This presentation by Marusa Freire was made during session 4 at the High-level Conference on Global and European Trends in Financial Education held on 22-23 May 2014 in Istanbul, which explored the role(s) of the private and not-for-profit sectors in financial education, financial literacy and innovation for young people and financial education for migrant workers and their families. Find out more at http://www.oecd.org/daf/fin/financial-education/2014-conference-global-european-trends-financial-education.htm

1. Key Criteria for Success of
Financial Literacy
Brazilian Case
Marusa Vasconcelos Freire
Global and European Trends in Financial Education:
New Challenges, Innovation and Measures of Success
Instanbul, Turkey – 22-23 May 2013

2. Development Testing Evaluation Re-Dev (...)
Development Testing Evaluation Re-Dev (...)
Development Testing Evaluation Re-Dev (...)
State Policy (Presidential Decree // program in the
federal government multiannual plan // permanent and nationwide
policy // public interest must prevail )
Strategic planning and
management(strong & active
participation/involvement of financial regulators and supervisors //
mapping stakeholders and existing initiatives // consultation process)
Governance mechanisms (public, private
and civil society participation & partnerships // centralized
coordination & decentralized execution // national & sectorial
actions)
Communication & accountability
(all initiatives employing information-formation-orientation approach
// free of charge for target audience)
Core competencies framework (clear
goals, competencies and concepts => content, skills, knowledge and
attitudes)
Impact evaluation (monitoring, evaluating and re-
planning …)
National Strategy for Financial Education – ENEF

3. Great Challenge
Public, private and not-for-profit stakeholders & partnerships
• Monitoring and evaluating the national strategy
– a way to evaluate the progress of NFS and determine if its
moving towards its planned objectives.
• Monitoring and evaluating ENEF’s projects impact
– a way to evaluate if the NFS projects (actions / initiatives)
are reaching their planned goals.

4. Items to be considered when
designing the evaluation system (ENEF)
1. To specify clearly the results and objectives to be achieved in the
short, medium and long term.
2. To select indicators for monitoring and evaluating both
implementation and results.
– These indicators should be clear, adequately measuring results, be available
for reasonable cost and be subject to be independently validated.
3. To establish a baseline, i.e., to measure the status of the indicators
before implementing the action or programme.
4. To establish deadlines for achieving goals and targets.
5. To collect data and calculate indicators often in order to assess
whether goals are being achieved.
– These measures must be stable in time and space so that they can be
compared.
6. To analyse the results to check if goals and targets are being met,
even checking whether resources are being handled efficiently.
7. To plan corrective actions so that goals and targets are achieved.

5. Make it simple
Objectives Comments
To promote and foster a “culture” of
financial education in the country
Overview of ENEF’s recent initiatives
(Mapping; 1st National FE Week)
To broaden the understanding of citizens in
order to make informed choices regarding
the management of their resources.
ENEF’s core competency framework can be
used as a tool or reference to set targets,
goals and mechanisms to monitor financial
education outcomes (e.g. FE in Schools)
To contribute to the efficiency and
soundness of financial, capital, insurance,
and pension funds markets.
Financial Citizenship Program (large scale FE
projects)
Surveys (T0, T1, T12, …) => OECD Toolkit to
Measure Financial Literacy?; CFSP
Partnership.
Databases (CCS & SCR).

6. Mapping – Multiplication of Initiatives
Association of Financial Education in Brazil - AEF
Ministries, Regulatory Agencies, Civil
Society Representatives
2010 => 100 FE initiatives
2013 => 803 FE initiatives
http://www.vidaedinheiro.gov.br/RelatorioAnaliticoENEF.pdf

7. 1st National Financial Education Week
179 - Events
54 - BCB & Partners
5.034 - Participants
12 States
http://www.semanaenef.gov.br/

8. Financial Education Programme in High Schools
• A pilot project has been implemented in
schools aiming to assess the adequacy of the
material produced for high schools. It included
891 volunteering schools, trained 1,200
teachers, and reached nearly 27,000 students
aged 14–17.
• The impact evaluation, made in
partnership with the World Bank, concluded
that the program increased students’ financial
knowledge, led to improvements in financial
attitudes, and changed participants’ financial
behaviour.
• Students in the treatment group are more
likely to engage in saver financial behaviour,
talk to their families about financial matters,
and help with organizing household budget.
http://www-
wds.worldbank.org/external/default/WDSContentServer/WDSP/IB/2012/06/05/00042597
0_20120605160329/Rendered/INDEX/693250WP0P123702375400June02802011.txt

9. Association of Financial Education in Brazil – AEF
Ministry of Education
Financial Education Programme in
High Schools
• In the next two years the
program should reach from
2.962 to 4.000 public schools.
• Further dissemination of this
programme will be driven by
strategies that enable the
scalability of educational
materials distributions.
• Schools will be able to join the
programme through a virtual
platform that was created for
this purpose.

