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Marusa Freire - 2014 Conference on Global and European Trends in Financial Education in Istanbul


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This presentation by Marusa Freire was made during session 4 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

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Marusa Freire - 2014 Conference on Global and European Trends in Financial Education in Istanbul

  1. 1. Key Criteria for Success of Financial Literacy Brazilian Case Marusa Vasconcelos Freire Global and European Trends in Financial Education: New Challenges, Innovation and Measures of Success Instanbul, Turkey – 22-23 May 2013
  2. 2. Development Testing Evaluation Re-Dev (...) Development Testing Evaluation Re-Dev (...) Development Testing Evaluation Re-Dev (...) State Policy (Presidential Decree // program in the federal government multiannual plan // permanent and nationwide policy // public interest must prevail ) Strategic planning and management(strong & active participation/involvement of financial regulators and supervisors // mapping stakeholders and existing initiatives // consultation process) Governance mechanisms (public, private and civil society participation & partnerships // centralized coordination & decentralized execution // national & sectorial actions) Communication & accountability (all initiatives employing information-formation-orientation approach // free of charge for target audience) Core competencies framework (clear goals, competencies and concepts => content, skills, knowledge and attitudes) Impact evaluation (monitoring, evaluating and re- planning …) National Strategy for Financial Education – ENEF
  3. 3. Great Challenge Public, private and not-for-profit stakeholders & partnerships • Monitoring and evaluating the national strategy – a way to evaluate the progress of NFS and determine if its moving towards its planned objectives. • Monitoring and evaluating ENEF’s projects impact – a way to evaluate if the NFS projects (actions / initiatives) are reaching their planned goals.
  4. 4. Items to be considered when designing the evaluation system (ENEF) 1. To specify clearly the results and objectives to be achieved in the short, medium and long term. 2. To select indicators for monitoring and evaluating both implementation and results. – These indicators should be clear, adequately measuring results, be available for reasonable cost and be subject to be independently validated. 3. To establish a baseline, i.e., to measure the status of the indicators before implementing the action or programme. 4. To establish deadlines for achieving goals and targets. 5. To collect data and calculate indicators often in order to assess whether goals are being achieved. – These measures must be stable in time and space so that they can be compared. 6. To analyse the results to check if goals and targets are being met, even checking whether resources are being handled efficiently. 7. To plan corrective actions so that goals and targets are achieved.
  5. 5. Make it simple Objectives Comments To promote and foster a “culture” of financial education in the country Overview of ENEF’s recent initiatives (Mapping; 1st National FE Week) To broaden the understanding of citizens in order to make informed choices regarding the management of their resources. ENEF’s core competency framework can be used as a tool or reference to set targets, goals and mechanisms to monitor financial education outcomes (e.g. FE in Schools) To contribute to the efficiency and soundness of financial, capital, insurance, and pension funds markets. Financial Citizenship Program (large scale FE projects) Surveys (T0, T1, T12, …) => OECD Toolkit to Measure Financial Literacy?; CFSP Partnership. Databases (CCS & SCR).
  6. 6. Mapping – Multiplication of Initiatives Association of Financial Education in Brazil - AEF Ministries, Regulatory Agencies, Civil Society Representatives 2010 => 100 FE initiatives 2013 => 803 FE initiatives
  7. 7. 1st National Financial Education Week 179 - Events 54 - BCB & Partners 5.034 - Participants 12 States
  8. 8. Financial Education Programme in High Schools • A pilot project has been implemented in schools aiming to assess the adequacy of the material produced for high schools. It included 891 volunteering schools, trained 1,200 teachers, and reached nearly 27,000 students aged 14–17. • The impact evaluation, made in partnership with the World Bank, concluded that the program increased students’ financial knowledge, led to improvements in financial attitudes, and changed participants’ financial behaviour. • Students in the treatment group are more likely to engage in saver financial behaviour, talk to their families about financial matters, and help with organizing household budget. http://www- 0_20120605160329/Rendered/INDEX/693250WP0P123702375400June02802011.txt
  9. 9. Association of Financial Education in Brazil – AEF Ministry of Education Financial Education Programme in High Schools • In the next two years the program should reach from 2.962 to 4.000 public schools. • Further dissemination of this programme will be driven by strategies that enable the scalability of educational materials distributions. • Schools will be able to join the programme through a virtual platform that was created for this purpose.
