This presentation by Sébastien de Brouwer was made during the 2nd roundtable 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. THE ROLE OF THE PRIVATE AND NON-PROFIT
SECTORS IN FINANCIAL EDUCATION
The views of the European Banking Federation
High-level conference on global and European trends in financial education
22-23 May 2014 - Istanbul, Turkey

2. Who we are
 National Banking Associations from 32 countries
 4.500 banks with 2.5 million employees
From
 Major cross-border institutions and small regional entities
 Wholesale and retail financial institutions
About us – the European Banking Federation

3. EBF Position on Financial Education
Financial education is central in today’s complex financial market
Financial education is an essential component of consumer
empowerment: it gives them an understanding how to manage their
finance in the real economy in order to avoid unnecessary risk and
financial exclusion but also to seize true opportunities
Financial education is a necessary complement to the duty to inform and
other consumer protection requirements.
Financial education should be part of banks commitment to the society

4. Role of the Private Sector
The involvement of the private sector and non-for-profit stakeholders is
essential
 Contributions on financial resources
 Expertise on financial services
 Innovative way of approaching education
 Efficient communication
 Well positioned to reach a wider audience
 Well positioned to exploit teachable moments related to key financial decisions
 Employees motivation

5.  Strong support on the OECD initiative
to draft guidelines
 helps clarifying the role of the private
and non-for-profit stakeholders in FE,
notably the appropriate distinction
between educational and commercial
activities (particularly important when
targeting children or vulnerable
groups)
By clarifying role & responsibilities, it
helps in acknowledging the essential
role the private sector can play in FE
Role of the Private Sector

6. Role of the Private Sector
Challenges
Multiplication of actors – duplication versus coordination
Conflicts of interest (commercial purposes)
Quality & consistency of financial education initiatives
Measurement of success / assessment
Long-term commitment and sustainability

7. Role of the Private Sector
Role of the banking associations
Public-private Partnership
Eligibility and conditions to participate
 Non-commercial (no marketing, advertising …), education only
 Impartiality & quality of teachers, materials, ..
 Transparency
Compliance
Monitoring and assessment

8. EBF initiatives
 2009: Publication of the report “Financial literacy – empowering consumers to
make the right choice”
 2009 -2011 - Support to the EBF members of the Expert Group on Financial
Education (DG Markt)
 2012 : Publication of a new Report on Financial Literacy with a special focus on
Children and Youth
 2013 : CSR Report
 2014 : Financial Education Project Group (FEPG)
 2015 : European Money Week
 Continuous basis : participation to conference/summit (CFYI, EBTN, EBA, …)

9. EBF Initiatives

10. The European Money Week
 Promoted by the EBF and national banking associations
 With the aim to raise public awareness on financial literacy & spreading financial
education to young people (mainly elementary & secondary schools)
 Improve the level of financial education
 Consists of a series of events, media actions, activities in schools at the same time
(local and European level)
 strong recommendation to partner with other stakeholders (public and private
sector)
 Conditions for participation & eligibility