Susana Narciso - 2014 Conference on Global and European Trends in Financial Education in Istanbul

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This presentation by Susana Narciso 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 …

This presentation by Susana Narciso 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

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  • 1. GLOBAL AND EUROPEAN TRENDS IN FINANCIAL EDUCATION: NEW CHALLENGES, INNOVATION AND MEASURES OF SUCCESS The role of the private and non-profit sectors in financial education The approach of the Portuguese National Plan for Financial Education SUSANA NARCISO | BANCO DE PORTUGAL High-level conference on global and European trends in financial education 22-23 May 2014 - Istanbul, Turkey
  • 2. 2Istanbul, May 22, 2014| Susana Narciso – Banco de Portugal PORTUGUESE NATIONAL PLAN FOR FINANCIAL EDUCATION  The National Plan (2011-2015) is promoted by the National Council of Financial Supervisors, composed of the three financial supervisors: • Banco de Portugal (Central Bank), Portuguese Securities Market Commission and Portuguese Insurance and Pension Funds Supervisory Authority PORTUGAL| PRINCIPLES FOR FINANCIAL EDUCATION INITIATIVES  It is a framework for financial education initiatives of a large number of stakeholders: • Ministries, financial sector associations, consumer protection organisations, trade unions, universities,…  The stakeholders’ strong involvement is key for the success of the National Plan, but it stresses the need to define criteria for the financial education initiatives  The initiatives within the National Plan must comply with Principles for Financial Education Initiatives (2012) aimed at • defining quality criteria for the initiatives • preventing conflicts of interest, in particular for financial institutions http://www.todoscontam.pt/pt- PT/PNFF/PNFF/PrincipiosOrientadores/ Paginas/PrincipiosOrientadores.aspx
  • 3. 3Istanbul, May 22, 2014| Susana Narciso – Banco de Portugal PORTUGAL| PRINCIPLES FOR FINANCIAL EDUCATION INITIATIVES  Principles of accuracy and timeliness • The information shall be accurate, complete, up-to-date and relevant  Principle of impartiality • The information shall be impartial, objective and free of value judgments • Financial education initiatives shall not be used as marketing or advertising vehicles and shall not make references to specific financial institutions or particular financial products or services • Financial institutions shall develop the initiatives jointly with the sector associations  Language and content • The initiatives shall be pedagogical and consider the characteristics of the targeted group  Conditions for the use of logos and brands • Logos and brands must aim solely at identifying the promoting entities and have size limits • Where financial institutions participate in the initiatives, the logo or brand shall only be used together with those of the respective representative associations MAIN PRINCIPLES FOR FINANCIAL EDUCATION INITIATIVES
  • 4. 4Istanbul, May 22, 2014| Susana Narciso – Banco de Portugal IMPLEMENTATION OF THE PRINCIPLES FOR FINANCIAL EDUCATION INITIATIVES PORTUGAL| PRINCIPLES FOR FINANCIAL EDUCATION INITIATIVES  The dissemination of the stakeholders’ initiatives in the website of the National Plan (Todos Contam - “Everybody Counts”) requires compliance with the Principles  The Ministry of Education adopted the Principles to frame financial education initiatives of financial institutions in schools. The Ministry is developing a complete strategy for schools in partnership with the three financial supervisors: • Core Competencies for Financial Education published in 2013 • Training the teachers programme launched in 2014 • Teaching materials under preparation jointly with the financial institutions associations  The projects submitted to the Financial Education Competition that rewards the best financial education projects in schools must comply with the Principles  The initiatives of the stakeholders in Financial Literacy Day, October 31, must also abide the Principles www.todoscontam.pt