David Kneebone - 2014 Conference on Global and European Trends in Financial Education in Istanbul

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This presentation by David Kneebone was made during session 4 at the High-level Conference on Global and European Trends in Financial Education held on 22-23 May 2014 in Istanbul, which explored the role(s) of the private and not-for-profit sectors in financial education, financial literacy and innovation for young people and financial education for migrant workers and their families. Find out more at http://www.oecd.org/daf/fin/financial-education/2014-conference-global-european-trends-financial-education.htm

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David Kneebone - 2014 Conference on Global and European Trends in Financial Education in Istanbul

  1. 1. Session 4: What are the criteria for success of financial literacy? David Kneebone Executive Director High-level conference on global and European trends in financial education 22-23 May 2014 - Istanbul, Turkey
  2. 2. User surveys Economic impact reports Market monitor/ campaign reports Financial Behaviour Index 6 monthly 2 Research feeds into measurement of financial literacy Financial Knowledge and Behaviour Survey 4 yearly
  3. 3. Financial literacy competency framework 3 Competency Foundation knowledge Advance knowledge Expected action /behavioural outcome Managing debt • Understands the responsibilities when borrowing money • Understands how loans and interest work • Understands the implications of debt on budget • Understands about consumer credit rating • Understands the difference between ‘good’ & ‘bad’ debt • Understands the long- term impact of ‘bad’ debt • Understands how credit rating affects ability to get a loan • Understands the need to consider individual and household ability to service debt before borrowing • Manages an appropriate level of debt • Plan is in place to reduce debt - starting with paying off high-interest debt first • Financial/payment obligations are met • The cost of borrowing from different lenders is compared before making decisions • Where possible high interest debt is avoided
  4. 4. Financial Behaviour Index 4Source: Financial Behaviour Index
  5. 5. How we work 5 Pilot Insights Evaluate Share Mobilise Research Thought leadership Behavioural economics Deliver content Promote and market Inspire and influence Engage partners Scale up Roll out nationally Assess Learn Modify Initiate Test Innovate
  6. 6. Progression of learning 6
  7. 7. Financial behaviour 7
  8. 8. Financial wellbeing 8
  9. 9. Sources of information 9 2013 Financial knowledge and behaviour survey http://www.cflri.org.nz/research-and-reports/financial-literacy#s2. Financial behaviour index http://www.cflri.org.nz/sites/default/files/docs/FL-Financial-Behaviour-Index-Nov-13.pdf Adult financial literacy competency framework http://www.cflri.org.nz/financial-literacy/tertiary Schools financial capability learning progressions http://nzcurriculum.tki.org.nz/Curriculum-resources/Financial-capability david.kneebone@cflri.org.nz (until June 11th 2014) Ph+ 64 21 523 445

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