OECD/FSB
Conference on Financial Literacy
Financial Education for ALL
WORKSHOP 1: REACHING OUT TO YOUNG PEOPLE: FINANCIAL EDUCATION IN SCHOOLS
Lyndwill Clarke, Manager: Consumer Education
28 October 2011
Promoting an informed nation
FSB legislation The FSB is a unique independent institution established
by The Financial Services Board Act No. 97 of 1990, to oversee the South African non-banking financial services industry in the public interest
In 2000 the Act was amended to mandate the FSB to:
“Promote programmes and initiatives by financial institutions and bodies representing the financial services industry to inform and educate users and potential users of financial products and services”.
To effect this amendment, the FSB developed a strategy for Consumer Financial Education with a vision “to see all South Africans manage their personal and family financial affairs soundly and irresponsible financial services providers not supported but reported.”
.
Aim: to promote the integration of financial consumer education into the formal education system
Activities:
- Liaise regularly with DBE and DHET
- Developing resources for teachers in immediately usable formats, e.g. lesson plans relevant to various curricula
- Facilitating workshops for teachers to show the effective use of resources
- Career fairs and exhibitions
- Publish articles in teacher publications
FSB and Formal education
SA statistics
25 850 schools (public and independent)
418 109 Teachers
12 260 099 learners (± 25 % of population)
579 384 Grade 12 (± 4.7% of total, 1.2% of popul.)
SA school realities, 2010
Challenges
To obtain buy-in from education
department
Pros and cons of being part of curriculum
or stand alone subject
How to know if content is appropriate
Teachers not familiar with financial
concepts, need training
M & E / Assessment, how when part of
curriculum?
“Money in action” Grade R – 12
EMS, Math Lit., Life Orientation
CD- ROM based
59150 CDs copied
Includes voice-overs
Excellent teaching tool
4 Stand-alone booklets per phase and
band
72667 booklets printed
and distributed
Funded by Foundation,
FSB & SAIA
Developed by e-Learning
Laboratory
60 workshops completed
with 983 teachers
Mathematical Literacy resource for teachers of Grades 10, 11 and 12
188 workshops with 10 000 teachers - 2008 to 2010
Funded by FSB and SAIA
Improved underperforming schools results.
Projects schools performed better than others in 2009 -10 grade 12 exams
Will hand over project to DBE in 2011
“Managing your money”
Financial guide for youth Pilot project completed in 2009
157000 booklets printed
6000 booklets distributed
108 Workshops
3010 Attendees Schools, Universities, out of school youth
Train the trainer
Westbury High –
Role play
Financial guide for youth in FET Colleges 2011
48/50 Public FET Colleges
158, 2hr, workshops
5000 level 4 learners
Improved knowledge on: Salary slip
Insurance products
Savings products (esp. Mzanzi accounts)
M & E – Pre & post test, Call back
Careers Exhibitions Messages
Information on dealing with financial services and product providers
Careers in the financial sector
Publications – Teacher Magazine
• Targets teachers
• Free copies are
distributed nationally
to 26,000 schools
• FSB articles published
in 12 monthly editions
during 2009 – 2010
Lessons learned
The following elements contributed to the successful implementation of consumer education in schools:
Engaged with the DOE at national and provincial levels and involved the DOE in projects from the start.
Encouraged the DOE to appoint staff from their curriculum development unit to work with the FSB and its partners.
Got formal acknowledgement and approval from the DOE for implementation and other processes e.g. a letter of support or MOU.
This assisted to gain access to provincial departments and schools.
Entrenched resources into the curriculum and developed them according to curriculum requirements.
They are not “add-ons” which are often not used
Financial education resources were developed by a combination of practicing educators (teachers & education officials) and financial sector practitioners
Distributed resources as part of workshops where trained facilitators showed teachers how to use the resources in the classroom.
These included workshops with district, provincial and other DOE staff
Different project for personal finance for teachers
Used “professional development” w.r.t. financial management to assist teachers
Lessons learned (cont’d)
Lessons learned (cont’d)
Monitoring and evaluation systems must be in place at all phases of development, print, distribution, dissemination and implementation. DOE also played a crucial role through feedback from
its support personnel.
Learner assessment as part of formal examinations
4 / 8 FSB’s Consumer Education Department professional staff members are qualified educators with experience in all levels of formal education, as well as adult education.
have an understanding of how the education system works.
All material is neutral with no marketing or mention of specific brands.
Thank You
Lyndwill Clarke
Tel: +27 12 422 2819
Cell: +27 079 881 1805
E-mail : [email protected]
www.fsb.co.za