Financial Education - Financial Literacy Project in the Russian Federation

•

2 likes•813 views

Zoran Anusic, World Bank, presentation from the workshop launching the Financial Education Financial Literacy Program in the Russian Federation, Moscow, April 4, 2011

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

HOLISTIC PROJECT APPROACH

FINANCIAL FINANCIAL
EDUCATION CONSUMER
PROTECTION

INSTITUTIONAL
AND LEGAL
FRAMEWORK

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 - portal

National 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 the
regulatory framework
•  Improving dispute resolution mechanisms for
consumers
•  Enhancing consumer disclosure
•  Prohibiting unfair business practices and
strengthening business conduct
•  Independent monitoring of financial consumer
protection practices. (e.g. surveys, mystery
shopping)

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

PlaNet Guarantee is an insurance broker that develops innovative insurance products tailored to the needs of populations excluded from traditional insurance. It has developed index-based agricultural insurance programs in multiple countries in West Africa to protect farmers against risks from climate events. The programs use satellite data and weather station information to automatically payout claims indexed to measures like rainfall levels. This stabilizes farmers' incomes and the broader agriculture sector by securing access to credit, investment, and markets. Partnerships with local insurers, reinsurers, banks, microfinance institutions, and farmer cooperatives facilitate the distribution and management of the insurance programs. [/SUMMARY]

Umm emw speakers'corner v1

hmagrissy

This document discusses University Meets Microfinance (UMM), an initiative that fosters cooperation between universities, students, and microfinance practitioners in Europe. UMM aims to increase knowledge of microfinance, provide field experiences for students, and contribute solutions to challenges facing the poor's access to financial services. Since 2009, UMM has conducted seminars, research projects, documentation, professional exchanges, and dissemination of information to over 1,000 students and practitioners. Interested parties are encouraged to join UMM activities to further microfinance education and innovation.

The Implementation of the Joint Africa-EU Strategy: rebuilding confidence and...

European Centre for Development Policy Management (ECDPM)

Adie development slides

universitymeetsmicrofinance

This document summarizes the services of Adie, a microfinance institution in France. It offers microloans between 100-10,000 Euros and business development services to entrepreneurs without access to traditional bank loans. Since 1989 it has granted 155,000 microloans, with a repayment rate of 93%. It also describes Creajeunes, a specific Adie program that provides young people in underserved areas training and coaching over 4-5 weeks to help them decide if they should start a business and get support to do so within 10 months. In 2014, 1,294 young people participated in Creajeunes, with 29% going on to start businesses after completing the program.

EMW2015 Maria livia de Rubeis

universitymeetsmicrofinance

The document summarizes mutual health schemes (MHOs) established in Madagascar with support from Positive Planet and Sanofi. It discusses how three MHOs were created between 2012-2013 to provide health coverage to informal workers, reaching over 30,000 beneficiaries by 2015. The MHOs partner with various organizations and provide services like hospitalization, consultations, and drugs. They aim to expand coverage to 67,000 people by diversifying services and ensuring financial sustainability without subsidies by 2018.

Session 1 presentation 1 advocacy can influence drr agenda in vietnam_jani vi...

IFRCCOMMS

JANI's achievements in Vietnam from 2006 to 2013 include: 1) Establishing an advocacy network of 18 organizations coordinated by CARE to promote joint work and experience sharing on disaster risk reduction. 2) Conducting advocacy and awareness training, celebrating national and international DRR days, and supporting the implementation of regional disaster management agreements. 3) Developing training packages, guidelines, and educational materials on advocacy, community-based disaster risk management, climate change adaptation and more that were adopted into Vietnam's national CBDRM program. 4) Organizing study tours, supporting websites, and developing extra-curriculum education materials to promote learning and knowledge sharing on DRR and climate change issues.

Forum pp nov18_2010

mswu

The document summarizes the goals and outcomes of an Internationalizing Teacher Education Forum. The forum aimed to encourage information sharing about internationalization efforts between colleges of education, promote collaboration, and foster relationships within universities. Key outcomes included developing an online database of internationalization programs and encouraging strategic guidelines for globalization implementation. The document also outlines various services that international offices provide to support programs, such as advising on study abroad and facilitating faculty exchanges.

Yep Development Slides June 2015

universitymeetsmicrofinance

The Youth Entrepreneurship Project (YEP) aims to educate youth in Egypt, Lebanon, and Palestine on entrepreneurship to improve their economic status. It partners with three microfinance institutions to provide services and loans to over 3,000 youth beneficiaries and their existing businesses. Non-financial services include developing training curricula and training 76 staff. Financial services provided 493 loans totaling $985,470 USD to over 1,000 beneficiaries. Challenges included security issues delaying implementation and difficulties engaging working youth in financial education training.

This presentation by GP Garg was made at the High-level Global Symposium on Financial Education: Promoting Long-term Savings and Investments in Korea which explored policies and good practices for supporting long-term savings and investments through financial education and financial consumer protection. Find out more at http://www.oecd.org/daf/fin/financial-education/globalsymposiumonfinancialeducationforlong-termsavingsandinvestments.htm

Ahmad saeed financial education and inclusion - pakistan

OECD Directorate for Financial and Enterprise Affairs

This document summarizes Pakistan's financial inclusion landscape and national financial literacy program. It provides key facts about Pakistan's population, economy, and current level of financial inclusion being around 15-20%. Pakistan's financial inclusion objectives include developing diverse financial products and expanding access points through digital tools and bulk payments. The State Bank of Pakistan has launched a nationwide financial literacy program to educate 50,000 adults on basic financial topics, with plans to scale up and include children. Low financial literacy is identified as a major constraint, with over 40% of the excluded population lacking product understanding and over half of adults using informal savings methods.

