José Alexandre Cavalcanti VascoHead, Education and Investor Assistance Department
Comissão de Valores Mobiliários – CVM(Securities and Exchange Commission of Brazil)
Financial Education in SchoolsBrazil
1
National Strategy for Financial Education
2
Chapter
Section I Introduction
Section II Presentation of the main topics of interest (Economy/the Brazilian Financial System / Banks/ Financial Planning/Credit/Investments/ Social welfare/Insurance.)
Section III 3.1 – Financial Education (FE) in schools (Educational Support Group – GAP) > CVM
3.2 - Adults Financial Literacy > Central Bank
Section IV Governance > PREVIC
Section V Conclusion
Annexes FE in Schools – Guidelines
National Survey on FE – Report
Inventory of FE projects in Brazil / International Experience
4 FE programs (the Central Bank, CVM, PREVIC and SUSEP)
Financial Education in Schools
1. Coordinated by the Brazilian SEC
2. Dec 07: contact made with the Ministry of Education
3. Apr 08: Partnership with Ministry of Education fully established ; presentation of the plan for schools (BM&Fbovespa and WG)
4. May 08: Creation of the Educational Support Group : Financial Sector, Ministry of Education, Municipal and State Departments of Education. Training in Financial Markets for educators and representatives from Departments of Education (States and municipalities)
5. Sept 08: Seminar at the Central Bank (Brasília) – draft.
6. Oct 08: FE guidelines for schools approved
7. Jun 09: Launch of second phase: pilot project (Secondary Education > program “Mais Educação”)
8. Jun 09 - Feb 10: books + pedagogical project for schools
3
DIMENSIONS
2
Financial Education in Schools4
global
Social Level
Individual Level
SPACE DIMENSION TIME DIMENSION
Future
Present
Past
5
GOALS
2 7
6
Responsible Consumption and SavingKnowledge and tools for
independent decision-makingSocial awareness
Space-related Goals
Time-related Goals
Short-, mid- and long-term planning and decision-making
PreventionEnable social mobility
7
SKILLS
2 7 10
8
Financial planning
S08
Assessing prevention plans
S09
Overcoming financial difficulties
S10
Rights and responsabilities
awareness
S01
Social- and environmental -friendly financial decision
making
S02
Balancing financial wishes and needs
S03
Understanding financial education texts
S04
Independent decision making based on financial needs
S06
Multiplying financial education knowledge
and behaviour
S07 S05
Critical attitudetowards publicity
Skills Web Skills Web
Space-related
Time-related
ACTIONS
2 7 10 140
10
ContentsContents
12
INDIVIDUAL LEVEL
BudgetBudget
PlanningPlanning
Labour & IncomeLabour & Income
13
SOCIAL LEVEL
Supply and DemandIn
tere
st R
ate
Inflation
Unemployment
Marke
ts
Financial System Institutions
SOCIAL LEVEL
INDIVIDUAL LEVELSupply and Demand
Inte
rest
Rate
Inflation
Unemployment
Marke
ts
Financial System Institutions
BudgetBudget
PlanningPlanning
Labour & IncomeLabour & Income
Real-life contentsReal-life contents
discount
free
delivery
no
interest
Formal contentsFormal contents
Real-life and formal contentsReal-life and formal contents
Teaching materialTeaching material
Student’s book 72 Learning Opportunities: formal and real-life contents + activities + self-assessment questions
Teacher’s book a copy of the student’s book + teaching guidelines + further formal contents
20
Met
adat
a –
Tea
cher
’s b
ook
Met
adat
a –
Tea
cher
’s b
ook
FORMAL NAME
Personal expenses
INFORMAL NAME Write it down so you won’t forget itRELATED TOPIC
Daily family life
FORMAL CONTENTS
• Expenses
• Personal and family budget
• Financial planningSKILLS • S6
• S7
• S8ACTIONS • Register and monitor personal expenses
• Estimate the cost of things DESCRIPTION
This activity addresses the need of keeping records of what is purchased and how much is spent on a daily basis to allow greater control over one’s financial life. Students may already be undertaking some kind of register but possibly in an intuitive, inaccurate way and now they will learn to do it systematically.
SELF-ASSESSMENT QUESTIONS
What have I learned?
( ) to write down my expenses on a daily basis
( ) to find out exactly how much I spend each month
( ) to estimate the cost of things I usually spend my money on
Regular selected state schools Evaluation
System
“Mais Educação” Programme schools
Regular selected state schools
Implementation and EvaluationImplementation and EvaluationImplementation and EvaluationImplementation and Evaluation
35
Public Schools supported by Instituto Unibanco (a non for profit organization)
Y
AfterBefore
B’
A
B
t0 t1
A
Intervention
Intervention
ChangeChange
ImpactImpact
Public schools supported by
Instituto Unibanco
Ministry of EducationPrograms:
“Mais Educação”“Ensino Médio Inovador”
Impact Evalution (World Bank)
100 schools 800 – 1200 schools
5 States 19 States (tbd) 4 States
TrainersTeachers
VolunteersInterns
TrainersTeachers
TrainersTeachers
To be defined
Implementation and EvaluationImplementation and EvaluationImplementation and EvaluationImplementation and Evaluation
April-May 2010
16-hour training
Professores Geradores (Teachers)1 por escola
Multiplicadores (Trainers)1 for 10 schools
20-hour distance-learning training
Coaching on line
8-hour training
20-hour distance-learning training
Coaching on line
Jun-Nov 2010
ImplementationImplementationImplementationImplementation
Dimensions:Short-term and long-term:
Knowledge and Competencies (skills)
Attitude (Behavior)
Long-term impact:
Attitude (Behavior)
Exams
(Item Response Theory)
Questionnaire
Follow up
CPF
EvaluationEvaluationEvaluationEvaluation
40
Thank you!Comissão de Valores Mobiliários (CVM)The Brazilian Securities and Exchange
Commission Contact: [email protected] National Strategy: www.vidaedinheiro.gov.br CVM’s website: www.cvm.gov.br Investor’s website:
www.portaldoinvestidor.gov.br