Download - Commonwealth Secretariat’s Financial Literacy Initiatives Lessons for Youth Enterprise Education
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Commonwealth Secretariat’s Financial Literacy Initiatives
Lessons for Youth Enterprise Education
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The Adult Test
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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.
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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.
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True or False
• In general, youths have a basic understanding of financial terms?
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Survey Says....
No of Terms
Correctly Explained
% with Correct Explanations (Pre Seminar)
% with Correct Explanations
(Post Seminar)
0 - 2 10% 1%
3 - 5 48% 5%
6 - 8 38% 48%
9 - 10 4% 46%
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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?
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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
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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
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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
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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
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Evaluation
• Measurement Issues• Quantitative vs. Qualitative?• Short Term of Long term?• Demand? Interest?• Benefits to economy in general.