Latest practices-in-fin consumerprotection-and-fineducation-by-ivo-jenik(1)

Dr Lendy Spires

The document summarizes trends in consumer protection and financial education based on a global survey of financial regulators. It finds that between 2010 and 2013, more countries established a legal framework for consumer protection and financial literacy and assigned responsibility to financial supervisors. Regulators are also broadening monitoring tools and involvement in financial literacy efforts. The document outlines good practices for consumer protection in areas like disclosure, business practices, and dispute resolution. It discusses responsible digital finance and ensuring protection as services move online. Finally, it discusses measuring and improving financial capability through financial education programs and national strategies.

Latest practices-in-fin consumerprotection-and-fineducation-by-ivo-jenik

Dr Lendy Spires

This document summarizes the key points from a presentation on latest practices in financial consumer protection and financial education. The presentation covered trends from a global survey on consumer protection and financial literacy, good practices for financial consumer protection, responsible digital finance, and financial capability and education. It discussed how most countries now have a legal framework for consumer protection and financial literacy, and that responsibilities are shared across multiple regulatory agencies. New good practices were being developed to address digital finance issues around areas like data protection and product suitability. Financial capability was defined and its importance discussed, along with how countries measure capability through surveys to help design national strategies.

Latest practices-in-fin consumerprotection-and-fineducation-by-ivo-jenik

Dr Lendy Spires

This document summarizes the key points from a presentation on latest practices in financial consumer protection and financial education. The presentation covered trends from a global survey on consumer protection and financial literacy, good practices for financial consumer protection, responsible digital finance, and financial capability and education. It discussed how most countries now have a legal framework for consumer protection and financial literacy, and how regulatory responsibilities are shared across multiple agencies. The presentation also outlined the World Bank's good practices for financial consumer protection and efforts to ensure they remain up to date. It addressed consumer protection issues specific to digital finance and financial inclusion. Finally, it discussed definitions and frameworks for measuring financial capability at the individual level.

Financial Education in the Commonwealth and Independent States (CIS): Launch ...

OECD Directorate for Financial and Enterprise Affairs

The OECD-Russia Technical Assistance Project on Financial Education in the Commonwealth and Independent States (CIS) was launched in Moscow on 29 June 2017. The project will provide policy and practical support for strengthening the financial literacy of citizens with a view to promoting their financial well-being. The six participating countries are Armenia, Azerbaijan, Belarus, Kazakhstan, the Kyrgyz Republic and Tajikistan. Find out more about the project at http://www.oecd.org/finance/financial-education-CIS.htm

Marusa Freire - 2014 Conference on Global and European Trends in Financial Ed...

OECD Directorate for Financial and Enterprise Affairs

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 http://www.oecd.org/daf/fin/financial-education/2014-conference-global-european-trends-financial-education.htm

Empowering Financial Inclusion through Financial Literacy - Part - 7

Resurgent India

Financial Literacy is one of the biggest components of financial inclusion. It comprises of three elements- financial knowledge, financial attitudes and financial behavior. As per a recent Standard & Poor's survey, only 24% of Indian adults are financially literate, the lowest score among the Brics (Brazil, Russia, India, China, and South Africa) nations. The need for financial literacy and its importance for financial inclusion has been acknowledged by all possible stakeholders - policymakers, bankers, practitioners, researchers and academics across the globe. The government and the RBI have been working incessantly towards this end, and while some progress has been made, there is more to be done.

Financial Literacy for Financial Inclusion, Egypt Case - Mona el Baradei

Child & Youth Finance International

Adrian Dincsoy - 2014 Conference on Global and European Trends in Financial E...

OECD Directorate for Financial and Enterprise Affairs

This presentation by Adrian Dincsoy was made during session 3 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

AMERMS Workshop 6: Microfinance in Rural Areas and Arid and Semi-Arid Land (P...

Microcredit Summit Campaign

FULL TITLE: What is the Cutting Edge for Microfinance in Rural Areas and Arid and Semi-Arid Land? ROOM: Tsavo A Translated session: English & French PANEL: Chair: Mr. Wolday Amha, Executive Director, Association of Ethiopian Microfinance Institution (AEMFI), Ethiopia Panelist: Mr. Issa Barro, Inclusive Finance Specialist, United Nations Capital Development Fund (UNCDF), Senegal Panelist: Mr. Mwangi Githaiga, Managing Director, Kenya Women Finance Trust (KWFT), Kenya

Financial literacy of students at Thainguyen University of Technology - A lit...

International Journal of Business Marketing and Management (IJBMM)

Many countries have seen the importance of financial education by making financial education a national strategy. In Vietnam, although the National Strategies for Inclusive Financial Education has been proposed since 2017 and officially included in the National Financial Inclusion Strategy in 2020, however, financial education is still quite new, and many people are not aware of the necessity of financial l

International policy issues and initiatives on Financial education

Financial Education - Financial Literacy Project in the Russian Federation

Recommended

Recommended

More Related Content

Similar to Financial Education - Financial Literacy Project in the Russian Federation

Similar to Financial Education - Financial Literacy Project in the Russian Federation (20)

More from EconomicEducator.eu

More from EconomicEducator.eu (11)

Recently uploaded

Recently uploaded (20)

Financial Education - Financial Literacy Project in the Russian Federation