The FSC Financial Education Schools Programme - 2015Melanie Kamilah WilliamsSenior Legal Officer, FSC - Jamaica

FSC Financial Education in Schools Programme

• Successfully staged for 6 years

• Sponsored by FSC and its local partners

• Junior Achievement – instrumental in developing the FE Content, training facilitators

• Programme has evolved with FSC’s partnership with CYFI

• Impact of the programme has been enhanced by this partnership

FSC and CYFI – Successful Partnership

• For the past 3 years, the FSC has partnered with CYFI and Global Money Week

• CYFI – A global leader reaching over 36 million children

• Global Money Week – activities staged in over 118 countries, reaching over 3 million children

• Content of FSC’s FESP tailored based on the CYFI model, using Junior Achievement developed modules

• FSC’s FESP timed to coincide with the Global Money Week

Objectives of the FSC and CFYI Model

• Teach our youth and children financial life skills

• Empowering our youth and children to make smart financial decisions

• Promotion of financial inclusion by financial education

• Increase the financial capability of our youth and children

• Creation of societies with financially literate individuals

• Financially responsible youth and children – future leaders, entrepreneurs and savvy consumers

Local Partners with the FSC in the programme

• Junior Achievement- Content Developer

• Jamaica Deposit Insurance Company (JDIC)

• Bank of Jamaica

• Credit Bureau

• Jamaica Stock Exchange

• Jamaica Cooperative Credit Union

• Ministry of Education; Ministry of Finance

• Media

Our Partners in Jamaica

Financial Education Content

• Value of Money

• Planning to Earn

• Saving for Life

• Budgeting

• Distinction between Investments and Savings

• Making Smart Credit Choices

• Money Management Skills

• Accessing Financial Information

Main Take-Aways from the FE Content

• Healthy personal finance requires planning and managing income and expenses

• Impact of education on earning power, future employment possibilities

• Planning is critical to making strategic financial and life decisions

• Life stage financial planning – big ticket choices – education, housing etc.

• Nature of opportunity cost

• Discipline in sticking to a budget

Smart Financial Skills

• Selection of an educational path that gives an opportunity to earn more

• Creating a monthly budget – matching spending against limited income

• Distinction between fixed expenses and variable expenses

• Setting aside emergency funds

• Making investments

• Savings – interest, banking facilities, bank charges

• Understanding investment returns and investment risks

Smart Financial Skills

• Risks to personal finances

• Protecting against Identity theft

• Taking preventative steps to avoid Fraud

• Insurance – as a method of limiting losses

• Saving for retirement

• Doing research on financial products and financial institutions

Smart Financial Skills

• Using credit wisely

• Understanding credit-worthiness

• Appreciating the role of credit rating agencies

• Examples of extending credit

• Such as loans for higher education, mortgages, credit cards, hire purchase

• Consequences of using credit unwisely – penalty fees, lack of access to finance

Financial Regulators and Financial Services

• FSC Securities Pensions Insurance

• Bank of Jamaica

• Jamaica Stock Exchange

• Credit Bureau of Jamaica

• Jamaica Stock Exchange

Targeting the audience

• Students in Secondary Educational Facilities (High Schools)

• Average Age classification for the Students: 14 – 15 year olds

• Minimum Age of Students: 12 years

• Schools are located across a large geographic area to maximize impact

• On average between 8 – 9 schools participate

• In 2015, 8 schools participated

• 30 students for each school – 240 students in 2015

Identifying the Target Audience

• Students in Secondary Educational Facilities (High Schools)

• Average Age classification for the Students: 14 – 15 year olds

• Minimum Age of Students: 12 years

• Schools are located across a large geographic area to maximize impact

• On average between 8 – 9 schools participate annually

• 8 schools participated in 2015

• 30 students for each school – 240 students in 2015

Participating High Schools

• Ardenne

• Glenmuir

• Black River

• Denbigh

• Mannings

• Ascot

• William Knibb

• St. Jago

Method of Selection of Students

• Voluntary Participation of students

• Principals and Teachers encourage student participation

• FSC promotion via MOF and MOE

Beneficiaries of the Programme

• Immediate beneficiaries: 240 students who participated; and their teachers

• Long term beneficiaries:

Wider school populationParentsEmployersUniversities and Tertiary InstitutionsFinancial Services Providers

The “Messengers” – The teachers of key Financial Life Skills

• Trained Facilitators (including FSC Staff and External Education Professionals)

• Teachers based at the Schools

• Guest Presenters

Method of Delivery of key concepts

• One weekly session – taught in the classroom (6 weeks)

• Sessions are focused and highly interactive

• Use visual tools; handouts and materials

• 30 minutes per session

• Utilising activities to reinforce the key messages

Method of Delivery of key concepts

• Site Visits

Money Museum at Bank of JamaicaJamaica Stock ExchangeFSC

Method of Delivery of Key Concepts

• Essay Competition

• Topic: “Formal Credit Reporting is new to Jamaica. What are the most important lessons for high school students to learn about credit reporting?”

• Logo Competition

• Visually appealing logo to be used in marketing the programme

• New initiative: The Vision Award in 2016

Global Money Week - 2015

• Held March 9 – 13

• One day tours of the Money Museum at BOJ; the JSE and the FSC

• Focused on Digital Currency, Mobile Banking and Electronic Platforms for Commerce

• Special Presentation by CreditInfo Jamaica

Global Money Week - 2015

• Closing Awards Ceremony

• Keynote speaker: Megan Deane, CEO of CreditInfo Jamaica

• Recognition of students and teachers

• Networking skills

• Business etiquette

• Mentorship opportunities with Business Leaders

• Interaction with Financial Service Providers

Continued Evolution and Collaboration

• Enhanced Partnership with CYFI, Global Money Week

• IFIE – the Working Group for Americas Chapter

• MOE – developing financial education content for schools

• Strengthening relationships with Junior Achievement

• Collaboration with Regulators and Industry Leaders – BOJ, JDIC, JSE, CreditInfo Jamaica, JCCUL, JN

• Expanding the programme to new schools

Impact Report

Facilitator’s communication

Effective communication

Strongly agree AgreeNeither Agree nor disagree

Facilitator made subject easy to understand

Information easy to understand

Strongly agree AgreeNeither agree nor disagree DisagreeStrongly disagree No response

Impact Report

Students’ perception of the programme

Relevance of information

Strongly agree AgreeNeither Agree nor disagree

Engagement of students

Programme was interesting

Strongly agree AgreeNeither agree nor disagree DisagreeStrongly disagree No response

Programme meeting Students’ Needs

Series1

0.00% 10.00% 20.00% 30.00% 40.00% 50.00% 60.00% 70.00%

Programme met students’ purpose in participating

No response Disagree Neither agree nor disagreeAgree Strongly agree

Financial Education for Youth and Children

• Special Thanks to:

• The Schools

• The Students

• Our Facilitators

• Our Local Partners

• Media

• CYFI

• Global Money Week

FSC and its local and global partners creating exciting and impactful Financial Education Content

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Thank YouFor further information, please contact the FSC at:

39 – 43 Barbados Avenue, Kingston 5, Jamaica

Telephone: (876) 906-3010

Email: inquiry@fscjamaica.org

williamsmk@fscjamaica.org