This is a short presentation focusing on the role of the mass media in the financial literacy of the society. Remarks are based on 8-years of experience of the National Bank of Poland educational programs.

1. +
Financial
Education
& Media
Summing-up Eight-Year Experience
of Polish Economic And Financial
Education Programs in Mass Media
Marcin Polak, Think Point Poland
Former Head of Economic Education
of the Polish Central Bank (2002-2007)

2. + 2
 No National Financial Education
Strategy and still no political
motivation in the public
administration to do that;
 Some public institutions
developing financial education
programs (the most intense the
National Bank of Poland – the
central bank & some: the stock
exchange, the financial
supervision authority);
 Several private companies from
the financial sector involved in
nationwide or local FE programs
(mainly banks);
 No mandatory financial education
program at schools (no learning
framework). No serious FE
programs for adults.
 Many FE initiatives in the non-
profit sector/schools.
National Bank of Poland – the central bank of Poland, independent (from Government) public
institution - in the years 2002-2009 spent itself from its own resources an amount of c.a. 43 Million
Euro (163 Million PLN) on supporting economic and financial education in Poland, including
broad and diverse activities in the mass media (both information and edutainment approach).

3. + 3
 NBP: Variety of programs designed
and implemented (>15 models of Financial Edutainment Programs:
delivering knowledge):  „Gold for the Bold – Poles & Money” was a 120
 for youth: specially designed (voluntary) minutes long dynamic television show on
programs for schools, essay competitions, Sunday evening in the TVN television (Feb.06).
training, seminars, economic games, Range: 8 M. viewers; 102.000 tested their
multimedia animation series, comic knowledge on money online. [FGI: increase of
books, YouTube style movies;
knowledge 5,62% after; fortnight: 2,96%; youth
 for adults: 10,11%]
 via mass media – edutainment  Poles Own Wallet Portrait: 3,5 week
programs (television movies, series/ educational TV campaign on personal
soaps and documentaries; radio finance education – 6 ninety-sec.
soaps; eduvertisements), inserts, ‘eduvertisements’; published 266 times in four
publications;
channels of the TVN television (Dec.06/Jan.07).
 via professional training of various Range: 10,5 M. [FGI: increase of knowledge
interest groups important for 13,9% after; fortnight: 11,8%; youth 18,6%,
implementing educational strategy – fortnight: 19,8%]
journalists, teachers, priests(!),
 for internet users (both youth & adults)  What? Internet Movies. Education through 60
(NBPortal.pl – probably the largest short (max. 3min.) movies disseminated in
economic and financial education website Internet (viral marketing). Range: 4,5 M UU.
worldwide). [FGI: increase of knowledge 17,5% after;
fortnight: 21,8%; youth 15,3%, fortnight: 17,4%]

4. + 4
 Many, but uncoordinated FinEd programs nationwide help in most cases to solve local
problems, but no global, national;
 Therefore we need national financial education strategy; policy & coordination is needed;
 We need serious budgets; FinEd is a serious social investment; go won’t go far with 1000
USD in the pocket;
 We need money not only to educate people, but for the marketing of the education too.
That might constitute up to 20% of the budget; we must not ignore it – this is a tool to
create motivation, show opportunity and demand for more education;
 Teaching/learning in 20th Century schemes is not working; explore new methods of
education popular in the target groups (youtube & podcast education, e-learning,
edutainment);
 If we approach global problems, we need effective channels of communication/education:
mass media; from the Polish experience: it was confirmed they are important allies for
FinEd of the society – especially in financial edutainment;
 Media should be partners in most FinEd programs – that usually offers global range of
programs;
 The role of evaluation is to support the FinEd policy; first of all its results should help to
develop programs and make them more effective;
 … Engage (people) and they will understand!

5. + 5
 Leadership (Decision-Maker)
Mr. Leszek Balcerowicz
The Governor of the
National Bank of Poland (2002-2007)
Economist, Deputy Prime Minister,
author of economic reforms that
transformed Polish economy
into the market economy,
True supporter of the economic
education in the central bank.

6. + 6
 To develop a nationwide system of financial education
ACTION FROM THE TOP (financial resources)
(Government, Central Bank, Financial Supervision, Consumer Protection Agency)
effective financial education is somewhere here!
= CREATE PARTNERSHIPS
GRASSROOT ACTION (projects, contents)
(non governmental organizations, schools, universities, companies)

7. + 7
 Repeating (single shots do not work)
Ebbinghaus curve – how we forget in the
learning process (= 1/2 of the material in
first 2 hours)
http://en.wikipedia.org/wiki/Forgetting_curve memory
But if we repeat, the message is still
remembered.
days

8. + 8
 Tell me and I will forget it. Show me and I will forget it.
Engage me and I will remember it. Confucius
Apply means of communication, tools and methods that not only
are appropriate for a specific target group. Mix this methods
and tools in a single action, support interactivity, motivate
your target group to engage in the action, repeat, evaluate,
modify, combine, expand...
+ MARKETING, MARKETING, MARKETING!!!
+ Thinking in long time perspective.