A N N A L E S
8 1 , 9 ( 5 6 , 7$7 , 6 0 $ 5 , $ ( & 8 5 , ( 6 . à 2 ' 2 : 6 . $ /8%/,1±32/21,$
VOL. XLVII, 4 SECTIO H 2013
'HSDUWPHQWRI%DQNLQJDQG)LQDQFLDO0DUNLHWV8QLYHUVLW\RI(FRQRPLFVLQ.DWRZLFH
%2ĩ(1$)5Ą&=(.
National Strategies for Financial Education
– the concept and first experiences in the world
1DURGRZHVWUDWHJLHHGXNDFMLILQDQVRZHM±NRQFHSFMDRUD]SLHUZV]HGRĞZLDGF]HQLDQDĞZLHFLH
Key words: financial education, financial awareness, national strategies for financial education 6áRZDNOXF]RZH HGXNDFMDILQDQVRZDZLHG]DILQDQVRZDQDURGRZHVWUDWHJLHHGXNDFMLILQDQVRZHM
,QWURGXFWLRQ
The dynamic development of financial markets, including the increasing complexity of financial instruments, investment ideas and investment strategies doesn’t go hand LQKDQGZLWKILQDQFLDOHGXFDWLRQRIVRFLHWLHV7KHUHKDYHEHHQPDQ\VWXGLHVZKRVH results confirm the low level of financial literacy of consumers in the world. These UHVXOWVDUHDOVRFRQILUPHGE\2(&',1)(SLORWVWXG\XQGHUWDNHQLQFRXQWULHV 7DEOH&RUUHFWUHVSRQVHVWRILQDQFLDONQRZOHGJHTXHVWLRQV &RXQWU\DUHDRI knowledge Division Time value of money Interest paid on loan Calculation of interest plus prin-ciple Compound interest and correct answer WRSUHYLRXVTXHVWLRQ Risk and return Definition of inflation Diversifica-tion $OEDQLD x $UPHQLD &]HFK5HSXEOLF
UMCS
&RXQWU\DUHDRI knowledge Division Time value of money Interest paid on loan Calculation of interest plus prin-ciple Compound interest and correct answer WRSUHYLRXVTXHVWLRQ Risk and return Definition of inflation Diversifica-tion (VWRQLD *HUPDQ\ +XQJDU\ ,UHODQG 0DOD\VLD Norwey 3HUX x 3RODQG 6RXWK$IULFD 8. BVI
6RXUFH $WNLQVRQ$DQG)0HVV\Measuring Financial Literacy: Results of the ECD / International Network on
Financial Education (INFE) Pilot Study, OECD Working Papers on Finance, Insurance and Private Pensions, No. 15, OECD
3XEOLVKLQJS
KWWS G[GRLRUJN FVIV IUHQ
7KH ODFN RI ILQDQFLDO HGXFDWLRQ RI VRFLHWLHV LQIOXHQFHV XQIDYRXUDEO\ ERWK WKH ZHOOEHLQJRIKRXVHKROGVDVZHOODVQDWLRQDODQGJOREDOHFRQRP\,WVKRXOGEHVWUHVVHG that a certain level of financial literacy is necessary for citizens’ full participation in VRFLHW\7KHUHDUHDOVRREVHUYHGWUHQGVRILQFUHDVLQJWKHWUDQVIHURIUHVSRQVLELOLW\IRU SHUVRQDOILQDQFHWRLQGLYLGXDOKRXVHKROGVRQILQDQFLDOPDUNHWV$VDFRQVHTXHQFH many societies have to take on more risks for which they are not well prepared.
)URPWKHHFRQRP\¶VSRLQWRIYLHZWKHLQVXIILFLHQWILQDQFLDOOLWHUDF\LVDELJEDU-ULHUWRHFRQRPLFJURZWKERWKQDWLRQDOO\DQGJOREDOO\ 7KHGHILFLHQF\RIILQDQFLDOOLWHUDF\VKRXOGEHFRPSOHPHQWHGEXWFXUUHQWFRQGL-WLRQV HJJOREDOL]DWLRQRIILQDQFLDOPDUNHW DQGHDUOLHUXQFRRUGLQDWHGDFWLRQVLQPDQ\ FRXQWULHVVKRZWKDWLWVKRXOGEHDSURFHVVZKLFKZLOOEHSODQQHGDQGLQWHJUDWHGRQ QDWLRQDODQGLQWHUQDWLRQDOOHYHO2QHRIWKHVHULRXVVROXWLRQVSURSRVHGE\WKH2(&' is the developing of national strategies on financial education in particular countries.
