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FINANCIAL EDUCATION IN THE COMMONWEALTH AND INDEPENDENT STATES (CIS)
LAUNCH OF THE OECD/INFE TECHNICAL ASSISTANCE PROJECT
Moscow, 29 June 2017
With sponsorship from and in co-operation with the Ministry of Finance of the Russian Federation
A. Relevance of financial literacy policies
B. An introduction to the OECD/INFE
C. The programme to support financial literacy in Eurasia
D. OECD/INFE tools on financial education and literacy
E. A draft timeline
F. Country-specific action plans
A. RELEVANCE OF FINANCIALLITERACY POLICIES
Financial empowerment and education
can benefit all stakeholders
Enabling tools are needed to avoid negative spill overs
Individuals and SMEs may face exclusion, over
indebtedness, fraud & mis-selling (reducing
trust)
The financial industry can miss market
opportunities if people avoid interacting with
financial services
Governments may find that the remedy to poor financial decisions is
more costly than prevention
There have been many changes to the financial landscape
More inclusive in some ways, but there is room
for improvement
People faceuncertain futures and
more individual responsibility
Technology has an increasing role
Low knowledge of key financial concepts
Understanding the basic concept of compound
interest
Recognising the benefit of risk diversification
Difficulty in several areas of financial behaviours
Low use of formal financial services
Insufficient planning ahead for both
unexpected life events and retirement
Use of, and reliance on (often high-cost) credit
Groups at riskand in need
young
elderly population
women
low income
Migrants
MSME
What the evidence shows: financial literacy is low
globally (OECD/INFE 2015/6 surveys, OECD PISA, 2012,15)
On average, 56% of adults across 30 participating countries
achieved the minimum target score of at least 5 out of 7
Many adults are currently unable to reach the
minimum target score on financial knowledge
38%45% 55%
56%62%
0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
Sou
th A
fric
a
Mala
ysia
Bri
tish V
irg
in I
sla
nds
Bela
rus
Th
aila
nd
Alb
an
ia
Russia
n F
ed
era
tion
Cro
atia
Jord
an
United K
ingd
om
Bra
zil
Czech R
ep
ublic
Pola
nd
Georg
ia
Avera
ge, all
countr
ies
Tu
rkey
Fra
nce
Hun
gary
Belg
ium
Lithuan
ia
Port
ugal
Can
ada
Ave
rag
e,
OE
CD
co
un
trie
s
New
Zea
lan
d
Neth
erland
s
Austr
ia
Latv
ia
Norw
ay
Fin
land
Esto
nia
Kore
a
Hon
g K
ong (
Chin
a)
B. INTRODUCTION TO THE OECD/INFE
INFE created in 2008
115 economies approx 250 public
authorities
A technical committee
An advisory board
Outreach to other communities through
INFE Research Committee
Partnerships with NGOS and
private sector
Global and regional policy platforms and
roundtables
Asia
Latin America
Eurasia (CIS)
OECD/International Network on Financial Education (INFE)
Project on Financial Education
Work started in 2002. Serviced by 2 OECD Committees
→ International Gateway for financial education
For more : www.financial-education.org
•A process by which individuals through information, instruction and/or objective advice :
• Improve their understanding of financial products and concepts• Develop the skills and confidence• Become more aware of financial risks
and opportunities
• Make informed choices, to know where to go for help, and take other effective actions
• To improve financial wellbeing
Financial education (OECD, 2005; G20, 2012)
• A combination of awareness, knowledge, skill, attitude and behaviour necessary to make sound financial decisions and ultimately achieve individual financial well-being
Financial literacy (OECD; G20, 2012)
What do we mean by financial education and
financial literacy?
