I Professionisti Certificati EFPA
per una €ducazione finanziaria corretta e consapevole del risparmiatore
“Financial Literacy in Schools:
The role of financial practitioners”
”
EFEC Project: Spain
BAKCYL Project: Poland
Riva del Garda, June 6th 2013
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EFPA Italia Meeting 2013, 6/7 Giugno – Riva del Garda (TN)
“Financial literacy in schools”
”
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1.
Importance of financial literacy
2.
EFEC and BAKCYL approach on Financial Literacy
3.
EFEC Project (Spain)
4.
BAKCYL Project (Poland)
EFPA Italia Meeting 2013, 6/7 Giugno – Riva del Garda (TN)
1. Importance of financial literacy (I)
Risk of lack of financial literacy
CONSUMER
FINANCIAL ENTITIES
Wrong financial decisions
Lack of confidence
Unprofitable financial decisions
Dissatisfied customers
Over indebtedness
Increased delinquencies
Benefits of financial literacy
CONSUMER
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FINANCIAL ENTITIES
Predisposition to financial products.
Increased market share.
Better management of financial risks.
Lower risk of defaults.
Reaching financial goals.
Customer loyalty.
EFPA Italia Meeting 2013, 6/7 Giugno – Riva del Garda (TN)
1. Importance of financial literacy (II)
Financial literacy is REQUIRED at school because:
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Increased life expectancy.
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Reduction of the Welfare State
Pensions
Healthcare
Education
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Expansion and constant innovation of financial markets
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Avoid gregarious behavior on buying financial products
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Regulator can’t (and shouldn’t) decide for consumers
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Information without education is useless
EFPA Italia Meeting 2013, 6/7 Giugno – Riva del Garda (TN)
2. EFEC and BAKCYL approach on Financial
Literacy
Partnership between public and private stakeholders.
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Financial entities: provides volunteers and economic support.
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Public administration: institutional backing of the project.
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Project management.
The project fits perfectly with the Corporate Social Responsibility
goals of the banking industry:
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Improve the reputation of the sector.
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Allows its employees to participate on social projects.
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It is NOT a marketing activity
Public administration benefits because:
–
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It is a topic which school teachers are, usually, unwilling or afraid to teach.
EFPA Italia Meeting 2013, 6/7 Giugno – Riva del Garda (TN)
2. EFEC and BAKCYL approach on Financial
Literacy
Project management
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Contact, selection and training of schools
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Training and support of volunteers
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Preparation of financial education workshops
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Coordination and logistics of the project
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Tabulation and analysis of surveys
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Dissemination of the project on the media
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Information to partnership members
EFPA Italia Meeting 2013, 6/7 Giugno – Riva del Garda (TN)
2. EFEC and BAKCYL approach on Financial
Literacy
Financial Literacy is taught in the classroom throughout different
workshops.
Financial Literacy is provided by financial practitioners (present
and former).
Practitioners participate on a voluntary basis.
Practitioners are trained on workshops contents and on
pedagogical skills.
Workshops content (done by the project management) includes
ppt presentation, classroom activities, exercises, icebreakers,
internet resources, etc.
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EFPA Italia Meeting 2013, 6/7 Giugno – Riva del Garda (TN)
2. EFEC and BAKCYL approach on Financial
Literacy
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EFPA Italia Meeting 2013, 6/7 Giugno – Riva del Garda (TN)
2. EFEC and BAKCYL approach on Financial
Literacy
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EFPA Italia Meeting 2013, 6/7 Giugno – Riva del Garda (TN)
3. EFEC Project
Key figures
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Schools: 106
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Target group: students of last year of mandatory education
(15/16 years old)
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Students: 6.700
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Worshops done: 1.300
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Volunteers: 285
EFPA Italia Meeting 2013, 6/7 Giugno – Riva del Garda (TN)
3. EFEC Project
The role of EFPA
Promote the project among its members (corporate and individuals)
Recognizes CPD credits to volunteers (with a cap).
Highlights on the media and in conferences, the importance of financial
literacy and what financial advisors can do (as volunteers and with their clients)
Increases visibility and “social role” of advisers.
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EFPA Italia Meeting 2013, 6/7 Giugno – Riva del Garda (TN)
3. EFEC Project
Workshops (fitting in the PISA requirements)
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Managing your money (management of personal budget).
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Smart investment (how to select savings / investment products).
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Finance for life (introduction to personal financial planning and long-term
savings).
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Borrowing wisely (debt products and how to avoid over-indebtedness).
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Jame’s everyday concerns (everyday financial situations: intelligent
consumption, understanding a payroll, payments on line ...)
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EFPA Italia Meeting 2013, 6/7 Giugno – Riva del Garda (TN)
3. EFEC Project
Problems in the daily management
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Commitment of schools (directors AND teachers)
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Alignment of volunteers
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Early retired employees as volunteers
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Back-up teams
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Current animadversion with bankers and financial professionals
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Lack of comprehensive reading of communications (schools and volunteers)
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Schools outside Metropolitan area
EFPA Italia Meeting 2013, 6/7 Giugno – Riva del Garda (TN)
3. EFEC Project
Financial literacy dissemination and expansion:
Financial literacy is a “hot topic” and gets huge media coverage and impact.
Financial literacy project to be developed in the 2nd half 2013 in Castilla La
Mancha (another Spanish region). Includes a specific workshop to parents
and teachers.
Initial contacts with authorities and financial institutions in Galicia, Aragón and
Andorra.
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EFPA Italia Meeting 2013, 6/7 Giugno – Riva del Garda (TN)
3. EFEC Project
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EFPA Italia Meeting 2013, 6/7 Giugno – Riva del Garda (TN)
3. BAKCYL Project
Pilot Project
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Approach very similar to EFEC: follow good example
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Target group: students of last 2 years of gymnasium (15/16 years old)
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4 lessons, 40 volunteers, 100 schools
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Central Region,
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Funded by Polish central bank NBP
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12 partner banks,
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Under auspicies of Minister of Education and Polish Banks Association
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Plan to roll out to whole country next year
Keep your fingers crossed for us☺
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EFPA Italia Meeting 2013, 6/7 Giugno – Riva del Garda (TN)
3. BAKCYL Project
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EFPA Italia Meeting 2013, 6/7 Giugno – Riva del Garda (TN)
3. BAKCYL Project
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EFPA Italia Meeting 2013, 6/7 Giugno – Riva del Garda (TN)
"Education Is Not the Filling of a Pail,
But the Lighting of a Fire.
William Butler Yeats
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EFPA Italia Meeting 2013, 6/7 Giugno – Riva del Garda (TN)