Money transfers and financial education 3

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Money transfers and financial education 3

  1. 1. Money transfers and financial education Migration in ACP Countries :Promoting Development and Enhancing Protection
  2. 2. Objectives Overview of the main aspects of the phenomenon of money transfers, the latest trends and challenges with respect to development Reflection on possible actions that could be taken to improve the management of transfers and their impact on economic and social development Specific focus on financial education as an area of possible action to be developed concerning migrants and their families Migration in ACP Countries : Promoting Development and Enhancing Protection
  3. 3. Financial education Why? What is it? What to do and how? Migration in ACP Countries : Promoting Development and Enhancing Protection
  4. 4. Principles and good practices for financial education and awareness (OECD)• The public authorities and all stakeholders concerned should promote financial education in an unbiased, fair and coordinated manner• Financial education should start at school• Financial education should be a part of the principles of good governance of financial institutions• A clear distinction should be made between financial education and commercial advice• Financial institutions should be encouraged to check that the information provided to their clients is read and understood Migration in ACP Countries : Promoting Development and Enhancing Protection
  5. 5. • Financial education programmes should focus in particular on important aspects of financial life planning• Programmes should lean towards the acquisition of financial skills, targeting where applicable specific groups and should also be as personalised as possible• The awareness of future retirees about the need to assess the financial adequacy of their current public and private pension schemes should be encouraged• National campaigns, specific websites, free information services, warning systems on high-risk issues for consumers of products or financial services should be encouraged Migration in ACP Countries : Promoting Development and Enhancing Protection
  6. 6. Creating a reduction strategy• Analyse needs according to the context• Define objectives• Determine the strategy to be implemented to achieves these objectives• Set deadlines and means of verification and adaptation Migration in ACP Countries : Promoting Development and Enhancing Protection
  7. 7. Analyse needsTarget group:• Some features• Knowledge and attitudes to financial education• Availability, geographic location, frequencyPartners/ stakeholders:• Some reasons• Some resources• Some overlapping interests Migration in ACP Countries : Promoting Development and Enhancing Protection
  8. 8. Various means of disseminationCollective method: Creation of networks of actorsconsisting of:• MFI and banks,• Public institutions,• Leaders of migrant associations,• Civil society (trade unions, etc.)Mass media method: Use of other channels ofcommunication• Radio (particularly community radio),• CD/DVD in national languages (serials, for example),• Applications for mobile telephones,• Internet (podcasts, etc.).Individual method Migration in ACP Countries : Promoting Development and Enhancing Protection
  9. 9. Some challengesAdapt, adapt, adapt! Even if the key messages are the same Assess the impact Set up a sustainable dissemination system Financial education requires a comprehensive approach(with the use of different means of dissemination) and thus relying on partnerships and shared responsibilities Migration in ACP Countries : Promoting Development and Enhancing Protection
  10. 10. Thank you for listening Migration in ACP Countries : Promoting Development and Enhancing Protection

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