,GHDRI1DWLRQDO6WUDWHJLHVIRU)LQDQFLDO(GXFDWLRQ±GHILQLWLRQDQGVFRSH 7KHLGHDRIQDWLRQDOVWUDWHJLHVIRUILQDQFLDOHGXFDWLRQ 1DWLRQDO6WUDWHJLHVRU16 DSSHDUHGLQ'HYHORSPHQWDQGSURPRWLRQRI1DWLRQDO6WUDWHJLHVDWWKHJOREDO OHYHOZHUHDFRQVHTXHQFHRIWKHODXQFKLQJE\2(&'LWVLQWHUQDWLRQDOSURJUDPPHRQ
financial education in that year. OECD called on national governments to prepare proper regulations to help to develop NS in their countries.
7KH2(&'KDVSUHSDUHGPDQ\SXEOLFDWLRQV JXLGHOLQHV RQILQDQFLDOHGXFDWLRQ ZKLFKFDQEHXVHGZKLOHGHYHORSLQJ16HJImproving Financial Literacy 1
DQGVRPHUHFRPPHQGDWLRQVRQSULQFLSOHVDQGJRRGSUDFWLFHVIRU ILQDQFLDOHGXFDWLRQ DQGDZDUHQHVV 2UHODWLQJWRSULYDWHSHQVLRQ 3, for enhanced risk awareness
DQGHGXFDWLRQRQLQVXUDQFHLVVXHV 4IRUILQDQFLDOHGXFDWLRQRQFUHGLW 5 as
well as High-level Principles on the Evaluation of Financial Education Programmes and Dedicated Guides on Evaluation 6 and Guidelines for Financial Education
in Schools 7.
A national strategy for financial education is a nationally co-ordinated approach to financial education that consists of an adapted framework or programme. Each 16VKRXOG
Recognise the importance of financial education and defines its meaning and scope at the national level in relation to identified national needs and gaps; Involve the cooperation of different stakeholders as well as the identification
RIDQDWLRQDOOHDGHURUFRRUGLQDWLQJERG\
(VWDEOLVKDSODQRIDFWLQJWRDFKLHYHVSHFLILFDQGSUHGHWHUPLQHGSXUSRVHVLQ the given time;
Provide guidance to individual programmes on how they can efficiently and DSSURSULDWHO\VXSSRUWDQGFRQWULEXWHWRWKHVWUDWHJ\8.
The aim of NSs are promoting the financial literacy to provide sustained financial ZHOOEHLQJIRULQGLYLGXDOVDQGIDPLOLHVLQSDUWLFXODUFRXQWULHV7KHVHGRFXPHQWVVKRXOG set strategic direction for policy, education, practice, research, and coordination in the area of financial literacy.
Many countries in the world are working on developing their national strategies IRUILQDQFLDOHGXFDWLRQEHFDXVHLQPDQ\FRXQWULHVILQDQFLDOHGXFDWLRQLVRQHRIWKH SULRULWLHV RI WKH JRYHUQPHQWV %XW LW PXVW EH QRWHG WKDW QRW DOO FRXQWULHV 2(&' PHPEHUV KDYHUHFHLYHGVXSSRUWIURPWKHJRYHUQPHQWVRUKHDGVRIVWDWHWRLPSOHPHQW WKHLGHDDQGGHYHORSWKHILQDQFLDOHGXFDWLRQ HVSHFLDOO\16
&RQWHQWRIQDWLRQDOVWUDWHJLHVIRUILQDQFLDOHGXFDWLRQVKRXOGLQFOXGH
1 Improving Financial Literacy. Analysis of Issues and Policies2(&'3XEOLVKLQJ'HFHPEHUS 2 KWWS ZZZRHFGRUJILQDQFHILQDQFLDOHGXFDWLRQSGI 3 KWWS ZZZRHFGRUJILQDQFHSULYDWHSHQVLRQVSGI 4 KWWS ZZZRHFGRUJLQVXUDQFHLQVXUDQFHSGI 5 KWWS ZZZPIJRYVLILOHDGPLQPIJRYVLSDJHXSORDGVVSRURFLODRHFGBB2(&'B35$.6(BNUHGLWLB ENG.pdf 6 KWWS ZZZRHFGRUJILQDQFHILQDQFLDOHGXFDWLRQ2(&'B,1)(B+LJKB/HYHOB3ULQFLSOHVB1DWLRQDOB 6WUDWHJLHVB)LQDQFLDOB(GXFDWLRQB$3(&SGI 7 KWWS ZZZRHFGRUJILQDQFHILQDQFLDOHGXFDWLRQ SGI
8 OECD/INFE High-level Principles on National Strategies for Financial Education, Organisation for Economic Co-operation and Development, Paris, August 2012, p. 7.
