Olaf Simonse
High-level conference on global and European trends in
financial education
22-23 May 2014 - Istanbul, Turkey
...
23May,2014
CentiQ-Wijzeringeldzaken
2
Since the introduction of the National Strategy for
Financial Education in June 2008, the world has
changed
23May,2014
Cen...
Steps
23May,2014
CentiQ-Wijzeringeldzaken
4
Analysis Desk research
- Academic research
- Market research
- Evaluation of r...
Highlights from the analysis
• International context
• (Academic) research results
• National context
• Analysis of MoneyW...
Highlights from the analysis
• International context
• (Academic) research results
• National context
• Analysis of MoneyW...
International context (1)
• Financial literacy and financial education are high on
the international agenda
• G20 leaders:...
International context (2)
• Shift in financial education efforts: more focus on financial behaviour
• Internet is the majo...
Highlights from the analysis
• International context
• (Academic) research results
• National context
• Analysis of MoneyW...
Academic research
• Critique from academics on “traditional” forms of
financial education
• Little evidence of the effecti...
Financial Behavior Monitor (November
2013) (1)
23May,2014
CentiQ-Wijzeringeldzaken
11
Responsible financial
behavior consi...
Highlights from the analysis
• International context
• (Academic) research results
• National context
• Analysis of MoneyW...
National context
23May,2014
CentiQ-Wijzeringeldzaken
13
Problematic debts ↑ Participation society
Financial unconsiousness...
Highlights from the analysis
• International context
• (Academic) research results
• National context
• Analysis of MoneyW...
Key conclusions from the analysis
• The force field in which the Money Wise Platform
operates is complex.
• The Money Wise...
23May,2014
CentiQ-Wijzeringeldzaken
16
The strategic programme consists of a new
mission and five strategic starting points
Mission
MoneyWise is the platform in ...
1. Advancing responsible financial
behaviour is the key focus area
Objectives
The activities of Money Wise focus on advanc...
2. Focusing on specific life events
and the related target groups
Objectives
1. Money Wise focuses on specific themes. Its...
3. Greater impact through the
pooling of strengths
Objectives
1.Money Wise works on projects that offer parties the
opport...
4. Greater impact through
professsional development
Objectives
1.Money Wise supports policy makers in developing
effective...
5. Greater impact through
innovation
Objectives
1.Money Wise uses scientific insights to develop
interventions and support...
23May,2014
CentiQ-Wijzeringeldzaken
23
Implementation
• The Money Wise label stands for the collective
commitment of partners and provides authority
towards cons...
23May,2014
CentiQ-Wijzeringeldzaken
25
For inspiration, go to
www.moneywiseplatform.nl
• Go to www.moneywiseplatform.nl
23May,2014
CentiQ-Wijzeringeldzaken
26
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Olaf Simonse - 2014 Conference on Global and European Trends in Financial Education in Istanbul

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This presentation by Olaf Simonse was made during the 1st 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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Olaf Simonse - 2014 Conference on Global and European Trends in Financial Education in Istanbul