Financial education is one part of a multi-dimensional
approach to financial empowerment
FinancialEducation
Financial Consumer Protection
FinancialInclusion
G20 (2010) Principles
for Innovative Financial
Inclusion
G20 (2011) High-Level
Principles on Financial
Consumer Protection
developed by the OECD
OECD/INFE(2012)
High-Level Principles on
National Strategies for
Financial Education
C. THE CIS PROJECT: OBJECTIVES AND WORK STREAMS
Dedicated technical assistance to design, implement and review evidence-based financial education strategies and policies in Eurasia
Six countries will be covered : Armenia, Azerbaijan, Belarus, Kazakhstan, Kyrgyz Republic and Tajikistan
The Ministry of Finance of the Russian Federation is financially supporting these activities as a follow–up to its G20 Presidency and the Russian Trust Fund on Financial Literacy and Education
The project is an integral part of the OECD/INFE programme on financial literacy and education focusing on implementation and impact assessment issues
The CIS project : Framework and objectives
1• Collecting and analysing data using the OECD/INFE
toolkit
2• Building and supporting effective national strategies
using the OECD/INFE principles and policy handbook
3• Addressing youth’s needs for financial literacy
4• Addressing migrants and their families needs
The project includes four work streams
D. THE OECD/INFE FINANCIAL EDUCATION
POLICY AND PRACTICAL TOOLS TO SUPPORT THIS PROJECT
Survey instrument to capture financial literacy…
• …a combination of awareness, knowledge, skill, attitude and behaviour necessary to make sound financial decisions and ultimately achieve individual financial well-being
…in a representative sample of adults, and available in a Toolkit
• Questionnaire (core) and optional questions
• Methodological notes; Interviewer briefings
G20 Leaders welcomed and supported its use in 2013
and G20 Report in 2017
It was updated in 2015 to include new areas
1. Data collection: OECD / INFE tool to measure
financial literacy and financial inclusion
2.1. Building effective
National Strategies (NS) for Financial Education
2012High-level Principles
endorsed by G20 Leaders
and supported by APEC Ministers of Finance
2013Publication on NS
status in G20 economies
welcomed by G20 Leaders
2015Policy handbook on the implementation of NS
16
Guidelines on private
and not-for-profit
stakeholders in financial
education
Specifictarget
groups and areas
Data collection to assess
needs
Impact evaluation
Role of stake-holders
Corecompetenciesframework(s)
2.2. Various areas of work, consistent with
OECD/INFE work on national strategies
Women
Young people / schools
Financial inclusion
MSMEs
Long-term savings and investments
Fact-finding stock take of programme evaluation amongst INFE members and a Framework for evaluation
INFE High-level Principles on the Evaluation of Financial Education Programmes
Two OECD/INFE Guides to evaluation
18
2.3. Supporting materials: OECD/INFE research and
tools on evaluation
5 Principles
• Evaluate new progs
• Budget for evaluation
• Design the evaluation in
accordance with the
objectives and type of
programme
• Use external evaluators
if possible
• Report what worked,
and what didn’t work
3. Addressing youth’s needs:
OECD/INFE policy and practical tools
PU
BL
ICA
TIO
N
&L
EA
FL
ET
2014 Rationale for
financial education in schools
Comparative report
Guidelines on financial education in schools
Learning Framework
2005 - OECD Recommendation:
“Financial education should start at school”
Supported by the Russian Trust
fund on financial literacy and education
G20 core competency on financial literacy for youth
provides a benchmarks of what young people age 15-18 y-old should
know, be able to do and are willing to do in a financial context
PISA Financial literacy
results, 2012
Next exercises 2015, 18
Core competencies
on financial literacy for
adults called for by G20 Leaders
in 2013 and delivered in
2016
Report and checklist on
financial education for migrants and their families delivered to G20 in 2015
Report and guidance on
women and girls financial literacy
endorsed by G20 leaders in
2013
4. Tools to support financial education for target
audiences, including migrants and their families
E. PROJECT ACTIVITIES AND INDICATIVE TIMELINES
The survey will be based on the (2015) edition of
OECD/INFE toolkitreviewed and adapted to
take into account the specificities of the countries
and populations participating in the
exercise.