– ,QWURGXFWLRQDQGEDFNJURXQGRILQGLYLGXDOFRXQWU\UHODWHGWRJOREDOVLWXDWLRQ,Q WKLVSDUWRIWKH16WKHIROORZLQJVKRXOGEHSUHVHQWHG EDVLFHFRQRPLFILQDQFLDO DQGGHPRJUDSKLFGDWDDERXWWKHFRXQWU\UHODWHGWRILQDQFLDOHGXFDWLRQZKLFK MXVWLI\LWVLPSRUWDQFHOLVWRIPDLQEHQHILWVRIGHYHORSLQJQDWLRQDOVWUDWHJ\RQ financial education, key components of financial education and consumer pro-tection efforts and vision, mission, aims, strategic action plan and stakeholders; – Presentation and evaluation of the necessity of financial education. This section
UHTXLUHGIRUH[DPSOH UHVXOWVRIUHVHDUFKRQILQDQFLDOHGXFDWLRQLQLQGLYLGXDO country in comparison to other countries (assessment of financial education OHYHOSUHYLRXVHIIRUWVLQWKHILHOGRIILQDQFLDOHGXFDWLRQHWF 2QWKLVEDVLVWKH LGHQWLILFDWLRQRIPDLQQHHGVDQGJDSVLQILQDQFLDOHGXFDWLRQVKRXOGEHPDGH – 3ROLF\GHVLJQUHDOL]HGE\WKH1DWLRQDO6WUDWHJ\7KLVLVDYHU\LPSRUWDQWFRP-SRQHQWRIHDFK16,WVKRXOGLQFOXGH PDLQDVVXPSWLRQVDERXWHJWKHPLQLPXP VXEVWDQWLDOVFRSHRIHGXFDWLRQWDUJHWJURXSV±RQZKLFKWKH16ZLOOEHIXUWKHU GHYHORSHG7KHLQWHJUDOLVVXHRQWKLVSDUWRI16VKRXOGEHIRFXVHGRQHGXFDWLRQ for the actual and potential investors securities market and on education for financial illiterates. Very important is also specification of delivery channels IRUILQDQFLDOHGXFDWLRQ HJ VFKRROFXUULFXOXPVRFLDOPDUNHWLQJPLFURILQDQFH institutions, self help groups, integrated communication channels, help lines, DQGWKHRWKHUV
– ,QVWLWXWLRQDO$UUDQJHPHQWWDNLQJLQWRDFFRXQWWKHUHTXLUHPHQWRIFRRSHUDWLRQ EHWZHHQQDWLRQDOSXEOLFDQGSULYDWHVWDNHKROGHUVDQGJXLGDQFHIRUWKHP
*XLGHOLQHVIRUGHYHORSLQJQDWLRQDOVWUDWHJLHVIRUILQDQFLDOHGXFDWLRQ
Experiences of countries which started developing national strategies allow one to define guidelines for this process. It is suggested that National Strategies should GHYHORSZLWKVSHFLDOHPSKDVLVRQ
– National and international cooperation; – The importance of leadership;
– The necessity of preparatory surveys;
– The necessity of planning and developing the programs for target groups; – Selection of optimal channels to access to target group;
– Looking for funding;
– Evaluation of the National Strategies.
7KHHIIHFWLYHGHYHORSPHQWRI1DWLRQDO6WUDWHJLHVFRXOGRQO\EHDUHVXOWRIFRO-lective efforts.
