This presentation by Olaf Simonse was made during the 1st roundtable at the High-level Conference on Global and European Trends in Financial Education held on 22-23 May 2014 in Istanbul, which explored the role(s) of the private and not-for-profit sectors in financial education, financial literacy and innovation for young people and financial education for migrant workers and their families. Find out more at http://www.oecd.org/daf/fin/financial-education/2014-conference-global-european-trends-financial-education.htm
Olaf Simonse - 2014 Conference on Global and European Trends in Financial Education in Istanbul
1. Olaf Simonse
High-level conference on global and European trends in
financial education
22-23 May 2014 - Istanbul, Turkey
Revised
National Strategy for
Financial Education
in the Netherlands
3. Since the introduction of the National Strategy for
Financial Education in June 2008, the world has
changed
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2008:
2013:
4. Steps
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Analysis Desk research
- Academic research
- Market research
- Evaluation of results
- OECD documentation
- National strategies from other countries
Research
- Financial Behavior Monitor
- Pension Awareness Monitor
Interviews
- Stakeholders (national)
- National coordinators from other countries
Strategy
5. Highlights from the analysis
• International context
• (Academic) research results
• National context
• Analysis of MoneyWise
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6. Highlights from the analysis
• International context
• (Academic) research results
• National context
• Analysis of MoneyWise
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7. International context (1)
• Financial literacy and financial education are high on
the international agenda
• G20 leaders: financial education contributes to economic
development
• Institutions from 108 countries are members of the OECD/INFE; an
increasing number of them have developed and implemented a
National Strategy for Financial Education
• Financial literacy was added to the PISA framework
• Why?
• Government devolution
• Ageing population
• Developments on the financial markets
• Increasing evidence that financial education contributes to better
financial decision making and economic development
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8. International context (2)
• Shift in financial education efforts: more focus on financial behaviour
• Internet is the major channel for reaching consumers, supplemented
by face-to-face contact for specific target groups
• More emphasis on measuring financial self-reliance and evaluating
the effectiveness of financial education programs
• Expansion of partnerships (financial services industry, civil society,
employers …)
• Investing in young people is key.
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9. Highlights from the analysis
• International context
• (Academic) research results
• National context
• Analysis of MoneyWise
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10. Academic research
• Critique from academics on “traditional” forms of
financial education
• Little evidence of the effectiveness of financial education programs
• Financial behaviour is determined more by context and irrational
factors than by knowledge and conscious decision making
• Elements that contribute to effectiveness of financial
education
• start with the desired behaviour in mind
• make it relevant to the individual
• deliver at teachable moments
• offer prospects for action
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11. Financial Behavior Monitor (November
2013) (1)
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Responsible financial
behavior consists of three
elements:
- Money management
- Financial planning
- Choosing financial products
These elements have low
correlation
Influencers of reponsible financial behavior:
- Attitudes such as core values and involvement have
significant influence
- Knowledge is not a significant influencer
12. Highlights from the analysis
• International context
• (Academic) research results
• National context
• Analysis of MoneyWise
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14. Highlights from the analysis
• International context
• (Academic) research results
• National context
• Analysis of MoneyWise
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15. Key conclusions from the analysis
• The force field in which the Money Wise Platform
operates is complex.
• The Money Wise Platform has a strong position as an
objective, expert party. Synergy and coordination
between stakeholders multiply impact
• There is for improvement in the cooperation with
partners. The role of the platform and the position
of the label and website need to be clarified
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17. The strategic programme consists of a new
mission and five strategic starting points
Mission
MoneyWise is the platform in which partners pool their
strengths to advance responsible financial behaviour in
the Netherlands
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Strategic starting points
1. Advancing responsible financial behaviour is the key
focus area
2. Focusing on specific life events and the related
target groups
3. Greater impact through the pooling of strengths
4. Greater impact through professsional development
5. Greater impact through innovation
18. 1. Advancing responsible financial
behaviour is the key focus area
Objectives
The activities of Money Wise focus on advancing the three
aspects of responsible financial behaviour, i.e.:
1. Money management:
2. Financial planning:
3. Choosing financial products:
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19. 2. Focusing on specific life events
and the related target groups
Objectives
1. Money Wise focuses on specific themes. Its activities
are aimed at achieving the greatest possible impact for
each theme.
2. Money Wise is devoted to the structural integration of
financial competencies into the school curriculum
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20. 3. Greater impact through the
pooling of strengths
Objectives
1.Money Wise works on projects that offer parties the
opportunity to use their own expertise and channels to
contribute to the realisation of the platform’s mission.
This guarantees the optimal use of resources, ensures
integration and expands the impact for consumers.
2.Money Wise aims to stimulate knowledge sharing with
and between the parties (nationally and internationally)
so that the platform can use relevant acquired insights
to increase effectiveness.
3.Money Wise collaborates with organisations that are in
the position – based on their expertise and channels –
to influence the behaviour of the target groups
regarding the chosen themes.
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21. 4. Greater impact through
professsional development
Objectives
1.Money Wise supports policy makers in developing
effective interventions (nudging, interventions focused
on choice architecture, the social environment and
educational programmes).
2.Money Wise aims to stimulate and initiate the
development of instruments that advance the
responsible financial behaviour of consumers. The
distribution channels of the partners are utilised to
together generate a maximum reach.
3.Money Wise develops a new on-line strategy
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22. 5. Greater impact through
innovation
Objectives
1.Money Wise uses scientific insights to develop
interventions and supports the use of these insights by
the partners.
2.Money Wise contributes to the expansion of
insights by assessing how effectively interventions are
used.
3. Money Wise supports innovations in the field of
pension communications (including the Pension
Dashboard)
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24. Implementation
• The Money Wise label stands for the collective
commitment of partners and provides authority
towards consumers
• Partners contribute their knowledge, channels and
resources to achieve the common goal
• The programme office drives the realisation of the
objectives of the platform
• International cooperation and knowledge sharing
through OECD/INFE is key
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