium-growth scenario (M1)High-growth scenario (H)ObservedLow-growth scenario (L)Medium-growth scenario (M1)High-growth scenario (H)ObservedLow-growth scenario (L)Medium-growth scenario (M1)High-growth scenario (H)

percentage

192134.4Note ...: not applicableNote ...: not applicableNote ...: not applicable60.8Note ...: not applicableNote ...: not applicableNote ...: not applicable4.8Note ...: not applicableNote ...: not applicableNote ...: not applicable

192234.2Note ...: not applicableNote ...: not applicableNote ...: not applicable61Note ...: not applicableNote ...: not applicableNote ...: not applicable4.8Note ...: not applicableNote ...: not applicableNote ...: not applicable

192334Note ...: not applicableNote ...: not applicableNote ...: not applicable61.1Note ...: not applicableNote ...: not applicableNote ...: not applicable4.9Note ...: not applicableNote ...: not applicableNote ...: not applicable

192433.7Note ...: not applicableNote ...: not applicableNote ...: not applicable61.3Note ...: not applicableNote ...: not applicableNote ...: not applicable5Note ...: not applicableNote ...: not applicableNote ...: not applicable






















































197824Note ...: not applicableNote ...: not applicableNote ...: not applicable67Note ...: not applicableNote ...: not applicableNote ...: not applicable9Note ...: not applicableNote ...: not applicableNote ...: not applicable




































2014Note ...: not applicable16.116.116.1Note ...: not applicable68.268.268.2Note ...: not applicable15.715.715.7



2017Note ...: not applicable16.116.216.3Note ...: not applicable66.96766.9Note ...: not applicable1716.916.8


2019Note ...: not applicable16.116.316.5Note ...: not applicable666665.8Note ...: not applicable17.917.717.6


2021Note ...: not applicable1616.316.8Note ...: not applicable65.16564.7Note ...: not applicable18.918.718.5

2022Note ...: not applicable15.916.317Note ...: not applicable64.664.564.1Note ...: not applicable19.519.218.9

2023Note ...: not applicable15.816.317.1Note ...: not applicable64.26463.6Note ...: not applicable2019.619.4

2024Note ...: not applicable15.716.317.2Note ...: not applicable63.763.663Note ...: not applicable20.620.119.8




2028Note ...: not applicable15.216.217.5Note ...: not applicable6261.861Note ...: not applicable22.72221.5



2031Note ...: not applicable14.91617.6Note ...: not applicable61.160.960Note ...: not applicable2423.122.4




2035Note ...: not applicable14.415.717.4Note ...: not applicable60.760.559.7Note ...: not applicable24.923.723




















2055Note ...: not applicable14.115.517.2Note ...: not applicable58.959.559.2Note ...: not applicable272523.6









https://www150.statcan.gc.ca/n1/pub/91-520-x/2014001/c-g/c-g2.5-eng.htm

Number

Year14 years and under15 to 64 years65 years and overMedium-growth scenario (M1)

200019.268.312.5% of population

200118.968.512.6

200218.668.712.7

200318.368.912.8

20041869.112.9

200517.769.313

200617.469.413.2

200717.169.513.4

200816.969.513.6

200916.769.413.9

201016.569.414.1

201116.469.214.4

201216.268.914.9

201316.168.615.3

201416.168.215.7Projections from 2014 onwards

201516.167.816.1

201616.167.416.5

201716.26716.9

201816.266.517.3

201916.36617.7

202016.365.518.2

202116.36518.7

202216.364.519.2

202316.36419.6

202416.363.620.1

202516.363.120.6

202616.362.621.1

202716.262.221.5

202816.261.822

202916.261.422.4

203016.161.122.8

20311660.923.1

20321660.823.3

203315.960.723.4

203415.860.623.6

203515.760.523.7

203615.660.523.9

203715.560.524

203815.560.524

203915.460.524.1

204015.360.524.2

204115.360.524.2

204215.260.524.3

204315.260.524.3

204415.260.424.3

204515.260.424.4

204615.260.324.5

204715.260.224.5

204815.360.124.6

204915.36024.7

205015.36024.7

205115.459.924.8

205215.459.824.8

205315.459.724.8

205415.559.724.9

205515.559.525

205615.559.425.1

205715.559.325.2

205815.559.225.3

205915.559.125.3

206015.559.125.4

206115.55925.5

206215.55925.5

206315.558.925.6

https://www150.statcan.gc.ca/n1/pub/91-520-x/2014001/c-g/c-g2.5-eng.htm

Number

14 years and under

15 to 64 years

65 years and over

Simple Number

Year14 years and under15 to 64 years65 years and over

ObservedLow-growth scenario (L)Medium-growth scenario (M1)High-growth scenario (H)ObservedLow-growth scenario (L)Medium-growth scenario (M1)High-growth scenario (H)ObservedLow-growth scenario (L)Medium-growth scenario (M1)High-growth scenario (H)

in thousands

19213,023.50Note ...: not applicableNote ...: not applicableNote ...: not applicable5,343.90Note ...: not applicableNote ...: not applicableNote ...: not applicable420Note ...: not applicableNote ...: not applicableNote ...: not applicable

19223,048.20Note ...: not applicableNote ...: not applicableNote ...: not applicable5,438.50Note ...: not applicableNote ...: not applicableNote ...: not applicable432.3Note ...: not applicableNote ...: not applicableNote ...: not applicable



19253,112.50Note ...: not applicableNote ...: not applicableNote ...: not applicable5,711.50Note ...: not applicableNote ...: not applicableNote ...: not applicable470Note ...: not applicableNote ...: not applicableNote ...: not applicable

19263,146.20Note ...: not applicableNote ...: not applicable5,818.00Note ...: not applicableNote ...: not applicableNote ...: not applicable486.8Note ...: not applicableNote ...: not applicableNote ...: not applicable







19333,292.40Note ...: not applicableNote ...: not applicableNote ...: not applicable6,733.40Note ...: not applicableNote ...: n

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