1DWLRQDO6WUDWHJLHVQHHGWREHFHQWUDOO\FRRUGLQDWHG E\SXEOLFERG\ DQGVKRXOG UHO\RQFRRSHUDWLRQEHWZHHQQDWLRQDOSXEOLFDQGSULYDWHVWDNHKROGHUVLQFOXGLQJWKH FHQWUDO DQG VWDWH ORFDO JRYHUQPHQWV ILQDQFLDO UHJXODWRUV ILQDQFLDO LQVWLWXWLRQV FLYLOVRFLHW\HGXFDWLRQLVWVDQGRWKHUV$OWKRXJKWKHVFRSHRI16FRQFHUQVSUREOHPV
REMHFWLYHV DQG DFWLRQV RQ QDWLRQDO OHYHO WKHLU GHYHORSPHQW DQG UHDOL]DWLRQ UHTXLUH international cooperation.
3URFHVV RI JOREDOL]DWLRQ RQ ILQDQFLDO PDUNHW FDXVHV HFRQRPLHV DQG ILQDQFLDO V\VWHPVWREHFRPHLQFUHDVLQJO\LQWHUGHSHQGHQWDQGORZOHYHOVRIILQDQFLDOOLWHUDF\ LVDJOREDOLVVXH,WLVQHFHVVDU\WRHQVXUHWKHFRKHUHQWDSSURDFKWRWKLVSUREOHPWR provide the communities in different countries the same chance in access to financial education and further use it in safe and effective saving and investment processes. &RRSHUDWLRQVKRXOGHQDEOHWUDQVIHURINQRZOHGJHWUDQVIHURIQRUPVDQGWUDQVIHURI verified solutions.
The importance of leadership it is also emphasized. On the national level the solu-tions in this issue are different in the particular countries. The leader of development RI16FRXOGEHHJUHOHYDQWPLQLVWULHVRUUHJXODWRU\DXWKRULWLHV+RZHYHUDFWLYLWLHV on an international level in the field of financial education (especially in developing RI16 DUHFRRUGLQDWHGE\WKH2(&'DQGLWV,QWHUQDWLRQDO1HWZRUNRQ)LQDQFLDO(GX-FDWLRQ ,1)( 9. There is another context of “the leadership” of National Strategies.
-XVWWKHVHVWUDWHJLHVVKRXOGEHFRPHWKHPDLQJXLGHOLQHWRFRQGXFWDOOSURFHVVHVWKDW concern financial education.
1DWLRQDO6WUDWHJLHVVKRXOGEHEDVHGRQHYLGHQFHWKDWDOORZVSULRULWLHVWRLGHQWLI\ the real needs of the individual target groups. Results of research should take into account national circumstances.
7KHUHVXOWVDQGWKHLUDQDO\VLVVKRXOGEHWKHEDVLVWRGHWHUPLQHVSHFLILFQHHGVRI YDULRXVVRFLDOJURXSV7KHWDUJHWJURXSVFRXOGEHGHILQHGE\DJHOLIHVLWXDWLRQVH[ (e.g. school children, young adults, university students, families, employees, consum-HUVH[SHULHQFLQJILQDQFLDOGLIILFXOWLHVZRPHQHWF $SDUWIURPYDULRXVQHHGVRI these target groups the National Strategy should also take into account appropriate FKDQQHOVDQGPHWKRGVWRUHDFKWKHP$OOWKRVHLVVXHVVKRXOGEHDQHOHPHQWRIGHWDLOHG multi-annual plan, which clearly states the targets and ways to achieve them.
The first experiences of countries in which financial education was treated very VHULRXVO\ E\ JRYHUQPHQWV DQG ZKHUH PDQ\ YDULRXV VXUYH\V ZHUH FRQGXFWHG VKRZ WKDWWKHEHVWUHVXOWVLQILQDQFLDOHGXFDWLRQDUHSURYLGHGE\IDFHWRIDFHWUDLQLQJ7KLV includes teaching in schools, workshops in work places and others where there is direct contact with a trainer10$WWHQWLRQLVDOVRGUDZQWRSRVVLELOLWLHVRIXVLQJWHFKQRORJ\
DVZHOODVWKHPDVVPHGLDDQGSULQW$OOWKHVHFKDQQHOVFRXOGEHXVHGDOWKRXJKHDFK of them has advantages and disadvantages.
