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Bora Oruç - 2014 Conference on Global and European Trends in Financial Education in Istanbul
Bora Oruç - 2014 Conference on Global and European Trends in Financial Education in Istanbul
Bora Oruç - 2014 Conference on Global and European Trends in Financial Education in Istanbul
Bora Oruç - 2014 Conference on Global and European Trends in Financial Education in Istanbul
Bora Oruç - 2014 Conference on Global and European Trends in Financial Education in Istanbul
Bora Oruç - 2014 Conference on Global and European Trends in Financial Education in Istanbul
Bora Oruç - 2014 Conference on Global and European Trends in Financial Education in Istanbul
Bora Oruç - 2014 Conference on Global and European Trends in Financial Education in Istanbul
Bora Oruç - 2014 Conference on Global and European Trends in Financial Education in Istanbul
Bora Oruç - 2014 Conference on Global and European Trends in Financial Education in Istanbul
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Bora Oruç - 2014 Conference on Global and European Trends in Financial Education in Istanbul

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This presentation by Alicia Valencia was made during the first Roundable at the Conference on Global and European Trends in Financial Education in Istanbul on 22-23 May 2014, which explored the …

This presentation by Alicia Valencia was made during the first Roundable at the Conference on Global and European Trends in Financial Education in Istanbul on 22-23 May 2014, 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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  • 1. OECD-INFE GLOBAL AND EUROPEAN TRENDS IN FINANCIAL EDUCATION CONFERENCE 22-23 MAY 2013, ISTANBUL FINANCIAL EDUCATION IN TURKEY
  • 2.  Positive association between saving, investment and growth  Domestic saving to GNI fell from 23.5% in 1990s to 12% in 2013  Dependence on foreign savings Current Account Deficit  Increased consumption driven by a rise in credit flows  Incapability of households in managing their debts as conveyed in the National Financial Capability Survey. OECD-INFE, Istanbul/TURKEY
  • 3.  Real estate and gold is the dominant investment instruments  ISE Market Capitalization - 34 % of GDP (2013)  Pension Funds - 1,2% of GDP (2013) Outcomes: - Room for Turkish financial markets to grow - Need for policies to promote long term savings and improve deepening of the financial markets OECD-INFE, Istanbul/TURKEY
  • 4.  A nationwide study (a geographically and socio-economically representative nationwide sample, 3009 households)  Conducted to inquire into financial capabilities, skills, behaviors, tendencies, and decision-making patterns of citizens across Turkey  Designed to provide input for active policies and programs that would enhance financial literacy and make efficient use of available resources in the country.  The survey was sponsored by the IBRD (Selection No. 1046162) and fielded in April-June, 2012 using face-to-face interview method.  The survey instrument was developed in collaboration with the World Bank and with the contribution of the Capital Markets Board (CMB) of Turkey. It was based on the questionnaire previously tested by the World Bank in several other countries. Each country made their own distinct modifications in the questionnaire to be applied in their country. OECD-INFE, Istanbul/TURKEY
  • 5. Main Goals:  to help citizens to improve their understanding of capital markets-related financial concepts and products; and manage their money  to provide information and tools to help citizens make informed decisions about their finances  to improve saving investment culture of general public  to increase access to financial services and hence making progress in financial inclusion OECD-INFE, Istanbul/TURKEY
  • 6. TARGET GROUPS General Public with an emphasis on:  University students  School-aged children  Women (including unbanked)  Employees (public and private sector)  Retired people  Current and potential investors  Others (Handicapped people, newly married couples, unemployed people etc.) OECD-INFE, Istanbul/TURKEY
  • 7. • Ministry of Development  İstanbul Finance Center Project • Ministry of Education • Treasury • Central Bank • Banking Supervision and Regulation Agency • Capital Markets Board of Turkey • State Deposit Insurance Fund
  • 8. National Strategy comprises a 5-year Action Plan with the following programs & projects:  National Survey on Financial Literacy funded by the World Bank to determine the current state of art  A website dedicated to financial education  Facebook page with 5,243 members  Seminars for women  Seminars for university students  Incorporating finance topics into school curriculum  Essay contest for school aged children  Simulation Games  Promotion campaigns abroad for potential investors  Preparing printed and electronic materials  Establishing Call Center, improving existing ones  Promoting Private Pension System  Training the trainers OECD-INFE, Istanbul/TURKEY
  • 9.  Utilizing national education system’s online platform where more than 17 million students and teachers are users (www.eba.gov.tr)  An efficient and effective way of reaching primary and secondary education  In February 2014 a Memorandum of Understanding signed with Ministry of Education  Online training for teachers, contests for students, online games, informative videos, e-books and other teaching materials will be the main tools OECD-INFE, Istanbul/TURKEY
  • 10.  Aligning priorities in a segmented financial sector regulatory framework (banking, capital markets, insurance)  Lack of specific budget for financial education  Ensuring involvement of all the relevant public, non- public institutions (more than 40 stakeholders) Strength: Full political support OECD-INFE, Istanbul/TURKEY

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