10. SPATIAL
DIMENSION
TEMPORAL
DIMENSION
Exercising rights and
duties in an ethical and
responsible manner
Making financial decisions
socially and environmentally
responsible
Applying revenue and
expenditures understanding in
maintaining one’s financial
balance
Harmonizing wants and needs,
reflecting on one's own habits
of consumption and savings
Evaluating offers and making
autonomous financial decisions in
accordance with the actual needs
Acting as a disseminator of
knowledge and practices in FE
Relying on mechanisms of
prevention and protection of
short, medium and long term
Elaborating financial plans
for the short, medium and
long terms
Analysing alternatives to
overcome economic difficulties
Relying on the formal financial
system for the usage of financial
services and products
ENEF’S core competencies framework for adults
=> Supporting tool for designing actions for all target audiences => goals, content, …

11. Financial inclusion,
protection and literacy
contribute both to financial
citizenship and to the
efficiency of the SFN and
the maintenance of the
country’s economic
stability.
Financial Citizenship Program
11
Thematic Areas
Personal finance/money management,
focusing on saving and the responsible use
of credit.
Citizen’s relationship with the SFN –
information, instruction and advice about
financial services and products and conflict
resolution channels with the SFN, and
about the role and functions of the SFN
and the Central Bank.
Financial institutions’ relationship with
the citizen – induction of good financial
education practices when offering financial
services.

12. Distance-learning money management course
School of Fiscal Administration
• Personal Finance
Management (Basic)
– Financial education contents are
presented in a ludic fashion
manner by means of dialogues
among the animated characters
of a typical Brazilian family.
– Registrations will be open to the
public at large.
• Sensibilization => raising
awareness
• 10.000 people – 1st year

13. Entrepreneurial Financial Education
Brazilian Micro and Small Business Support Service - Sebrae
• Financial Education for the
individual and micro
entrepreneur (IEs & SMEs)
– lectures at the Entrepreneur’s Fair
– lectures and courses on money
management, under the National
Program for Access to Technical
Education and Employment
(Ministry of Education)
– 1st. Stage => sensibilization =>
financial education material has
been distributed through Sebrae
to raise awareness among
managers, teachers and students
of technical schools (6.000
Technical Schools)

14. Cooperative Financial Education
Brazilian Organization of Cooperatives & National Cooperative Learning Service
5 books for the students
5 books for the teachers
1 book for trainer of the teachers
10millions
ofmembers
Our relationship with money
Personal and familiar budget
Credit Usage
Planned Consumption
Investments
Other
partnership
• Financial Education for
multipliers in FE
– to develop content, textbooks,
teachers’ manuals and courses to
train multipliers in financial
education for cooperative workers
and contributors, focusing on
money management and the
relationship between cooperative
affiliates and financial service
providers.
• Capacity to train multipliers
in FE => ability to scale up FE
inniciatives to reach millions
of people

15. Financial Citizenship: Relationship with the NFS
National Consumer Protection System – Senacon – Ministry of Justice
• Financial Education for
consumer protection agents
– lectures and courses for the
information, instruction and advice
of the workforce and contributors
of consumer protection agencies;
– Financial consumer protection
channels and the role and
functions financial institutions.
.
• Quantitative and qualitative
changes on the claims and
information
• Effectiveness of the consumer
protection national system for
financial claims.
• Reaching people with indebtness
problems
citizens
Consumer
protection
agents
Financial education
material based on
financial consumer claims
and informations
reported at RDR and
SNDC (+600.000)

16. AcumulAtivos Project
Fundación Capital (Colômbia Lista) , Ministry of Social Development, Research Center
Research Center /
Social Tecnology Incubator
Confesol
Community Banks - Associations
1 tablet
5 families
15 families
Não há
distribuição
ou doação
de tablets,
mas
circulação
10 Communities
5 Regions
Ambiente
Virtual
• Financial education to youth
and adults in situation of
poverty or extreme poverty
– to develop/test FE methodology using
self-instructional content focused on
asset accumulation
– people registered at the Social Programs
Unique Database (16million/22million)

17. Studies and Research
To develop a methodology to assess and monitor the impact of
financial education actions, its relation with the evolution of
financial inclusion in Brazil and the levels of savings and
indebtedness amongst the target audience of the program.
– Financial System Monitoring Department- Desig
– Research Department – Depep
– Financial Education Department
– Research Centers from Universities

18. Obrigada!
THANK YOU!
depef@bcb.gov.br
educacaofinanceira@bcb.gov.br
inclusao.financeira@bcb.gov.br