$YHU\LPSRUWDQWSUREOHPLQWKHGHYHORSPHQWDQGLPSOHPHQWDWLRQRI1DWLRQDO 6WUDWHJLHV DUH WKH ILQDQFLDO SRVVLELOLWLHV RI WKH FRXQWU\ )LQDQFLQJ VRXUFHV FDQ EH ERWKSXEOLFDQGSULYDWH7KHPRUHILQDQFLDOUHVRXUFHVWKHPRUHHIIHFWLYHILQDQFLDO 9 2(&',1)(FRPSULVHVUHSUHVHQWDWLYHVIURPRYHUHFRQRPLHVLQFOXGLQJDOO*PHPEHUVDQGWKH most important international organisations.
10 First Meeting of the Expert Group on Financial Education, National Strategies for Financial Education, 5HSRUWWK2FWREHU%UXVVHOV(XURSHDQ&RPPLVVLRQS
HGXFDWLRQFRXOGEH+RZHYHUSRVLWLYHUHVXOWVUHTXLUHQRWRQO\WKHPRQH\EXWDOVR a good and effective idea,
The diversity of details of National Strategies in particular countries shows dif-ferent approaches to financial education in the country (e.g., difdif-ferent main targets, different stakeholders and leaders, different channels to reach target groups, the dif-IHUHQWZD\VWRZLQWKHPRQH\IRUILQDQFLQJHWF 2QWKHRWKHUKDQGHDFK1DWLRQDO 6WUDWHJ\ VKRXOG EH LQGLYLGXDO DQG WDLORUHG WR FRQGLWLRQV DQG FLUFXPVWDQFHV LQ WKH FRXQWU\ HJRIHFRQRPLFGHPRJUDSKLFDQGWHFKQRORJLF
7KHILUVWH[SHULHQFHVLQGHYHORSLQJRI1DWLRQDO6WUDWHJLHV
Existing experiences confirm that the development of National Strategies is very FRPSOLFDWHG6LPXOWDQHRXVFRRSHUDWLRQRQQDWLRQDODQGLQWHUQDWLRQDOOHYHOLVDPDMRU and difficult challenge. Each stage of development and implementation of NS is very important for the others.
The stage of implementation of National Strategies for financial education is GLIIHUHQWLQPDQ\FRXQWULHV7KHUHDUHWZRFDWHJRULHVRIFRXQWU\ – &RXQWULHVWKDWKDYHGHVLJQHGDQGLPSOHPHQWHG16DUH $XVWUDOLD %UD]LO &]HFK5HSXEOLF *KDQD ,QGLD ,UHODQG -DSDQ 0DOD\VLD 1HWKHUODQGV 1HZ=HDODQG 3RUWXJDO 6ORYHQLD 6SDLQ 8QLWHG.LQJGRP 8QLWHG6WDWHV – &RXQWULHVWKDWDUHFRQVLGHULQJDQGRUGHVLJQLQJD16EXWQRW\HWLPSOHPHQWHG LWEHORQJ &DQDGD&RORPELD(VWRQLD,QGRQHVLD.HQ\D/DWYLD/HEDQRQ0D-ODZL0H[LFR3HUX3RODQG5RPDQLD6HUELD6RXWK$IULFD6ZHGHQ7DQ]DQLD 7XUNH\ 8JDQGD 5XVVLDQ )HGHUDWLRQ 7KDLODQG =DPELD11 Some of them are
actually at an advanced design phase and are not far from the implementation HJ&ROXPELDDQG&DQDGD
7KHUHDUHDORWRISUREOHPVDQGREVWDFOHVLQGHYHORSLQJRI16LQPDQ\FRXQWULHV 7KHPDLQRIWKHPDUH WKHODFNRIUHVRXUFHVWKHGLIILFXOW\RILGHQWLI\LQJDOHDGHUGLI-ficulties of agreeing on main purposes and content of NS, gathering all stakeholders DURXQGFRPPRQDQGWKHPRVWLPSRUWDQWREMHFWLYHVDQGWKHFRPPXQLFDWLRQEHWZHHQ stakeholders, maintaining long-term involvement all participants of developing NS and steady commitment and efficiency in the operational phase.
