THE ROLE OF THE PRIVATE AND NON-PROFIT
SECTORS IN FINANCIAL EDUCATION
The views of the European Banking Federation
High-le...
Who we are
 National Banking Associations from 32 countries
 4.500 banks with 2.5 million employees
From
 Major cross-b...
EBF Position on Financial Education
Financial education is central in today’s complex financial market
Financial educati...
Role of the Private Sector
The involvement of the private sector and non-for-profit stakeholders is
essential
 Contribut...
 Strong support on the OECD initiative
to draft guidelines
 helps clarifying the role of the private
and non-for-profit ...
Role of the Private Sector
Challenges
Multiplication of actors – duplication versus coordination
Conflicts of interest (...
Role of the Private Sector
Role of the banking associations
Public-private Partnership
Eligibility and conditions to pa...
EBF initiatives
 2009: Publication of the report “Financial literacy – empowering consumers to
make the right choice”
 2...
EBF Initiatives
The European Money Week
 Promoted by the EBF and national banking associations
 With the aim to raise public awareness o...
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Sébastien de Brouwer - 2014 Conference on Global and European Trends in Financial Education in Istanbul

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This presentation by Sébastien de Brouwer was made during the 2nd roundtable 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

Published in: Economy & Finance, Business
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Sébastien de Brouwer - 2014 Conference on Global and European Trends in Financial Education in Istanbul

  1. 1. THE ROLE OF THE PRIVATE AND NON-PROFIT SECTORS IN FINANCIAL EDUCATION The views of the European Banking Federation High-level conference on global and European trends in financial education 22-23 May 2014 - Istanbul, Turkey
  2. 2. Who we are  National Banking Associations from 32 countries  4.500 banks with 2.5 million employees From  Major cross-border institutions and small regional entities  Wholesale and retail financial institutions About us – the European Banking Federation
  3. 3. EBF Position on Financial Education Financial education is central in today’s complex financial market Financial education is an essential component of consumer empowerment: it gives them an understanding how to manage their finance in the real economy in order to avoid unnecessary risk and financial exclusion but also to seize true opportunities Financial education is a necessary complement to the duty to inform and other consumer protection requirements. Financial education should be part of banks commitment to the society
  4. 4. Role of the Private Sector The involvement of the private sector and non-for-profit stakeholders is essential  Contributions on financial resources  Expertise on financial services  Innovative way of approaching education  Efficient communication  Well positioned to reach a wider audience  Well positioned to exploit teachable moments related to key financial decisions  Employees motivation
  5. 5.  Strong support on the OECD initiative to draft guidelines  helps clarifying the role of the private and non-for-profit stakeholders in FE, notably the appropriate distinction between educational and commercial activities (particularly important when targeting children or vulnerable groups) By clarifying role & responsibilities, it helps in acknowledging the essential role the private sector can play in FE Role of the Private Sector
  6. 6. Role of the Private Sector Challenges Multiplication of actors – duplication versus coordination Conflicts of interest (commercial purposes) Quality & consistency of financial education initiatives Measurement of success / assessment Long-term commitment and sustainability
  7. 7. Role of the Private Sector Role of the banking associations Public-private Partnership Eligibility and conditions to participate  Non-commercial (no marketing, advertising …), education only  Impartiality & quality of teachers, materials, ..  Transparency Compliance Monitoring and assessment
  8. 8. EBF initiatives  2009: Publication of the report “Financial literacy – empowering consumers to make the right choice”  2009 -2011 - Support to the EBF members of the Expert Group on Financial Education (DG Markt)  2012 : Publication of a new Report on Financial Literacy with a special focus on Children and Youth  2013 : CSR Report  2014 : Financial Education Project Group (FEPG)  2015 : European Money Week  Continuous basis : participation to conference/summit (CFYI, EBTN, EBA, …)
  9. 9. EBF Initiatives
  10. 10. The European Money Week  Promoted by the EBF and national banking associations  With the aim to raise public awareness on financial literacy & spreading financial education to young people (mainly elementary & secondary schools)  Improve the level of financial education  Consists of a series of events, media actions, activities in schools at the same time (local and European level)  strong recommendation to partner with other stakeholders (public and private sector)  Conditions for participation & eligibility

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