  1. 1. Olaf Simonse High-level conference on global and European trends in financial education 22-23 May 2014 - Istanbul, Turkey Revised National Strategy for Financial Education in the Netherlands
  2. 2. 23May,2014 CentiQ-Wijzeringeldzaken 2
  3. 3. Since the introduction of the National Strategy for Financial Education in June 2008, the world has changed 23May,2014 CentiQ-Wijzeringeldzaken 3 2008: 2013:
  4. 4. Steps 23May,2014 CentiQ-Wijzeringeldzaken 4 Analysis Desk research - Academic research - Market research - Evaluation of results - OECD documentation - National strategies from other countries Research - Financial Behavior Monitor - Pension Awareness Monitor Interviews - Stakeholders (national) - National coordinators from other countries Strategy
  5. 5. Highlights from the analysis • International context • (Academic) research results • National context • Analysis of MoneyWise 23May,2014 CentiQ-Wijzeringeldzaken 5
  6. 6. Highlights from the analysis • International context • (Academic) research results • National context • Analysis of MoneyWise 23May,2014 CentiQ-Wijzeringeldzaken 6
  7. 7. International context (1) • Financial literacy and financial education are high on the international agenda • G20 leaders: financial education contributes to economic development • Institutions from 108 countries are members of the OECD/INFE; an increasing number of them have developed and implemented a National Strategy for Financial Education • Financial literacy was added to the PISA framework • Why? • Government devolution • Ageing population • Developments on the financial markets • Increasing evidence that financial education contributes to better financial decision making and economic development 23May,2014 CentiQ-Wijzeringeldzaken 7
  8. 8. International context (2) • Shift in financial education efforts: more focus on financial behaviour • Internet is the major channel for reaching consumers, supplemented by face-to-face contact for specific target groups • More emphasis on measuring financial self-reliance and evaluating the effectiveness of financial education programs • Expansion of partnerships (financial services industry, civil society, employers …) • Investing in young people is key. 23May,2014 CentiQ-Wijzeringeldzaken 8
  9. 9. Highlights from the analysis • International context • (Academic) research results • National context • Analysis of MoneyWise 23May,2014 CentiQ-Wijzeringeldzaken 9
  10. 10. Academic research • Critique from academics on “traditional” forms of financial education • Little evidence of the effectiveness of financial education programs • Financial behaviour is determined more by context and irrational factors than by knowledge and conscious decision making • Elements that contribute to effectiveness of financial education • start with the desired behaviour in mind • make it relevant to the individual • deliver at teachable moments • offer prospects for action 23May,2014 CentiQ-Wijzeringeldzaken 10
  11. 11. Financial Behavior Monitor (November 2013) (1) 23May,2014 CentiQ-Wijzeringeldzaken 11 Responsible financial behavior consists of three elements: - Money management - Financial planning - Choosing financial products These elements have low correlation Influencers of reponsible financial behavior: - Attitudes such as core values and involvement have significant influence - Knowledge is not a significant influencer
  12. 12. Highlights from the analysis • International context • (Academic) research results • National context • Analysis of MoneyWise 23May,2014 CentiQ-Wijzeringeldzaken 12
  13. 13. National context 23May,2014 CentiQ-Wijzeringeldzaken 13 Problematic debts ↑ Participation society Financial unconsiousness Digitisation and technology
  14. 14. Highlights from the analysis • International context • (Academic) research results • National context • Analysis of MoneyWise 23May,2014 CentiQ-Wijzeringeldzaken 14
  15. 15. Key conclusions from the analysis • The force field in which the Money Wise Platform operates is complex. • The Money Wise Platform has a strong position as an objective, expert party. Synergy and coordination between stakeholders multiply impact • There is for improvement in the cooperation with partners. The role of the platform and the position of the label and website need to be clarified 23May,2014 CentiQ-Wijzeringeldzaken 15
  16. 16. 23May,2014 CentiQ-Wijzeringeldzaken 16
  17. 17. The strategic programme consists of a new mission and five strategic starting points Mission MoneyWise is the platform in which partners pool their strengths to advance responsible financial behaviour in the Netherlands 23May,2014 CentiQ-Wijzeringeldzaken 17 Strategic starting points 1. Advancing responsible financial behaviour is the key focus area 2. Focusing on specific life events and the related target groups 3. Greater impact through the pooling of strengths 4. Greater impact through professsional development 5. Greater impact through innovation
  18. 18. 1. Advancing responsible financial behaviour is the key focus area Objectives The activities of Money Wise focus on advancing the three aspects of responsible financial behaviour, i.e.: 1. Money management: 2. Financial planning: 3. Choosing financial products: 23May,2014 CentiQ-Wijzeringeldzaken 18
  19. 19. 2. Focusing on specific life events and the related target groups Objectives 1. Money Wise focuses on specific themes. Its activities are aimed at achieving the greatest possible impact for each theme. 2. Money Wise is devoted to the structural integration of financial competencies into the school curriculum 23May,2014 CentiQ-Wijzeringeldzaken 19
  20. 20. 3. Greater impact through the pooling of strengths Objectives 1.Money Wise works on projects that offer parties the opportunity to use their own expertise and channels to contribute to the realisation of the platform’s mission. This guarantees the optimal use of resources, ensures integration and expands the impact for consumers. 2.Money Wise aims to stimulate knowledge sharing with and between the parties (nationally and internationally) so that the platform can use relevant acquired insights to increase effectiveness. 3.Money Wise collaborates with organisations that are in the position – based on their expertise and channels – to influence the behaviour of the target groups regarding the chosen themes. 23May,2014 CentiQ-Wijzeringeldzaken 20
  21. 21. 4. Greater impact through professsional development Objectives 1.Money Wise supports policy makers in developing effective interventions (nudging, interventions focused on choice architecture, the social environment and educational programmes). 2.Money Wise aims to stimulate and initiate the development of instruments that advance the responsible financial behaviour of consumers. The distribution channels of the partners are utilised to together generate a maximum reach. 3.Money Wise develops a new on-line strategy 23May,2014 CentiQ-Wijzeringeldzaken 21
  22. 22. 5. Greater impact through innovation Objectives 1.Money Wise uses scientific insights to develop interventions and supports the use of these insights by the partners. 2.Money Wise contributes to the expansion of insights by assessing how effectively interventions are used. 3. Money Wise supports innovations in the field of pension communications (including the Pension Dashboard) 23May,2014 CentiQ-Wijzeringeldzaken 22
  23. 23. 23May,2014 CentiQ-Wijzeringeldzaken 23
  24. 24. Implementation • The Money Wise label stands for the collective commitment of partners and provides authority towards consumers • Partners contribute their knowledge, channels and resources to achieve the common goal • The programme office drives the realisation of the objectives of the platform • International cooperation and knowledge sharing through OECD/INFE is key 23May,2014 CentiQ-Wijzeringeldzaken 24
  25. 25. 23May,2014 CentiQ-Wijzeringeldzaken 25
  26. 26. For inspiration, go to www.moneywiseplatform.nl • Go to www.moneywiseplatform.nl 23May,2014 CentiQ-Wijzeringeldzaken 26

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