Flore-Anne Messy Head of the Financial Affairs Division, OECD Executive Secretary of the International Network on Financial Education

National Strategies for Financial Education

Experience from selected BRICS

BACKGROUND Rio de Janeiro, 9 December 2016

Financial empowerment and education

A win-win strategy

A changing financial landscape

• More inclusive : but there is room for improvement !

• More risky : uncertain future and more individual responsibility

• More innovative : increasing role of technology

Without enabling tools : Negative spill over effects for all !

• Individuals and small businesses : Exclusion, over indebtedness, lack of trust, fraud & misselling

• Financial Industry : Missed market opportunities

• Governments : Remedy is more costly than prevention

Financial empowerment trilogy

Individuals as key players : Global recognition

Financial Education

Financial Consumer Protection

Financial Inclusion

G20 (2010) Principles

for Innovative

Financial Inclusion

G20 (2011) High-Level

Principles on Financial

Consumer Protection

developed by the OECD

OECD/INFE(2012)

High-Level Principles on

National Strategies for

Financial Education

To improve financial

well-being

Improve their understanding

of financial products and

concepts

Develop the skills and

confidence

Become more aware

of financial risks and

opportunities

Make informed choices,

to know where to go for help, and take other

effective actions

Financial Education (OECD, 2005; G20, 2012):

A capacity building process by which individuals

through information, instruction and/or objective advice…

INFE

113 economies 260 public authorities

A technical committee

An advisory board

Outreach to other communities through

INFE Research Committee

Partnerships with NGOS and

private sector

Global and regional policy platforms and

roundtables

Asia

Latin America and the Caribbean –

new centre

Eurasia (CIS)

OECD/International Network on Financial Education (INFE)

Project on Financial Education :

Broad project with wide outreach and partnerships

Work started in 2002! serviced by 2 OECD Committees

→ International Gateway for financial education

For more : www.financial-education.org

OECD/INFE overall framework tool:

National Strategies (NS) for Financial Education

2012 High-level Principles

endorsed by G20 Leaders

and supported by APEC Ministers of Finance

2013 Publication on NS

status in G20 economies

welcomed by G20 Leaders

2015 Policy handbook on the implementation of NS

6

Guidelines on private

and non-for-profit

stakeholders in

financial education

4. Move on to implementation!

3. Set common objectives and identify the means to achieve them

2. Build partnership and coordinate

1. Get prepare : collect evidence

A 4-step adapted process to design effective

financial education policies….

You now have :

a “National Strategy for Financial Education”

Steady development of national strategies worldwide

Status of national

strategies in 2012

Status of national strategies in 2015

8 This document and any map included herein are without prejudice to the status of or sovereignty over any territory, to the delimitation of international frontiers and boundaries and to the name of any territory, city or area

• Developing a diagnosis to inform the strategy (Mapping and survey)

• Establishing institutional and governing arrangements

• Setting and achieving objectives and funding the strategy

• Ensuring effective and innovative provision of financial education

• Evaluating the strategy and specific programmes

9

5 key challenges – policy handbook

• Ms Adriana Teixeira de Toledo, Head of the Cabinet of the Director for institutional and citizen relations, Central Bank of Brazil and coordinator of the National Committee for Financial Education in Brazil (CONEF)

• Ms. Caroline da Silva, Deputy Executive Officer Consumer Education, Financial Services Board of South Africa

• Ms Kusumaningtuti Soetiono, Member of the Board of Commissioners, Financial Services Authority (OJK), Indonesia

• Ms. Xue Hu, Deputy Director of Banking Consumer Protection Department, China Banking Regulatory Commission, China

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4 experienced panellists

from around the world