Vahdettin Erta - 2014 Conference on Global and European Trends in Financial Education in Istanbul
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Vahdettin Erta - 2014 Conference on Global and European Trends in Financial Education in Istanbul

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This presentation by Vahdettin Erta was made during the special address 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 Vahdettin Erta was made during the special address 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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    Vahdettin Erta - 2014 Conference on Global and European Trends in Financial Education in Istanbul Vahdettin Erta - 2014 Conference on Global and European Trends in Financial Education in Istanbul Presentation Transcript

    • Vahdettin ERTAŞ, Ph.D. High-level conference on global and European trends in financial education 22-23 May 2014 - Istanbul, Turkey New Challanges, Innovation and Measures of Success
    • TURKEY-Snapshot Population 76.6 million (2013) Labor Force (Population) 28.8 million (2013) Median Age 30.4 (2013) Area 783,562.38 km² Financial Center Istanbul GDP USD 820 billion (2013) GDP Per Capita USD 10,782 (2013) Exports Value USD 152 billion (2013) Imports Value USD 251 billion (2013) Tourism Revenue USD 32.3 billion (2013) Tourist Number 39.2 million (2013) Foreign Direct Investment USD 12.9 billion (2013) Number of Companies with Foreign Capital 36,450 (2013) Inflation Rate 7.5% (CPI-2013) Major Exports Markets Germany (9%); Iraq (7.8%); UK (5.8%); Russia (4.6%); Italy (4.4%); France (4.2%); USA (3.7%); UAE (3.3%); Spain (2.8%); Iran (2.4%) (2013) Major Imports Sources Russia (9.9%); China (9.8%); Germany (9.6%); Italy (5.1%); USA (5%); Iran (4.1%); Switzerland (3.8%); France (3.2%); Spain (2.5%); India (2.5%) (2013) Population 76.6 million (2013) Labor Force (Population) 27.8 million (February 2014) Median Age 30.1 (2013) Area 783,562.38 km² Financial Center Istanbul GDP USD 820 billion (2013-Current Prices) GDP Per Capita USD 10,782 (2013) Exports Value USD 152 billion (2013) Imports Value USD 251 billion (2013) Tourism Revenue USD 32.3 billion (2013) Number of Tourists 39.2 million (2013) Foreign Direct Investment USD 12.9 billion (2013) Number of Companies with Foreign Capital 36,450 (2013) Inflation Rate 9.4% (CPI-April 2014) Major Exports Markets Germany (9%); Iraq (7.8%); UK (5.8%); Russia (4.6%); Italy (4.4%); France (4.2%); USA (3.7%); UAE (3.3%); Spain (2.8%); Iran (2.4%) (2013) Major Imports Sources Russia (9.9%); China (9.8%); Germany (9.6%); Italy (5.1%); USA (5%); Iran (4.1%); Switzerland (3.8%); France (3.2%); Spain (2.5%); India (2.5%) (2013)
    • 10,5 million tourists (30% of total arrivals in Turkey, 2013)
    • 4 İstanbul 3. Airport Auction value ≈ 22 billion Euros Construction cost ≈ 10 billion Euros İstanbul – İzmir Highway ≈ 16 billion $ İstanbul 3. Bridge ≈ 3,5 billion $ High Speed Train  İstanbul - Ankara ≈ 4 billion $ Haydarpaşa Port ≈ 5 billion $  Kanal İstanbul…
    • The Improvements in Turkish Economy Outlook USD 123 billion of FDI in the past decade and 13th most attractive FDI destination in the world (2012 A.T. Kearney FDI Confidence Index) 16th largest economy in the world and 6th largest economy compared with EU countries in 2012 (GDP at PPP, IMF-WEO) Robust economic growth over the last decade with an average annual real GDP growth of 5 percent GDP reached USD 820 billion in 2013, up from USD 231 billion in 2002 Sound economic policies with a prudent fiscal discipline Strong financial structure resilient to the global financial crisis
    • Borsa Istanbul • Market Capitalization $255 billion Banking • Asset Value $855 billion Mutual Funds • Portfolio Value $14 billion Pension Funds • Portfolio Value $13 billion Real Estate Investment Trusts • Portfolio Value $9 billion Portfolio Management Companies • Portfolio Value $32 billion Financial Indicators
    • Financial Indicators Number of comp. regist. with the Board 605 Borsa Istanbul companies 421 Number of issue investors in Borsa Istanbul 1,095,386 Number of investors in mutual funds 2,758,658 Number of pension funds participants 4,520,515
    • Education
    • Reforms & Developments Education in Turkey Compulsory eight-year education Improvement of the overall quality of the Turkish education system Increase in the number of schools and related establishments The Fatih Project; public school students with tablet PCs and classrooms with electronic boards
    • Financial Education in Turkey Financial Capability Survey A nationwide study conducted by WB to inquire into financial capabilities, skills, behaviors, tendencies, and decision-making patterns of citizens across Turkey 3009 households surveyed through face-to-face interviews Subjects with higher socio-economic condition tend to give more right answers to financial literacy questions Most respondents gave wrong answer or did not respond to the questions on compound interest and inflation
    • Level of indebtedness Financial Capability Survey Can you save for the future?
    • FINANCIAL LITERACY Central Bank of Turkey Treasury Sav. Dep. Ins. Fund Banking Capital Markets TaxInsurance Real Sector Capital Markets Board Min. of Education Min. of Development Bank.Reg. & Sup. Aut. National Strategy – Organization
    • National Strategy on Financial Education Overview Goals to help citizens to improve their understanding of 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 and investment culture of general public
    • General Public with an emphasis on: • University students • School-aged children • Women & Families • Employees (public and private sector) • Finance sector employees • Others (Handicapped people, newly wed couples, unemployed young people etc.) National Strategy – Target Groups
    • PROJECT NAME TARGET GROUP OUTCOME COORDINATOR Essay Contest Students in primary and secondary education Raised awareness of students about capital markets CMB Simulation Games Primary and secondary education students Raised awareness of students about capital markets CMB Training the Trainers Teachers in primary and secondary schools Increased level of financial literacy and skills CMB Enhancing finance topics in the curriculum Primary and secondary education students Increased level of financial literacy and skills CMB, Ministry of Education Primary & Secondary Education
    • 2013 SUMMIT