Results of research conducted in countries that have already implemented a na-tional strategy show that the main common goals are12
11 A. Grifoni, F.A. Messy, Current Status of National Strategies for Financial Education, OECD Working
Papers on Finance, Insurance and Private Pensions, no. 16, OECD, 2012, p. 14.
12 The future of financial education, Report on the 2011 FCAC-OECD Conference on Financial Literacy, OECD, p. 11.
– develop an approach to financial education that is tailored to national cir-cumstances,
– identify national stakeholders and reinforce their cooperation and coordination the actions,
– VXSSRUWDQGSURPRWWKHJRRGDQGYHULILHGVROXWLRQV DQGDYRLGLQJWKHGXSOLFDWLRQ – develop an awareness of importance of financial literacy as a life skill and keep
this issue in front of policymakers in the future,
– LQWHUQDWLRQDOKHOSLQVROYLQJSUREOHPVZLWKGHYHORSLQJWKHILQDQFLDOHGXFDWLRQ In many cases National Strategies are often complements to specific policy priori-WLHVVXFKDVFRQVXPHUSURWHFWLRQ7KHDWWHQWLRQLVGUDZQWRWKHIDFWWKDWFRQVXPHU LQYHVWRUZKRLVHGXFDWHGLVDEOHWRPDNHLQIRUPHGFKRLFHVDQGKHGJHDJDLQVWIUDXGX-lent practices. In many countries a priority is also lifelong learning. People learn or need information at each age and stage in life especially in conditions of constantly developing financial markets.
Increasingly, the issue of measurement is undertaken in the area of financial OLWHUDF\7KLVDVSHFWLQFOXGHVERWKPHDVXUHPHQWRIWKHOHYHORIILQDQFLDOOLWHUDF\DV ZHOODVDVVHVVPHQW HYDOXDWLQJ RI1DWLRQDO6WUDWHJLHV,QRUGHUWRGHWHUPLQHWKHOHYHO of financial literacy opinion polls and the other type of surveys are generally used HVSHFLDOO\QDWLRQDOVXUYH\V 7KLVUHVHDUFKSURYLGHVHYLGHQFHRQZKLFKNH\WRSLFV main needs and targeted groups of National Strategies are developed.
(YDOXDWLQJRI1DWLRQDO6WUDWHJLHVFDQEHFRQGXFWHGE\YHULILFDWLRQRIWKHREMHF-WLYHV0HWKRGVIRUHYDOXDWLQJWKH16VKRXOGEHHVWDEOLVKHGDQGGHVFULEHGLQ16DQG VKRXOGUHODWHWRREMHFWLYHV%HVLGHVLWLVQHFHVVDU\WRFKHFNZKHWKHUWKHREMHFWLYHV FDQEHTXDQWLILHGDQGLIVRLQZKDWZD\")RULQVWDQFHLWLVSRVVLEOHWRFKHFNKRZ many people have reached the given program – in comparison to assumptions. Ad-ditionally, evaluation methods can depend on the type of program (contained in 16 ±HJDZDUHQHVVFDPSDLJQVFDQEHHYDOXDWHGE\DQXPEHURISHRSOHWKH\UHDFK ZKLOHVWUDWHJLHVGHVLJQHGWRLQFUHDVHOHYHOVRINQRZOHGJHFDQEHHYDOXDWHGE\WHVWLQJ WKHNQRZOHGJHRISDUWLFLSDQWVEHIRUHDQGDIWHU1DWLRQDOVXUYH\VRIILQDQFLDOOLWHUDF\ FDQEHUHSHDWHGWRPHDVXUHLPSURYHPHQW7KH2(&',1)(KDVGHYHORSHGDVXUYH\ instruments for this purpose.
