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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. Financial education in the EU Current initiatives of the European Commission

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Financial education initiatives of the European Commission

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

  2. Outline • Financial education in the EU • Current initiatives of the European Commission • Dolceta – module ‘Financial Services’ • Dolceta – new financial literacy module for teachers

  3. 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

  4. 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

  5. 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

  6. 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

  7. 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

  8. 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

  9. 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)

  10. 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

  11. www.dolceta.eu

  12. Two existing modules

  13. Listing the content by difficulty level

  14. Listing the content by theme

  15. Single course - example

  16. Single course – example (2)

  17. Interactive exercise - example

  18. Interactive exercise – results

  19. Quiz - example

  20. Quiz – example (2)

  21. Links to external resources - example

  22. Glossary - example

  23. 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

  24. 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)

  25. 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

  26. 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

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