Work stream 1:
Collecting and analysing evidence
NOW:
• Meet relevant stakeholders
• discuss challenges and initiatives
• Approve country Action Plans
Q2 2017
• Revise survey instrument and guide for interviewers
Q3/4 2017-2018
• Dedicated workshop in September 2017 in Minsk
• Implement survey
2018/19
• Analyse survey results to refine the national strategy
• Comparative report on Eurasia
• Regional database on financial literacy and inclusion
NOW
• Fact-finding missions
• Consultation with key stakeholders
• Approve country Action Plans
2017
• A report mapping initiatives on financial education in each country
• A regional workshop on 19-20 Septemberin Minsk
3-4 Q 2018
• A regional workshop and INFE peer review
• A report and guidance to refine, review the NS and its key components
2019
• Follow up on the NS implementation and evaluation
• Design of action plans/ specific initiatives
Work stream 2: Building/supporting effective national
strategies (NS) adapted to countries’ circumstances
Building on OECD/INFE work and consultation with stakeholders, it aims to support the
design, implementation and review of national strategies for financial
education
2017
• collect information: needs of young people, education systems, possibilities for extra-curricular
• meet with relevant authorities including ministry of education
2018
• A regional workshop in Q1-2 (possibly in Armenia)
• detailed policy handbook based on core competencies including specific countries’ recommendations
• Pilot in 1 country
2019
• Review of implementation of recommendations in countries
• Results of the pilot
• A regional workshop (possibly in the Kirghiz Republic/Kazakhstan)
Work stream 3:
Addressing youth’s financial literacy needs
This work stream will involve country and regional activities/implementationwith a view to supporting the implementation of effective financial literacy programmes for young people in and out of schools
2017
• Data collection using desk research and fact-finding mission in countries
Q1/2 2018
• A dedicated workshop(possibly in Tajikistan)
2018/9
• Report and recommendations on ways to improve financial literacy and wellbeing of migrants and their families in Eurasia
• Review of implementation with competent authorities
Work stream 4: Addressing Migrants and
their families’ financial literacy needs
Building on the OECD/INFE report and checklist, this work stream will seek to address the particular needs of migrants and their families for financial literacy and protectionthrough dedicated research and activities.
29 June 2017 Moscow, Russia
High-levelroundtable
19-20 Sept 2017
Minsk, Belarus High-level
conference with key stakeholders in CIS (back to
back with technical
workshop on NS and
measurement)
2018Technical workshops 1/2H
(schools, migrants)
Conference/Workshops in Moscow 4/5 October
(NS and measurement)
2019 High-level
conference and technical workshop (youth) to
disseminate the results and explore future
regional cooperation
Events to support the
development and dissemination of the project
F. COUNTRY-SPECIFICACTION PLANS
Suggested project contributions to financial literacy
Project
component
ArmeniaDeliverable Timeline
1) Collect
evidence on
financial
literacy
2) National
Strategy for
Financial
Education
Survey to assess adults‘ financial literacy
• Data collection using OECD /INFE toolkit
• Questionnaire adapted to local context / booster samples
Use of survey findings for policymaking
• Inform NSFE and FL initiatives, analysis at local level, regional DB
Two regional workshops
• Measurement of financial literacy (Minsk 19-20 Sep. 2017)
• Presentation of survey results (Moscow, Oct. 2018)
2017 (H2)
2018 - 2019 (H1)
2017 (H2) - 2018 (H2)
Roadmap to support assessment/revision of NSFE
• In cooperation with Central Bank of Armenia
Two regional workshops on NSFE development/implementation
• Minsk (19-20 Sep. 2017), Moscow (4-5 October 2018)
2017 (H2) - 2019 (H1)
3) Financial
literacy in
schools/
youth