Every year, with participation of OECD several international conferences on financial education are organized. Some of them focus exclusively on the National Financial Education Strategies (e.g. 2011 FCAC13 – OECD Conference on Financial
Literacy, 2012 APEC14 – OECD conference “Improving Efficiency of the National
6WUDWHJLHVIRU)LQDQFLDO/LWHUDF\´ 3DUWLFLSDQWVVKDUHH[SHULHQFHVDQGMRLQWO\GLVFXVV the most important issues related to financial education (e.g. the role of national strat-egies, the emergence of evidence and evaluation, effective delivery and technology, WKHOLPLWVRIILQDQFLDOHGXFDWLRQDQGWKHULVHRIEHKDYLRXUDOILQDQFH
13 Financial Consumer Agency of Canada. 14 Asia Pacific Economic Cooperation.
)LQDQFLDOHGXFDWLRQLQ3RODQG
So far Poland hasn’t complied with the OECD recommendations regarding development of the national strategy for financial education. And although Poland GRHVQRWUXOHRXWWKHSRVVLELOLW\RILQWURGXFLQJUHOHYDQWVROXWLRQVWKHUHKDYHEHHQQR concrete steps towards the development and implementation of the National Strategy. 2IFRXUVHWKHUHKDVEHHQPXFKLQWHUHVWIURPERWKWKH0LQLVWU\RI)LQDQFHDQGWKH )LQDQFLDO6XSHUYLVLRQ&RPPLVVLRQ%XWIRUQRZQRRQHKDVXQGHUWDNHQWKHFKDOOHQJH DQGWKHUHLVDODFNRIDYLVLRQRIFRRSHUDWLRQ0D\EH3RODQGVKRXOGXVHWKHGRFXPHQW “High Level Principles on National Strategies for Financial Education”, which was prepared to support countries like Poland to develop the idea of financial education.
It doesn’t mean, that Poland ignores OECD recommendations.
There are many different initiatives in the area of financial education at national DQGORFDOOHYHOEXWWKH\DUHQ¶WFRRUGLQDWHG7RPRVWLPSRUWDQWDFWLRQVRQILQDQFLDO HGXFDWLRQLQFOXGHUHJXODUQDWLRQDOVXUYH\VDQGDYDLODEOHLQIRUPDWLRQFDPSDLJQVHJ
– tests to determine the level of financial education of Polish society,
– PDQ\SURJUDPVDGGUHVVHGWRFKLOGUHQDQG\RXWK WRSULPDU\VFKRROFKLOGUHQ )URP3HQQ\WR3RXQG WRVWXGHQWVIURPPLGGOHVFKRROVDQGKLJKVFKRROV %HLQJ (QWUHSUHQHXULDO WR\RXWKHFRQRPLFV 0\)LQDQFHV WRWRXSSHUVHFRQGDU\VFKRRO \RXWKLQWHUHVWHGLQILQDQFHV %DQNVLQ$FWLRQ HWF – QDWLRQDOHGXFDWLRQFDPSDLJQV HJ6DYLQJV:HHN DQGQDWLRQDOSURJUDPV HJ %XVLQHVV6WDUWXS3URMHFW
– many different local initiatives and campaigns.
The most important institutions which promote and develop financial education LQ3RODQGDUH1DWLRQDO%DQNRI3RODQG7KH.URQHQEHUJ)RXQGDWLRQ3ROLVK)LQDQFLDO 6XSHUYLVLRQ$XWKRULW\:DUVDZ6WRFN([FKDQJH$FDGHPLF%XVLQHVV,QFXEDWRUVDQG PDQ\RWKHUV%XWLWVKRXOGEHQRWHGWKDWDOOLQLWLDWLYHVLQ3RODQGDUHQRWFRRUGLQDWHG HQRXJKDQGWKLVVKRXOGEHFKDQJHGDWILUVW
&RQFOXVLRQV
The low level of financial education and financial awareness of societies was DOUHDG\QRWLFHGDORQJWLPHDJR7KHUHFHQWILQDQFLDOFULVLVFDXVHGWKLVSUREOHPWR EHLQFUHDVLQJO\SXEOLFL]HG7KHUHDUHDQXPEHURILQLWLDWLYHVWRLPSURYHWKHOHYHORI financial education. For a few years in many countries these activities are conducted in an integrated way6RPHRIWKHPRSHUDWHEDVHGRQWKHSURSHUQDWLRQDOVWUDWHJ\RQ financial education. However, the effects will come after some time.
%XWWKHUHDUHDOVRPDQ\FRXQWULHVWKDWDUHVWLOOZDLWLQJIRUVXSSRUWIURPWKHJRY-ernments or heads of state and for appropriate decisions and regulations to realize the idea of improving the financial education of society. They should take advantage of the experience of countries that are more advanced in the implementation of the
1DWLRQDO6WUDWHJ\DQGEXLOGWKHLURZQZD\ E\16 RILPSURYLQJWKHOHYHORIILQDQFLDO education and awareness.
