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Commonwealth Secretariat’s Financial Literacy Initiatives

Commonwealth Secretariat’s Financial Literacy Initiatives. Lessons for Youth Enterprise Education. The Adult Test. Definitions. ( UK) - Financial capability means being able to: manage your money keep track of your finances plan ahead

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Commonwealth Secretariat’s Financial Literacy Initiatives

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  1. Commonwealth Secretariat’s Financial Literacy Initiatives Lessons for Youth Enterprise Education

  2. The Adult Test

  3. Definitions. • (UK) - Financial capability means being able to: • manage your money • keep track of your finances • plan ahead • make informed decisions about financial products and • stay up to date on financial matters.

  4. Focus • Couple years ago: Financial Inclusion- Microfinance, business enterprise development. • Today: greater degree of focus on financial literacy- see G20 • Query: Has this focus filtered in business programmes- hand and glove exercise. • Why hasn’t Financial Literacy programmes featured more at the national and other level.

  5. True or False • In general, youths have a basic understanding of financial terms?

  6. Survey Says....

  7. True or False • There are sufficient resources available to help youths learn about personal financial management. • UK, Canada, Australia, USA, • Questions: Dissemination, Adaptability to Culture/Language, Levels, Access, Knowledge of, Confidence to act on?

  8. True or False • Youths know about the benefits of saving and are keen to have their own bank account. • Would love to have a bank account

  9. Survey Says • Still cannot differentiate on which prospects provide the best benefits- • 45%: saving with a neighbourhood scheme was better than saving in a bank; 49% of the youths indicated that they saved at home. • 25%- never thought of opening a savings account, • 20% -did not have enough money to open an account; • 10% either did not know how to open an account or were afraid of going to the banks. • Banks: could not be trusted, stole or deducted money from your savings or charged money for making late payments

  10. Culture and Changing Norms • Caribbean: Hollywood Culture, Values Culture • Pacific: No longer working land, dependence on remittances, ignorance of migrants, Village commitments, Traditions • Africa: Culture: Western Culture, Funerals, Weddings Loans • 2 out of every 3 adults save • 3 out of every 4 saved at home, with friends, family or local pools. • 1 in every 5 adults had a bank account • 3 in every 4 adults had never been banked

  11. Recommendations • Work on getting financial literacy programmes into national curricula • Develop partnerships with NGOs and private sector • Set aside dedicated funding for programmes. • Explain products in plain simple language • Define the major financial terms used • Provide examples of how transaction works • Identify both the benefits and drawbacks • Alert to hidden and overall costs • Partner for development of materials and dissemination of information. •  Partner to develop strategies which motivate savings •  Focus strongly on strategies for reaching and aiding rural communities

  12. Evaluation • Measurement Issues • Quantitative vs. Qualitative? • Short Term of Long term? • Demand? Interest? • Benefits to economy in general.

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