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ILO approach and experience in financial education

ILO approach and experience in financial education. Yousra HAMED Technical expert - Social Finance International Labour Organisation. International Labour Organization  Specialized Agency of the UN founded in 1919 Tripartite structure : Government, employers’ and workers’ organizations

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ILO approach and experience in financial education

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  1. ILO approach and experience in financial education Yousra HAMED Technical expert - Social Finance International Labour Organisation

  2. International Labour Organization  Specialized Agency of the UN founded in 1919 • Tripartite structure: Government, employers’ and workers’ organizations • Promotion of decent work  4 pillars: Promoting fundamental rights at work, creating decent jobs, improving social protection, strengthening social dialogue • ILO and financial inclusion • Innovative finance for social justice • Promoting inclusive finance on 3 levels: policies, institutions and clients

  3. ILO’s Financial education (FE) intervention model DEVELOPMENT OBJECTIVE WHAT DO WE DO? EXPECTED OUTCOMES Enhancing financial capabilities of target groups Contributing to Financial inclusion for social justice • Workers, entrepreneurs, migrant workers & their families, farmers, families with working children, youth • make informed decisions about • earning, spending, savings, borrowing, using insurance, money transfers and other services • Development / adaptation of FE materials addressing needs of diverse target groups and contexts • Training of trainers • Training/counseling or (mass)media campaigns to equip target groups with financial knowledge, skills and tools • Impact assessments to refine models • Workers, entrepreneurs, migrant workers & their families, farmers, families with working children , youth... have: • built their assets • engaged into and taken advantage of income generating activities; or invested their wages • protected themselves against risks (i.e. health, accident, disaster, over-indebtedness…) In parallel strengthening the provision of financial services • Technical assistance to Financial Service Providers (FSPs) for them to assess needs of clientele/target groups and develop relevant products • Capacity building of FSPs to improve their performances and better manage products diversification • FSPs offer credit, savings, insurance, money transfers and other products that meet the needs of target groups Possibly combined with other support services (skills, BDS, migration) for a greater impact

  4. The ILO and financial education…. The story certainly started with…. then… and… And then… it got more and more diversified…. With also videos, music, radio programmes , …

  5. Examples of training materials • Trainer's Manual (North Africa) • Part 1: Presentation (context, objectives, strategy) and proposal of tools to help trainers organize and facilitate training • Part 2: core curriculum: 7 modules each contains 2 to 4 training sessions - total of 24 sessions in 37 hours • Part 3: Toolkit - 13 training sessions targeting workers, migrants, homeworkers and entrepreneurs • Learner Handbook (Tunisia) • Adapted to the target audience (women, youth and migrants and their families) • Uses personal stories of characters (comics, case studies, practice)

  6. Process for FE programme development Example: Morocco in the framework of the project Youth at Work • Identification of needs (regional mapping, BAM meetings, CMS, AMC ...) • Development of the strategy (adaptation of tools, validation workshop, ToT, integration with other project activities) • First adaptation of the material by an international trainer with experience in Morocco: cultural and target group. Workshop on the adaptation and validation of training materials for young people in Morocco (November 2013 in partnership with the Central Bank of Morocco and CMS) • Training of trainers, testing of material and development of institutional dissemination strategies: Agadir 17-21 February 2014 • Finalization of training materials: End 2014 – Common national Moroccan FE material • Roll out of trainings and accreditation of trainers • Dissemination phase and potential declination of tools in other formats

  7. Challenges and opportunities • Integrated approach • Monitoring • Quality • Outreach • Adaptation to the context and target groups • Limited scope with classroom trainings yet it gives an opportunity to have a common basis to use other channels. • Evaluation and impact measurment • Going beyond training of trainers and building a programme for experts, policy makers and broader development professionals Accreditation system International database Locally and target adapted manuals + Generic manual available Mass media, soap operas, theatres, flyers, brochures, e-learning…

  8. Tentative programme for the NEW training programme for policy makers and development practitioners • Day 1 Key concepts Financial sectorsResponsible finance: consumer protection, financial education and financial institutions’ regulations - Current trends (global)Financial services typology and financial education for improved use • Day 2 Macro level and policies -Financial education country framework - Establishing institutional and governing arrangements • Day 3 Designing specific strategies to address needs of various segments - Profiling the consumer market segments - Review of various delivery examples - Creating an outreach strategy for different segments • Day 4 Implementation- Designing partnerships - Action planning • Day 5 Market place

  9. Some lessons learnt to foster impact of FE initiatives • Adapt curriculum and delivery channel to target group needs • Build on existing local financial education initiatives • Define common standards for a recognition of different financial literacy curriculum/levels • Strengthen impact assessment mechanisms • Institutionalize financial education curriculum in government programme • Identify relevant partners and build strong partnerships • Further explore innovative approaches for up scaling • Combine financial education with other services

  10. Thank you! Yousra HAMED Social Finance Programme www.ilo.org/socialfinance hamed@ilo.org

  11. Outreach and impact • Outreach • The program covers some 20 countries in Asia, Africa and Europe •   Asia: 10,675 trained •   Africa: 400 trainers and 2000 trained • Latin America: 150 trainers and 12.000 trained (2018) •   Europe: 30 consultants and trainers and thousands of trained bank clients • Impact : • Fasecolda - Colombia - Risk Management and Insurance Education • Intervention: Campaign mass media (radio-300,000) + workshops (15,000) • Results: • Participation in workshops + exposure to media campaigns helped to better identify risks, including risk management strategies and use of insurance • No evidence of changes in attitudes • http://www.impactinsurance.org/projects/lessons/risks-and-insurance-literacy

  12. Impact - Microfinance for decent work • AMK – Cambodia • Innovation: Implemented an indirect training approach to improve financial literacy and staff skills by bringing important messages to group meetings throughout the loan cycle. • Result: • Most positive impact on customer repayment behavior: 3.4% reduction in payment delays • Positive and significant impacts on: • asset accumulation at 10% increase, • financial behavior with an 8% reduction in the idea that it is impossible to save, an increase 1% of the associating savings with safer and better management of the indebtedness and a change of attitude towards the loan.

  13. Impact - Microfinance for decent work • Vision Fund– Cambodia • Innovation: Classroom training for clients • Results: • Some impact on financial behavior and risk management • 10% decrease in the negative perception of insurance • Partial improvement of the provision towards savings • 9% increase in the amount set aside in the event of an emergency • 22% increase in the capacity to set money aside for use in case of emergency • Little data on asset accumulation • Many mitigated and intuitive results regarding multiple borrowing / over-indebtedness and vulnerability

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