Policy handbook on financial education in schools/youth
• Core competencies, ToT, pedagogical tools
Pilot programme on FL in selected schools and impact assessment
• Depending on interest and feasibility
Two regional workshops on integrating FE in schools
• 2018 (H1 – possibly in Armenia) and 2019 (H1)
2017 (H2) – 2019 (H1)
2017 (H2) - 2018 (H1)
2018 (H1) – 2019 (H1)
4) Financial
literacy for
migrants
Regional report on migrants’ FL needs
• Including Armenian case
Pilot programme on FL for migrants
• Depending on interest and feasibility
One regional workshop on FE for migrants and their families
• 2018 (H1)
2018 (H1) – 2019 (H1)
2018 (H1)
2017 (H2) – 2019 (H1)
2017 (H2) – 2019 (H1)
Suggested project contributions to financial literacy
Project
component
AzerbaijanDeliverable Timeline
1) Collect
evidence on
financial
literacy
2) National
Strategy for
Financial
Education
Survey to assess adults‘ financial literacy
• Data collection using OECD /INFE toolkit
• Questionnaire adapted to local context / booster samples
Use of survey findings for policymaking
• Inform NSFE and FL initiatives, analysis at local level, regional DB
Two regional workshops
• Measurement of financial literacy (Minsk 19-20 Sep. 2017)
• Presentation of survey results (Moscow, October 2018)
2017 (H2)
2018 - 2019 (H1)
2017 (H2) - 2018 (H2)
Roadmap to support implementation of NSFE by CBAR
• Developing effective coordination mechanism with stakeholders
Two regional workshops on NSFE development/implementation
• Minsk (19-20 Sep. 2017), Moscow (October 2018)
2017 (H2) - 2019 (H1)
3) Financial
literacy in
schools/
youth
Policy handbook on financial education in schools/youth
• Core competencies, ToT, pedagogical tools
Two regional workshops on integrating FE in schools
• 2018 (H1) and 2019 (H1)
2017 (H2) – 2019 (H1)
2017 (H2) - 2018 (H1)
2018 (H1) – 2019 (H1)
4) Financial
literacy for
migrants
Regional report on migrants’ FL needs
• Including Azeri case
One regional workshop on FE for migrants and their families
• 2018 (H1)
2018 (H1) – 2019 (H1)
2018 (H1)
Suggested project contributions to financial literacy
Project
component
BelarusDeliverable Timeline
1) Collect
evidence on
financial
literacy
2) National
Strategy for
Financial
Education
Survey to assess adults‘ financial literacy
• Data collection using OECD /INFE toolkit
• Questionnaire adapted to local context / booster samples
Use of survey findings for policymaking
• Inform NSFE and FL initiatives, analysis at local level, regional DB
Two regional workshops
• Measurement of financial literacy (Minsk 19-20 Sep. 2017)
• Presentation of survey results (Moscow, October 2018)
2017 (H2)
2018 - 2019 (H1)
2017 (H2) - 2018 (H2)
Roadmap to support assessment/revision of NSFE1
• In cooperation with National Bank of Belarus
Two regional workshops on NSFE development/implementation
• Minsk (19-20 Sep. 2017), Moscow (October 2018)
2017 (H2) - 2019 (H1)
3) Financial
literacy in
schools/
youth
Policy handbook on financial education in schools/youth
• Core competencies, ToT, pedagogical tools
Pilot programme on FL in selected schools and impact assessment
• Depending on interest and feasibility
Two regional workshops on integrating FE in schools
• 2018 (H1) and 2019 (H1)
2017 (H2) – 2019 (H1)
2017 (H2) - 2018 (H1)
2018 (H1) – 2019 (H1)
4) Financial
literacy for
migrants
Regional report on migrants’ FL needs
• Including Belarusian case
One regional workshop on FE for migrants and their families
• 2018 (H1)
2018 (H1) – 2019 (H1)
2018 (H1)
1. Joint Action Plan on Enhancing Financial Literacy of the Population of the Republic of Belarus for 2013-2018
2017 (H2) – 2019 (H1)
Suggested project contributions to financial literacy
Project
component
KazakhstanDeliverable Timeline
1) Collect
evidence on
financial
literacy
2) National
Strategy for
Financial
Education
Survey to assess adults‘ financial literacy
• Data collection using OECD /INFE toolkit
• Questionnaire adapted to local context / booster samples
Use of survey findings for policymaking
