Aflatoun:

Social & Financial Education

Daniel Shephard

Conferência de Educação Financeira e Comportamento do Investidor

Rio de Janeiro, 5 Dec. 2014

Social & Financial Education: The Need

Life-skills are an important part of education linking school to work and

social life (cf. UNESCO 2012; ILO 2012; UNICEF 2013)

• possession of certain socio-economic skills are crucial for the

employability of youth (Di Gropello et al. 2011)

• Savings in youth accounts can also be associated with reduced

depression and sexual risk-taking alongside higher self-esteem

and educational outcomes (Han et al. 2013)

Children’s education should develop each child’s personality, talents

and abilities to the fullest. It should encourage children to respect

others, human rights and their own and other cultures. It should also

help them learn to live peacefully, protect the environment and

respect other people. (UNCRC, Article 29)

Self-efficacy is an important predictor of academic and employment

success (Moller et al. 2009; Multon, Brown & Lent 1991; Pinquart et

al. 2003)

Social & Financial Education: The Need

24% 24% 34% 33% 0%

5%

10%

15%

20%

25%

30%

35%

40%

Savings Loans

Youth (15-24) Financial Outcomes

Brazil World

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World Bank. Global Findex. Demirguc-Kunt and Klapper, 2012

Aflatoun Social and Financial Education

Our mission is to inspire children and youth to socially and

economically empower themselves and become agents of change

for a better, more equitable world.

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Social & Financial Education

Personal understanding & exploration

Rights & responsibilities

Savings & spending

Planning & budgeting

Social & financial

enterprise/

projects

Aflatoun Social and Financial Education

Attitudes Social Awareness Skills Activities/Practice

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Personal understanding & exploration

Rights & responsibilities

Saving & spending

Planning & budgeting

Social & Financial

Enterprise

Social & Financial Empowerment

Aflatoun

Outreach & Outcomes

Aflatoun Around the World: 109 Countries, 150+ partners

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Aflatoun Children & Youth: 2,362,500

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207.855 217.609

532.693 595.530

975.634

1.353.000

2.039.461

2.362.500

-

500.000

1.000.000

1.500.000

2.000.000

2.500.000

3.000.000

2006 2007 2008 2009 2010 2011 2012 2013

Overview of Global Evidence on Financial Education

Systematic review

Search uncovered

1330 potential

Records

Exclusions were

Completed by two

Authors separately

15 included records

Contained 21 RCTs

Summary of Included Studies

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A total of 21 unique studies were found:

• Types of studies: Randomised Control Trials

(RCTs)and Clustered RCTs.

• Types of programme: A broad range of financial

education programmes, content and mode of delivery.

• Population: Children and youth from all over the

world, predominantly Africa and the US.

O’Prey L and Shephard D (2014) Financial Education for Children and

Youth: A Systematic Review and Meta-analysis.

RCT Evidence of Financial Education for Children & Youth

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O’Prey L and Shephard D (2014) Financial Education for Children and

Youth: A Systematic Review and Meta-analysis.

Results: Meta-analysis: Knowledge (K = 11; N > 37,000)

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Combining the results of eleven studies together, we find a

positive effect on financial knowledge.

SMD [95% CI] = 0.18 [0.07, 0.29]

O’Prey L and Shephard D (2014) Financial Education for Children and Youth: A Systematic Review

and Meta-analysis.(Version 1D)

Results: Meta-analysis: Attitudes (K = 9; N > 26,000)

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Overall, the results suggest mixed and uncertain changes

in financial attitudes amongst children and youth attending

financial education programmes.

SMD [95% CI] = 0.09 [-0.05, 0.24]

Results: Meta-analysis: Behaviours (K = 6; N > 26,000)

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We find robust and modest behaviour change amongst

children and youth attending financial education

programmes.

SMD [95% CI] = 0.08 [0.03, 0.12]

Effect Sizes Compared

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O’Prey L and Shephard D (2014) Financial Education for Children and Youth: A Systematic Review

and Meta-analysis.

0,18 0,18 0,08 0,16 0

0,02

0,04

0,06

0,08

0,1

0,12

0,14

0,16

0,18

0,2

Hattie 2009 FinancialKnowledge

FinancialBehavior (all)

Aflatoun FinancialBehavior

Education Programmed Instruction Effect Sizes

Aflatoun Research on Effectiveness

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GREEN = Randomised Controlled Trials (with qualitative data collection)

BLUE = Other Completed Research

ORANGE = Ongoing Research

Outcomes: Social and Financial Education (Children)

Indicator Frequency (n) Endline Outcome

Savings Behavior 8 68%

Self-Confidence 8 60%

Rights Orientation 5 99%

Educational Attitudes 4 53%

Program Enjoyment 4 79%

Savings Attitude 4 91%

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Mallory, D. 2013. Aflatoun Curriculum in Practice: A Summative Progress Report. Accessed at

www.aflatoun.org/evaluation

Outcomes: Social and Financial Education (Youth)

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88%

7% 5%

Proportion of outcomes by impact (n = 123)

Positive

Neutral

Negative

Outcomes: Social and Financial Education (Youth)

18

5

20

8

10

12

7

12

19

19

23

13

9

5

1

1

1

1

1

2

General education

Rights and responsibilities

Planning and budgeting

Saving and spending

Personal understanding and…

Social and financial enterprise

0% 50% 100%

Distribution of outcomes by topic area as change outcomes vs. pre- or post-only outcomes

Pre- or post-only outcomes Positive change outcomes

Neutral change outcomes Negative change outcomes

RCT: Social & Financial Education and child protection

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0

0,02

0,04

0,06

0,08

0,1

0,12

0,14

0,16

0,18

Savings Behavior Child Labour

Control Financial Only Social & Financial

Not. Sig.

P < 0.05

P < 0.01

N = 5363, average age 12

Berry, Karlan & Pradhan. 2014. The Impact of Financial Education

for Youth in Ghana.

P < 0.1

RCT: Aflateen+SRHR for young women (preliminary)

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N = 1208, average age 16

15

25

35

45

55

65

Savings Attitudes Future Plans Agency

Control

Aflateen

P < 0.001

P < 0.001

P < 0.001

RCT: Results of Aflatoun Teacher Training (preliminary)

Innovation: Observation of Teacher’s Pedagogy after receiving training via TTI

staff. (Funding: DFID Innovations for Education Funding)

Preliminary results (after half a year): 50 schools, 250 teachers, 1750 students

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0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

100%

Child CentredTeaching

StdEngagement

Std Fin. Lit.Confidence

Std SavingsBehaviour

Control

Aflatoun

Children & Youth Voices

“I came to realize, as an outgoing person, where I need to improve,

maintain and be more careful after this training. In addition, I also

recognized that I'm actually in want of action. Thought in mind

would have no influence if without action. The real change in life

comes from the thought combined with action.” (China)

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Thank you!

share ideas and questions with us

Daniel Shephard

Research & Curriculum Manager

daniel@aflatoun.org

Skype: daniel.aflatoun

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