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Proposal for a Financial Education National Strategy Financial Education in Schools

Proposal for a Financial Education National Strategy Financial Education in Schools. Cairo, 08.11.2010. COREMEC. Committee on Regulation and Supervision of Financial, Insurance and Pension Markets ( created by Dec . 5.685, 25.01.06). Members: BACEN, CVM, PREVIC and SUSEP.

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Proposal for a Financial Education National Strategy Financial Education in Schools

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  1. Proposal for a Financial Education National Strategy Financial Education in Schools Cairo, 08.11.2010

  2. COREMEC • CommitteeonRegulationandSupervisionof Financial, InsuranceandPensionMarkets (createdby Dec. 5.685, 25.01.06). • Members: BACEN, CVM, PREVIC and SUSEP. • Purpose (art. 1°):Coordinationandenhancementof performance of federal governmententitiesthatregulateand supervise theactivitiesrelated to attractingsavingsfromthe general population.

  3. Work Done • I – sponsored the national inventory of actions and projects on financial education (www.vidaedinheiro.gov.br); • II – developed a national research about the level of financial knowledge of general population; • III – compiled the international experience of national strategies on financial education; • IV – has written the ENEF draft, accept as proposal by the COREMEC on 19.06.09; and • V – participated in the OECD International Network on Financial Education (INFE)

  4. ENEF Proposal • Guidelines: • PermanentStateprogram • Actions for thepublicinterest. • Nationwidescope • Central management anddistributedexecution • 3 levelsofoperation(information, formationandorientation) • Permanentandperiodicevaluationandrevision.

  5. ENEF Proposal • Objectives: • Promote and foster the culture of financial education in the country • Enhance citizens’ level of knowledge helping them to make educated choices regarding theirs resources management • Contribute to the efficiency and stability of the financial, insurance, and pension markets

  6. Governance Normativeact Strategiclevel Other Projects schools Advisorylevel schools SinglePurposeEntity Coordination Execution(ex: BCB, CVM, PREVIC, SUSEP, MD, DPDC/MJ etc.)

  7. Workflow Options 1. A single entity elaborate the proposal and presents to the other partners for joint improvement and implementation: • Quickness • Possibility of loss of legitimacy • Risk of failure to involve important institutions 2. Allentitiesacttogethersincethebeginning: • Slowness in proposaldevelopment • LegitimacyandCommitment • Higherprobabilityofeffectivnessin longterm (Brazilianchoice)

  8. Partners 1. Financial regulators 2. Educationalpolicymakers. 3. In private sector, SROs, NGOsandfoundations Theobjectiveof financial education is not to promotethemarketdevelopment, butrather to allowcitizens to makewellinformed financial decisions.

  9. Private Sector Advantagesofprivate sector involvment: • Financial support; • Activeinvolvment lead to commitment

  10. Financial Education in Schools

  11. Objectives • Teachto consume andsave in anethic, consciousandresponsibleway • Offerconceptsandtools for theautonomousdecisionmaking • Createdisseminators Regardingspacialdimension

  12. Objectives Regarding temporal dimension • Teach to plan in short, mediumandlongterm • Developthecultureofprevention • Facilitatethechangeofcurrentcondition

  13. Pilot Project – Deployment

  14. PilotProgram 2010 Overview

  15. ImpactEvaluation • Developed in partnershipwiththe World Bank, used in studyandcontrolgroups: • GOAL> 800 schools (bothgroups) RESULT: 888 schools • Phase I – beforethe start oftheprogram in classroom– August 2010 • Tools: • Knowledgetest to assessthestudentslevel in thecompetencies to bedeveloped(CompetenceMatrix) • Phase II – in theendof 2010 • Evaluationofchanges in thecompetencieslevelandbehaviorofthestudentssubject to the financial education training compared to thecontrolgroup

  16. ImpactEvaluation Y Before After B B’ Impact A A Change t0 t1 Acting

  17. CVM – Comissão de Valores Mobiliários Eduardo Gomes DirectorInternationalAffairs <eduardom@cvm.gov.br>

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