  10. 10. SPATIAL DIMENSION TEMPORAL DIMENSION Exercising rights and duties in an ethical and responsible manner Making financial decisions socially and environmentally responsible Applying revenue and expenditures understanding in maintaining one’s financial balance Harmonizing wants and needs, reflecting on one's own habits of consumption and savings Evaluating offers and making autonomous financial decisions in accordance with the actual needs Acting as a disseminator of knowledge and practices in FE Relying on mechanisms of prevention and protection of short, medium and long term Elaborating financial plans for the short, medium and long terms Analysing alternatives to overcome economic difficulties Relying on the formal financial system for the usage of financial services and products ENEF’S core competencies framework for adults => Supporting tool for designing actions for all target audiences => goals, content, …
  11. 11. Financial inclusion, protection and literacy contribute both to financial citizenship and to the efficiency of the SFN and the maintenance of the country’s economic stability. Financial Citizenship Program 11 Thematic Areas Personal finance/money management, focusing on saving and the responsible use of credit. Citizen’s relationship with the SFN – information, instruction and advice about financial services and products and conflict resolution channels with the SFN, and about the role and functions of the SFN and the Central Bank. Financial institutions’ relationship with the citizen – induction of good financial education practices when offering financial services.
  12. 12. Distance-learning money management course School of Fiscal Administration • Personal Finance Management (Basic) – Financial education contents are presented in a ludic fashion manner by means of dialogues among the animated characters of a typical Brazilian family. – Registrations will be open to the public at large. • Sensibilization => raising awareness • 10.000 people – 1st year
  13. 13. Entrepreneurial Financial Education Brazilian Micro and Small Business Support Service - Sebrae • Financial Education for the individual and micro entrepreneur (IEs & SMEs) – lectures at the Entrepreneur’s Fair – lectures and courses on money management, under the National Program for Access to Technical Education and Employment (Ministry of Education) – 1st. Stage => sensibilization => financial education material has been distributed through Sebrae to raise awareness among managers, teachers and students of technical schools (6.000 Technical Schools)
  14. 14. Cooperative Financial Education Brazilian Organization of Cooperatives & National Cooperative Learning Service 5 books for the students 5 books for the teachers 1 book for trainer of the teachers 10millions ofmembers Our relationship with money Personal and familiar budget Credit Usage Planned Consumption Investments Other partnership • Financial Education for multipliers in FE – to develop content, textbooks, teachers’ manuals and courses to train multipliers in financial education for cooperative workers and contributors, focusing on money management and the relationship between cooperative affiliates and financial service providers. • Capacity to train multipliers in FE => ability to scale up FE inniciatives to reach millions of people
  15. 15. Financial Citizenship: Relationship with the NFS National Consumer Protection System – Senacon – Ministry of Justice • Financial Education for consumer protection agents – lectures and courses for the information, instruction and advice of the workforce and contributors of consumer protection agencies; – Financial consumer protection channels and the role and functions financial institutions. . • Quantitative and qualitative changes on the claims and information • Effectiveness of the consumer protection national system for financial claims. • Reaching people with indebtness problems citizens Consumer protection agents Financial education material based on financial consumer claims and informations reported at RDR and SNDC (+600.000)
  16. 16. AcumulAtivos Project Fundación Capital (Colômbia Lista) , Ministry of Social Development, Research Center Research Center / Social Tecnology Incubator Confesol Community Banks - Associations 1 tablet 5 families 15 families Não há distribuição ou doação de tablets, mas circulação 10 Communities 5 Regions Ambiente Virtual • Financial education to youth and adults in situation of poverty or extreme poverty – to develop/test FE methodology using self-instructional content focused on asset accumulation – people registered at the Social Programs Unique Database (16million/22million)
  17. 17. Studies and Research To develop a methodology to assess and monitor the impact of financial education actions, its relation with the evolution of financial inclusion in Brazil and the levels of savings and indebtedness amongst the target audience of the program. – Financial System Monitoring Department- Desig – Research Department – Depep – Financial Education Department – Research Centers from Universities
  18. 18. Obrigada! THANK YOU!