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Financial Literacy

Central Bank of Azerbaijan Republic. Financial Literacy. Research and Development Center. October, 201 2. What is financial literacy ?.

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Financial Literacy

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  1. Central Bank of Azerbaijan Republic Financial Literacy Research and Development Center October, 2012 Central Bank of Azerbaijan Republic

  2. What is financial literacy? Central Bank of Azerbaijan Republic The process by which financial consumers/investors improve their understanding of financial products and concepts and, through information, instruction and/or objective advice, develop the skills and confidence to become more aware of financial risks and opportunities, to make informed choices, to know where to go for help, and to take other effective actions to improve their financial well-being. (OECD)

  3. Overview Central Bank of Azerbaijan Republic OECD started an inter-governmental project in 2003 In 2006, G8 highly evaluated the work of OECD on financial literacy and highlighted its importance In 2008, the OECD launched the International Gateway for Financial Education with composition consisting of 220 members from more than 100 countries (CBAR joined the network on 2010) In 2011, financial literacy was included in PISA. In 2012, financial inclusion and financial literacy were included to the agenda of G20

  4. Why financial literacy and financial education is important in the realm of increasing the financial risks: Central Bank of Azerbaijan Republic The transmission of risks to the households Uncertainty and complexity in the financial environment Low-level of financial literacy among people in all the countries.

  5. What is being done in international arena? Central Bank of Azerbaijan Republic • In most of the developing and developed countries different activities are being held on financial literacy for various target groups: - Teaching the financial literacy in schools - Internet portals and campaigns for financial literacy in mass media - Training of trainers, conferences, round-tables and others - These activities are carried out by governments, private sector and civil society

  6. Summary of international experience Central Bank of Azerbaijan Republic Some countries have State Programs and national strategies on financial literacy Multi-sectoral Commissions coordinate the financial literacy programs The attempts to include financial literacy to the school curriculum are increasing Some countries have consultation centers on financial literacy Portals with various resources for different target groups are widely used Central Banks and commercial banks carry out various educational campaigns for different target groups on financial literacy

  7. Summary of international experience – part 2 Central Bank of Azerbaijan Republic

  8. Summary of international experience – part 3 Central Bank of Azerbaijan Republic

  9. Summary of international experience – part 4 Central Bank of Azerbaijan Republic

  10. What is being done by banks? Central Bank of Azerbaijan Republic Visits to schools are organized, schoolchildren visit banks Small gifts – pens, notebook, chocolate, saving boxes Textbooks and interesting booklets Interactive games, quizzes, cross-words which can be used in main courses in schools Paintings, essay competitions

  11. Objectives Central Bank of Azerbaijan Republic To prepare talented and informed clients on finance and economics To educate parents with the help of their children To change the financial behavior of people Corporate social responsibility To decrease the risks

  12. Educational and teaching products of central banksInternational experience • Central Bank of Azerbaijan Republic

  13. CBAR and Financial Literacy Financial Literacy Mission of CBAR Effectivness of monetary policy Smooth process of financial markets Supporting sustainable economical policy Recognition of financial and education literacy as a public value Increasing the reputation of the Bank • Central Bank of Azerbaijan Republic

  14. Main target groups CBAR employees, bank staff, students learning banking Journalists specialized in economics and other stake holders School children Society Special training modules according to the CBAR HR strategy, training courses, trainings, series of seminars, master, E-learning Presentations, seminars, special training modules, internship, E-learning Special trainings, presentations, round table discussions, E-learning Knowledge on managing money, special education packages on economical knowledge, E-learning • Central Bank of Azerbaijan Republic

  15. Implemented works • On-sight international experience was learned (England, Germany, Poland and etc) • Connections were established with donor organizations (WB, SECO,GİZ, SBFIC) • Educational activities have been organized for students and journalists • Several meetings in schools have been organized with Ministry of Education and recommendations have been prepared for curriculum • Series of events on “Banks to schools, schools to banks” have been prepared • “Financial education and financial literacy for children: equal opportunities for future” conference was held. Central Bank of Azerbaijan Republic

  16. “Economical football” interactive game was organized with “VISA” and Ministry of Taxes Central Bank of Azerbaijan Republic

  17. Financial literacy: perspectives • Reinforcing the socio-economic development of the country • Supporting the development of banking system in Azerbaijan • Increasing financial and educational literacy in the country • Recognition of financial literacy as a public value • Changing the behavior of people • Central Bank of Azerbaijan Republic

  18.  An investment in knowledge always pays the best interestB. Franklin • Central Bank of Azerbaijan Republic

  19. Central Bank of Azerbaijan Republic Considering the importance of Public Private Partnership (PPP) We invite you to join us in this process!

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