Financial Education - Financial Literacy Project in the Russian Federation
FINANCIAL EDUCATION AND FINANCIAL LITERACY PROJECT BASIC FACTS
RUSSIA FEFL PROJECT – BASIC FACTS Investment Project, $113m (o/w $25m WB loan) Implementation and supervision: WB procedures Project period: IV 2011 – XII 2015 Target groups: (i) school-age and college students, and (ii) active and potential low- and middle-income users of financial services. Project objectives: (i) improve the financial literacy of Russian citizens (especially among the target groups); (ii) strengthen the foundations for improving consumer protection in financial services. Long run objectives: (i) improve Russian citizens prudent financial behavior and responsible participation in financial services markets, (ii) more effective protection of Russian citizens’ as consumers of financial services, and (iii) strengthening of Russian financial sector and public trust in it. http://web.worldbank.org/external/projects/main? Projectid=P120338&theSitePK=40941&piPK=73230&pagePK=64283627&menu PK=228424
INSTITUTIONAL FRAMEWORK (Component 1)• Development of National Financial Literacy Strategy,• Supporting operations of the Interagency Project Committee,• Supporting the work of the Expert Board,• Strengthening the legal framework for the implementation of financial literacy and consumer protection policies,• Development and implementation of the M&E framework.
FINANCIAL EDUCATION(Component 2) Capacity building – human capacity training a group of national experts in FL; training regional teachers and tutors; development of teaching and learning materials; providing ongoing methodical support to the educators.
FINANCIAL EDUCATION (Component 2) Capacity building - portalNational financial literacy information & educational portal: single gateway; real life problem focused; plain language; opportunities for self education.
FINANCIAL EDUCATION(Component 2) Capacity building – regional projects 3 pilot + 8 participating regions; Support to regional priorities + unified programs; Regional Centers for FE&FL; Cooperation with private sector; Regional monitoring and evaluation.
FINANCIAL EDUCATION (Component 3) Education Programs Focus on basic financial literacy skills ; Special focus on (i) ensuring adequate post-retirement income; (ii) avoiding excessive debts; (iii) creating financial cushion for life emergency and crisis situations; and (iv) resolution of financial disputes and ability to assert rights on financial market.
FINANCIAL EDUCATION (Component 3) Information Campaign National coverage; Clear messages; Traditional media + internet; Social networks; Entertainment; Training of journalists.
FINANCIAL CONSUMER PROTECTION (Component 4)• Strengthening the institutional setup(Consumer Protection Service) and theregulatory framework• Improving dispute resolution mechanisms forconsumers• Enhancing consumer disclosure• Prohibiting unfair business practices andstrengthening business conduct• Independent monitoring of financial consumerprotection practices. (e.g. surveys, mysteryshopping)
FINANCIAL EDUCATION AND CONSUMER PROTECTION (Components 3 and 4) Fund of Good Ideas Supporting and scaling up the best ideas from the ground; Wide competition Regions Topics Corporate / individual Competitive selection; Supporting civil society or private initiatives in financial consumer protection