• Inform NSFE and FL initiatives, analysis at local level, regional DB
Two regional workshops
• Measurement of financial literacy (Minsk 19-20 Sep. 2017)
• Presentation of survey results (Moscow, October 2018)
2017 (H2)
2018 - 2019 (H1)
2017 (H2) - 2018 (H2)
Roadmap to support implementation and evaluation of NSFE1
• Including recommendations for NSFE from 2019 onwards
Two regional workshops on NSFE development/implementation
• Minsk (19-20 Sep. 2017), Moscow (October, 2018)
2017 (H2) - 2019 (H1)
3) Financial
literacy in
schools/
youth
Policy handbook on financial education in schools/youth
• Core competencies, ToT, pedagogical tools
Two regional workshops on integrating FE in schools
• 2018 (H1) and 2019 (possibly in Kazakhstan)
2017 (H2) – 2019 (H1)
2017 (H2) - 2018 (H1)
2018 (H1) – 2019 (H1)
4) Financial
literacy for
migrants
Regional report on migrants’ FL needs
• Including Kazakh case
One regional workshop on FE for migrants and their families
• 2018 (H1)
2018 (H1) – 2019 (H1)
2018 (H1)
1. National programme for improving the financial literacy of the population 2016-2018
Suggested project contributions to financial literacy
Project
component Deliverable Timeline
1) Collect
evidence on
financial
literacy
2) National
Strategy for
Financial
Education
Survey to assess adults‘ financial literacy
• Data collection using OECD /INFE toolkit
• Questionnaire adapted to local context / booster samples
Use of survey findings for policymaking
• Inform NSFE and FL initiatives, analysis at local level, regional DB
Two regional workshops
• Measurement of financial literacy (Minsk 19-20 Sep. 2017)
• Presentation of survey results (Moscow, October 2018)
2017 (H2)
2018 - 2019 (H1)
2017 (H2) - 2018 (H2)
Roadmap to support assessment and revision of NSFE
• In cooperation with National Bank of the Kyrgyz Republic
Two regional workshops on NSFE development/implementation
• Minsk (19-20 Sep. 2017), Moscow (October, 2018)
2017 (H2) - 2019 (H1)
3) Financial
literacy in
schools/
youth
Policy handbook on financial education in schools/youth
• Core competencies, ToT, pedagogical tools
Two regional workshops on integrating FE in schools
• 2018 (H1) and 2019 (possibly in Kyrgyz Republic)
2017 (H2) – 2019 (H1)
2017 (H2) - 2018 (H1)
2018 (H1) – 2019 (H1)
4) Financial
literacy for
migrants
Regional report on migrants’ FL needs
• Including Kyrgyz case
One regional workshop on FE for migrants and their families
• 2018 (H1)
2018 (H1) – 2019 (H1)
2018 (H1)
Kyrgyz Republic
Suggested project contributions to financial literacy
Project
component Deliverable Timeline
1) Collect
evidence on
financial
literacy
2) National
Strategy for
Financial
Education
Survey to assess adults‘ financial literacy
• Data collection using OECD /INFE toolkit
• Questionnaire adapted to local context / booster samples
Use of survey findings for policymaking
• Inform NSFE and FL initiatives, analysis at local level, regional DB
Two regional workshops
• Measurement of financial literacy (Minsk 19-20 Sep. 2017)
• Presentation of survey results (Moscow, October 2018)
2017 (H2)
2018 - 2019 (H1)
2017 (H2) - 2018 (H2)
Roadmap to support design of NSFE
• Assess needs, governance, objectives, targets
Two regional workshops on NSFE development/implementation
• Minsk (19-20 Sep. 2017), Moscow (October 2018)
2017 (H2) - 2019 (H1)
3) Financial
literacy in
schools/
youth
Policy handbook on financial education in schools/youth
• Core competencies, ToT, pedagogical tools
Two regional workshops on integrating FE in schools
• 2018 (H1) and 2019 (H1)
2017 (H2) – 2019 (H1)
2017 (H2) - 2018 (H1)
2018 (H1) – 2019 (H1)
4) Financial
literacy for
migrants
Regional report on migrants’ FL needs
• Including Tajik case
One regional workshop on FE for migrants and their families
• 2018 (H1), possibly in Tajikistan
2018 (H1) – 2019 (H1)
2018 (H1)
Tajikistan
34
THANK YOU!
www.oecd.org/finance/financial-education-CIS.htm
www.oecd.org/finance/financial-education
www.financial-education.org
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