FINANCIAL EDUCATION BRAZIL · 2017. 5. 4. · Financial Regulators WG 2007-10 National Committee...
Transcript of FINANCIAL EDUCATION BRAZIL · 2017. 5. 4. · Financial Regulators WG 2007-10 National Committee...
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FINANCIAL EDUCATION BRAZIL
IEC FINANCIAL LITERACY FORUM
José Alexandre C. Vasco
Investor Protection and Assistance Office
Securities and Exchange Commission of Brazil
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Government activities
• Regulation
• Supervison/Enforcement
• Registration
• Dispute Settlement
• Supply goods/services directly
• Contract with private firms
• Collaboration with private and public entities
WHY?
• Resources
• Productivity
• Information
• Legitimacy
• Monitoring costs
• Complex implementation
• Accountability
• Discretion
WHY NOT?
Collaborative Governance: Private Roles for Public Goals in Turbulent Times. John D. Donahue and Richard J. Zeckhauser. Princeton University Press. 2011.
TRADICIONAL ROLES AND NEW ONES
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Conventional Model (DIRECT DELIVERY):
• Direct delivery of public goods
New model (“DELEGATED DELIVERY”)
• Changes in the division of responsibility for the delivery of public goods (increased participation of private agencies)
*Collaborative Governance: Private Roles for Public Goals in Turbulent Times. John D. Donahue and Richard J. Zeckhauser. Princeton University Press. 2011.
Mostly public
Shared
Mostly private
Discretion:
CONTROL
-
DELIVERY OF PUBLIC GOODS: CONVENTIONAL VS. NEW MODEL
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APPROPRIATE
PEOPLE
OPEN PROCESS
SHARED
GOALS
HIGH
PRIORITY
Leadership
COLLABORATION FRAMEWORK*
* Linden, Russel Matthew. Leading Across Boundaries: Creating Collaborative Agencies in a Networked World.
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The partners have a shared, specific interest or purpose that they are committed to and can`t achieve on their own.
The partners want to pursue a collaborative solution now and are willing to contribute to the effort.
The appropriate people are at the table.
The partners have an open, credible process.
7 KEY COLLABORATIVE FACTORS*
* Linden, Russel Matthew. Leading Across Boundaries: Creating Collaborative Agencies in a Networked World.
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The effort has a passionate “champion” (or “champions”), with credibility and clout.
The partners have trusting relationships.
The partners use the skills of collaborative leadership.
7 KEY COLLABORATIVE FACTORS*
* Linden, Russel Matthew. Leading Across Boundaries: Creating Collaborative Agencies in a Networked World.
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Financial Regulators
WG 2007-10
National Committee for FE
(Financial regulators) - 2011 • Federal Decree # 7,397
• Multiple public/private agencies
• Financial Literacy (e.g. Schools FE)
• National Strategy for FE
• Execution: nonprofit association funded by 4 SRO`s (banking, insurance, capital market)
Advisory Committee on Educ.
(CVM) - 2006
• CVM Rule # 498
• CVM, SRO`s and capital market associations
• Capital Market Education
• New initiatives (professors, journalists and judges)
• Execution: shared responsibilities
Behavioral Sciences Advisory Panel
(CVM) - 2014 • CVM Rule # 720
• CVM and researchers + invited SRO`s – Universities
• Experts choosen to inform evidence-based public policy
MULTILATERAL PARTNERSHIPS
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NATIONAL STRATEGY FOR FE (ENEF) GOVERNANCE
National Committee for
FE (CONEF)
Educational Support Group
(GAP)
Schools
Sectoral Programs Cross-sectoral programs
FE Schools
FL - Adults
Technical Committee
Association for FE Regulators, partners etc.
Stra
tegi
c C
on
sult
ativ
e Im
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me
nta
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BRAZILIAN “MONEY WEEK”
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BRAZILIAN “MONEY WEEK”
PARTICIPANTS
EVENTS/INITIATIVES
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2014 IMPLEMENTATION
2015 PILOT PROJECT
Primary and Middle Schools
2008-09 PROGRAM
CONCEPTION
2010-11 PILOT PROJECT
High-School
Coordinated by AEF-Brasil (since 2012):
• High-School:
• 3 books developed and tested (2010-11) – 891 schools/ 26 K students
• books printed by Min. Education and sent out to 2.974 schools (2014)
• website FE in Schools launched
• Primary and Middle School:
• 9 books developed (2011-12)
• Pilot project (RCT 2015) – 200 schools/18k students
FINANCIAL EDUCATION IN SCHOOLS TIMELINE
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FINANCIAL EDUCATION IN SCHOOLS WEBPAGE
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HIGH-SCHOOL PILOT PROJECT FINANCIAL LITERACY SCORE
13
45
47
49
51
53
55
57
59
61
63
65
BaselineFollow-up 1
Follow-up 2
50
56
59
50
60 62
Control
Treatment7% 5%
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48
48
49
49
50
50
51
51
52
52
BaselineFollow-up 1
Follow-up 2
49 49
51
49
51
52
Control
Treatment
4%
2%
HIGH-SCHOOL PILOT PROJECT FINANCIAL AUTONOMY SCORE
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45
46
47
48
49
50
51
52
53
BaselineFollow-up 1
Follow-up 2
48 49
51
48
51
53
Control Treatment
4%
4%
HIGH-SCHOOL PILOT PROJECT INTENTION TO SAVE (%)
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HIGH-SCHOOL PILOT PROJECT STUDENTS THAT SAVE (%)*
16
BaselineFollow-up 1
Follow-up 2
57 59
55
58 63
59
Control Treatment
*% of the group of students that have income (65%)
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HIGH-SCHOOL PILOT PROJECT STUDENTS THAT CREATE A SHOPPING LIST (%)
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0
5
10
15
20
25
30
35
40
45
50
BaselineFollow-up 1
Follow-up 2
10 13 14
11 16
17
Control
Treatment
23% 21%
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HIGH-SCHOOL (World Bank, 2012):
Positive impact on student’s financial literacy.
Financial autonomy scores and intention to save increased.
Financial behavior improved.
a nationwide program could contribute to the policy goal of increasing national savings.
PRIMARY AND MIDDLE-SCHOOL (World Bank, 2016)
Positive impact on student’s financial literacy*. *Pilot project Grades: 3rd, 5th, 7th and 9th
MAIN FINDINGS
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THE “REDIRECTION” A NEW PROGRAM STRATEGY FOR 2017-2024
Initiatives
ENEF as a
“Platform”
(business model)
FE in Schools Network
Focus on school teachers
Reward good practices (national award etc.)
Foster research on what works and evaluate
New tools (games etc.)
New sponsorship policy
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ISSUES & KEY TAKEWAYS
Controled pilot project vs. real life operational implementation
Unexpected lack of financial support
Implementation issues (coordination public-private)
Competing priorities
Governance
FE as a platform – users create and consume value
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Obrigado! [email protected] / [email protected]
CVM
Website: www.cvm.gov.br
Investor`s Portal: www.investidor.gov.br
Blog: pensologoinvisto.cvm.gov.br
“CVMEducacional” (social media):
Twitter: twitter.com/CVMEducacional
YouTube:www.youtube.com/CVMEducacional
Facebook: facebook.com/CVMEducacional
Linkedin: www.linkedin.com/company/cvm
ENEF
• ENEF (Life&Money) website: www.vidaedinheiro.gov.br
• AEF-Brasil website: www.aefbrasil.org.br
• FE in Schools website: edufinanceiranaescola.org.br