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Financial education initiatives of the European Commission. International Conference on Financial Education Washington, 7-8 May 2008 Daniel Kosicki, European Commission Financial Services Policy. Outline. Financial education in the EU Current initiatives of the European Commission

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financial education initiatives of the european commission

Financial education initiatives of the European Commission

International Conference on Financial Education

Washington, 7-8 May 2008

Daniel Kosicki, European Commission

Financial Services Policy

outline
Outline
  • Financial education in the EU
  • Current initiatives of the European Commission
  • Dolceta – module ‘Financial Services’
  • Dolceta – new financial literacy module for teachers
eu competence
EU competence
  • EU core task: creation of the Internal Market
  • Education: competence of the Member States
  • No Single Financial Market without empowered consumers
  • Subsidiarity principle
communication on financial education
Communication on Financial Education
  • Adopted by the Commission on 18/12/2007
  • Policy document announcing the Commission’s views and actions
  • To raise awareness, promote, facilitate provision
  • 8 principles for financial education providers
  • 4 initiatives
ec initiatives 1 network of practitioners
EC Initiatives (1) - Network of Practitioners
  • To exchange best practices and advise the Commission
  • 25 experts (government, industry, consumers, academia)
  • Experts to be independent of external influence
  • Two meetings per year
  • Call for applications to be published soon
ec initiatives 2 database
EC Initiatives (2) – Database
  • Online “reference library” of financial education schemes and research
  • Searchable by various criteria (country, theme, target audience, method of delivery, nature of provider)
  • Publicly accessible on the ‘Europa’ website (end 2008)
  • To be regularly updated
ec initiatives 3 eu patronage
EC Initiatives (3) - EU Patronage
  • Honorary support: logo of the European Commission, message of support, participation
  • Events by public and private actors
  • Case by case selection
ec initiatives 4 dolceta
EC Initiatives (4) – Dolceta
  • Development of On-Line Consumer Education Tools for Adults
  • EC in partnership with the Member States
  • For consumers and professionals in each MS
  • Information + interactive material
  • 2 existing modules + 5 under development
dolceta modules
Dolceta - modules
  • Consumer Rights (2006)
  • Financial Services (2006)
  • Food and Product Safety (end 2008)
  • Training for teachers (end 2008)
  • Liberalised services of general interest (2009)
  • Sustainable consumption (2009)
  • Financial Literacy – tools for teachers (2010)
dolceta financial services
Dolceta – Financial Services
  • To strengthen competencies of adult consumers (FAQ and common problems)
  • 6 themes and 3 levels of difficulty
  • Legal information and practical examples adapted for each country
  • Training: interactive exercises and quizzes
  • Deepening knowledge: links to websites, glossary of terms
dolceta new module on financial literacy for teachers
Dolceta – new module on financial literacy for teachers
  • Interactive web-based training tool
  • To facilitate including financial literacy in lesson programmes
  • Targeted at primary and secondary schools
  • Translated and adapted to circumstances of each MS
  • For voluntary use
dolceta financial literacy content
Dolceta Financial Literacy – content
  • Practical advice and suggestions: lesson plans, ideas, tools (games, quizzes, exercises, stories)
  • To fit in easily in the current national curricula (maths, history, economics, citizenship)
  • Topics based on the ‘Financial Services’ module + those relevant to pupils/students
  • Complementing existing projects (EU/MS)
dolceta financial literacy elaboration
Dolceta Financial Literacy – elaboration
  • Sponsor: European Commission (SANCO + MARKT)
  • Contractor: EUCEN – a network of over 200 universities in 43 countries
  • Expert and Design Teams: developing the common content
  • National Development Teams: adaptations
  • Starting now with the timeline of 2 years
conclusions
Conclusions
  • Financial education is high on the EU agenda
  • Commission’s role: to promote appropriate actions and policies in the Member States
  • DOLCETA Financial Services: practical tool for enhancing competences of adult consumers
  • New DOLCETA financial literacy module for teachers: to facilitate provision of financial education in primary and secondary schools