%LEOLRJUDSK\
1. Atkinson, A. and F. Messy, Measuring Financial Literacy: Results of the ECD / International
Net-work on Financial Education (INFE) Pilot Study, OECD Working Papers on Finance, Insurance
DQG3ULYDWH3HQVLRQVQR2(&'3XEOLVKLQJ
2. First Meeting of the Expert Group on Financial Education, National Strategies for Financial
Education5HSRUWWK2FWREHU%UXVVHOV(XURSHDQ&RPPLVVLRQ
3. Grifoni A., Messy F.A., Current Status of National Strategies for Financial Education, OECD Working Papers on Finance, Insurance and Private Pensions, no. 16, OECD, 2012.
4. Improving Financial Literacy. Analysis of Issues and Policies2(&'3XEOLVKLQJ'HFHPEHU 5. The future of financial education, Report on the 2011 FCAC-OECD Conference on Financial
Literacy, OECD.
1DWLRQDO6WUDWHJLHVIRU)LQDQFLDO(GXFDWLRQ ±WKHFRQFHSWDQGILUVWH[SHULHQFHVLQWKHZRUOG
7KHUHKDYHEHHQPDQ\VWXGLHVZKRVHUHVXOWVFRQILUPWKHORZOHYHORIILQDQFLDOOLWHUDF\RIFRQVXP-ers in the world. In 2003 on the initiative of the OECD the process of developing national strategies RQILQDQFLDOHGXFDWLRQ 1DWLRQDO6WUDWHJLHVRU16 KDVVWDUWHG0DQ\FRXQWULHVKDYHDOUHDG\WDNHQWKH FKDOOHQJHDQGKDYHGHYHORSHGWKH16EXWXQIRUWXQDWHO\QRWDOORI2(&'PHPEHUV
First experiences of countries which started developing national strategies allow to define guidelines IRUWKLVSURFHVVHV7KHVHJXLGHOLQHVFDQEHXVHGLQWKHFRXQWULHVZKLFKDUHFRQVLGHULQJWKHGHVLJQLQJ DQGLPSOHPHQWDWLRQRIWKH1DWLRQDO6WUDWHJ\LQWKHIXWXUH HJ3RODQG
1DURGRZHVWUDWHJLHHGXNDFMLILQDQVRZHM±NRQFHSFMD RUD]SLHUZV]HGRĞZLDGF]HQLDQDĞZLHFLH
:\QLNL ZLHOX EDGDĔ SU]HSURZDG]RQ\FK Z UyĪQ\FK NUDMDFK SRWZLHUG]DMą QLVNL SR]LRP ZLHG]\ ILQDQVRZHMVSRáHF]HĔVWZ:U]LQLFMDW\Z\2(&'UR]SRF]ąáVLĊSURFHVWZRU]HQLDQDURGRZ\FK VWUDWHJLL 16 Z ]DNUHVLH HGXNDFML ILQDQVRZHM :LHOH NUDMyZ SRGMĊáR MXĪ Z\]ZDQLH L RSUDFRZDáR QDURGRZH VWUDWHJLH 1LHVWHW\ QLH ZH ZV]\VWNLFK NUDMDFK F]áRQNRZVNLFK 2(&' SRVWĊS\ Z ]DNUHVLH VNRRUG\QRZDQHJRUR]ZRMXHGXNDFMLILQDQVRZHMVąMHGQDNRZH
3LHUZV]HGRĞZLDGF]HQLDNUDMyZNWyUHUR]SRF]Ċá\WZRU]HQLHNUDMRZ\FKVWUDWHJLLSR]ZDODMąRNUHĞOLü Z\W\F]QHGRW\F]ąFHWHJRSURFHVX2SUDFRZDQHL]DSUH]HQWRZDQHZVND]yZNLPRJąE\üZ\NRU]\VWDQH ]ZáDV]F]D Z W\FK NUDMDFK Z NWyU\FK UR]ZDĪD VLĊ RSUDFRZDQLH L ZGURĪHQLH QDURGRZHM VWUDWHJLL ZSU]\V]áRĞFL QSZ3ROVFH
