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Designing and implementing financial literacy programs


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Adele Atkinson, PhD, OECD Policy Analyst,
Financial Education and Consumer Protection Unit, presentation from the workshop launching the Financial Education Financial Literacy Program in the Russian Federation, Moscow, April 4, 2011

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Designing and implementing financial literacy programs

  1. 1. Designing and implementing financial literacy programs !Adele Atkinson, PhDPolicy AnalystFinancial Education andConsumer Protection Unit 10th March 2011
  2. 2. What role for financial education?!•  When a consumer interacts with financial services, they need to be both protected and informed•  Consumer protection and harmonised prudential frameworks are essential to promote trust in the markets and safeguard individuals•  Financial education helps individuals make informed decisions 2
  3. 3. High level principles on financial education! •  Government leadership ensures credibility •  Coordination at national level: ideally through a national strategy •  Responsible involvement of private sector & public private partnerships •  Bottom up and top down approaches •  Start early and in schools •  Ensure sufficient resources •  Evaluate 3
  4. 4. Implementation!A national strategy provides the best opportunity to apply these principles, ensuring:•  National recognition of the issues•  An agreed vision of the solutions, intended benefits and wider, economic implications•  Scale – reaching enough people to have a national impact and doing so on a scale that reduces unit cost 4
  5. 5. First steps !•  Identify the issues at national level •  Data (surveys, consumer complaints, financial difficulties)•  Map existing resources and initiatives to avoid duplication: •  Who are the providers? •  What materials and pedagogical tools do they use? •  Have they identified efficient practices? •  Where are the gaps? 5
  6. 6. Design appropriate programmes !Take financial education to the public:•  Make it easy to access, appealing, engaging•  Use trusted sources; publicise well•  Tap into teachable moments to reduce the time between teaching and action•  Use environments that support learning•  Incorporate financial education widely•  Use simple and engaging messages and tools•  Provide participants with goals or a plan of action to change behaviour 6
  7. 7. The importance of evaluation!Evaluation and Monitoring go hand-in-hand (Good) evaluation can tell you whether: •  Particular programmes have been effective •  The same programmes could continue to be effective with new audiences •  Certain programmes meet a specific objective more effectively or efficiently than others •  Certain objectives are better met by other means 7
  8. 8. Evaluation is not widespread!There are a number of hurdles:•  Willingness to scrutinise provision and potentially identify ‘weaknesses’•  The variations in design, delivery and content of financial education provision•  The range of target audiences•  The skills and experience of potential evaluators•  The money, time and other resources needed to undertake evaluation 8
  9. 9. Evaluation and the OECD INFE!The INFE has therefore developed:•  A summary of existing evaluation evidence•  A critique of current evaluation practice•  Guides for designing and implementing robust financial education evaluations*•  General principles on evaluation – to be developed into OECD recommendations•  A dedicated area on the secure website to discuss evaluation issues 9
  10. 10. Detailed Guide!A 14 page guide with case studies, explaining:•  What evaluation is•  How it fits with programme objectives•  The steps involved: – Planning – Implementing – Reporting and using findings•  Various additional considerations•  Where to find evaluation resources 10 3/49/47220488.pdf
  11. 11. Guide to Evaluation! And a 5 page guide as a reminder to>•  Plan the evaluation carefully•  Find a reliable evaluator who …. i.  Matches methods to objectives; using existing tools where possible ii.  Considers who should participate, ensures confidentiality iii.  Analyses the results cautiously iv.  Reports the findings objectively•  Use the results 11 3/47/47220527.pdf
  12. 12. Some key take-home points !•  Significant sums of money are spent on programmes that may be inefficient•  A good evaluation will be cost-effective•  Think carefully about what you expect•  If resources are limited, prioritise: evaluate one aspect of the programme robustly, don’t try to do too much at once•  Seek objective outcome measures linked to the aims of the programme 12
  13. 13. Thank you!!Comments and questions are welcome 13