Financial Inclusion and Financial Education
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1 Financial Inclusion and Financial Education October 18 th, 2016 Intercontinental Hotel, Amman
2 Content A. Global Definitions and Statistics B. Financial Inclusion and Economic Growth C. National Strategies for Financial Inclusion D. Financial Inclusion in Jordan II. Financial Literacy and Financial Education A. Definitions and Delivery Methods B. Global Trends C. Jordan s Financial Education Program
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4 A. Global Definitions and Statistics World Bank: The range, quality and availability of financial services to the underserved and financially excluded. United Nation Development Program: An inclusive financial system that services all clients reaching out to poor and low-income people and providing them with affordable financial services tailored to their needs. Wikipedia: The delivery of financial services at affordable price and terms to the generality of the populace especially the disadvantaged and low income segment of the society. Centre for Financial Inclusion: A state in which all people who can use financial services have access to a complement of quality financial services, provided at affordable prices, in a convenient manner and with dignity for the clients. Consultative Group for Assisting the Poor: Households and businesses have access and can effectively use appropriate financial services. Such services must be provided responsibly and sustainably, in a well regulated environment.
5 A. Global Definitions and Statistics Surveys conducted by international organizations and by national authorities indicate that: In general, individuals are ill-equipped to take advantage of new financial opportunities, and tend to display limited financial skills. These include the lack of active and longterm savings, excessive reliance on credit, and difficulties in choosing adequate financial products and in making informed financial decisions Consumers tend to overestimate their financial knowledge, making them unaware of their needs for education, specially in emerging economies Results mask wide variations between and within countries. Women, youth, rural poor, and other remote or hard-to-reach populations, as well as informal MSEs are most financially excluded. In developing countries, 59% of men reported having an account in 2014, while 50% of women did The World Bank. Updated Oct 2016 OECD Advancing Financial Education, 2014
6 A. Global Definitions and Statistics An estimated 2 to 2.5 billion adults worldwide don t have a basic account (>50%) Reasons are: Lack of enough money (key reason, which implies that financial services aren t yet affordable or designed to fit low income users Distance from a financial service provider Lack of necessary documentation papers Lack of trust in financial service provider Religion More than 50% of MSMEs lack access to finance, which hinders their growth In developing countries, 59% of men reported having an account in 2014, while 50% of women did The World Bank. Updated Oct 2016 OECD Advancing Financial Education, 2014
7 A. Global Definitions and Statistics 100 People with Bank Accounts per Region (%) East Asia & Pacific Europe & Central Asia High Income OECD Latin America & Caribbean Middle East South Asia Sub Sahara Africa Series 1 Column2 Column1 Data of 2014 The World Bank. Global Findex 2015
8 A. Global Definitions and Statistics Middle East Key Data According to the 2014 Findex figures and excluding Gulf countries, the region reports the highest percentage of financially excluded adults, with 80% of the population or about 200 million not having access to an account According to Standard and Poors Study on Arab countries, percentage of adult population with Financial knowledge in GCC is 38% (see table) In several Arab Countries, men are twice as likely to have an account as women (except in UAE where women are 4 points ahead) Only 6 limited liability companies are created per 10,000 working-age persons on average each year in MENA, compared to 20 across 91 developing countries, and as many as 40 and 80 in Chili and Bulgaria
9 B. Financial Inclusion and Economic Growth Individuals and households benefit from financial inclusion through a safe place to save, safer and cheaper access to remittances and other payments, loans or insurance payments to cover health or education expenses, and pensions for old age Pensions Bank Account Access To Financial Services (Individuals) Credit Insurance Deposits Payments Services OECD and Russia s G20 Presidency
10 B. Financial Inclusion and Economic Growth Firms need access to financial services to be able to invest, innovate, take advantage of market opportunities, manage cash flow and costs, and reduce risks High levels of financial exclusion hinder efforts to bring enterprises into the formal sector, and to increase investment and trade Pensions Reduce Risk Invest Access To Financial Services (Firms) Market Opportunities Innovate Manage Cost & Cashflow OECD and Russia s G20 Presidency
11 B. Financial Inclusion and Economic Growth Financial Inclusion Awareness Trust Information Appreciation Capacity Building Knowledge Skills Attitude Access to professional and affordable Services Infrastructure Technology Utilize Services Capture Opportunities Rights & Responsibilities Sound decision making Financial Planning Savings Access to Finance Set up of MSEs Business Growth Empowerment Improving Standard of Living Securing the Well-being Job Creation Business Growth Employment Poverty Reduction Sustainable Economic Growth
12 B. Financial Inclusion and Economic Growth Recent research indicates that Financial Inclusion is directly linked to a country s economic and social development and is critical for employment creation, and for raising incomes and reducing poverty World Bank data indicates that countries that have national strategies for financial inclusion were able to increase the access of adult segments of society to loans for business purposes which was associated with a decline in the unemployment rate IMF-MIT study on six countries proved that: There is a powerful, direct linkage between financial inclusion and macroeconomic performance and that Financial Inclusion drives GDP Growth Elimination of blockages to financial inclusion (mainly Access to Credit) results in stronger entrepreneurial activities and new business start-ups The implication of this study is that economy cannot grow fast without proper implementation of Financial Inclusion to rural areas IMF-MIT Study, May 2015
13 C. National Strategies for Financial Inclusion National Strategies are defined as A nationally coordinated approach to Financial Inclusion which consists of an adapted framework or program Some countries started working on a National Strategy for Financial Inclusion over 10 years ago; 2001 (South Africa), 2003 (UK & Singapore), 2005 (Japan), 2006 (USA) Financial Inclusion is becoming a priority for policymakers, regulators and development agencies globally: Financial inclusion has been identified as an enabler for 7 of the 17 SDGs The G20 reiterated commitment to financial inclusion (Financial Inclusion Action Plan for 2015 onwards) and endorsed the G20 Principles for Financial Inclusion The World Bank Group considers financial inclusion a key enabler to reduce extreme poverty and boost shared prosperity, and put forward ambitious global goal for 2020 OECD and Russia s G20 Presidency
14 C. National Strategies for Financial Inclusion Until October 2015, more than 58 countries have made commitments to Financial Inclusion (including Morocco, Lebanon, Jordan, Palestine, Qatar and Saudi Arabia), and more than 30 have launched their national strategy Research indicates that when countries institute a national financial inclusion strategy, they increase the pace and impact of reforms Countries that have achieved the most progress toward financial inclusion have put in place an enabling regulatory and policy environment, and encouraged competition allowing banks and non-banks to innovate and expand access to financial services OECD, the World Bank, and MFRF Reports AFI, National Financial Inclusion Strategies Report, 2015
15 C. National Strategies for Financial Inclusion Great progress has been made in expanding Financial Inclusion recently: The number of people worldwide having an account grew by 700 million between 2011 and % of the world s adult population has an account; up from 51% in billion adults were unbanked in 2011, down to 2 billion adults in 2014, this represents a 20% decrease Percentage of adults without an account in the poorest households in developing countries decreased by 17 percentage points from 2011 to 2014 Slower progress made among women and the poor The gender gap is not significantly narrowing. 58% of women have an account, compared to 65% of men More than half of adults in the poorest 40% of households in developing countries are still without accounts in 2014 The World Bank. Global Findex 2015
16 C. National Strategies for Financial Inclusion Content of a National Strategy Identification of leading coordinator, or committee from public, private, and civil society sectors Assessment of needs and gaps in financial Inclusion and mapping existing financial literacy initiatives at the country level Consultation and collaboration of relevant stakeholders from the government, financial sectors, and civil society Drafting the roadmap and the general framework of the national strategy, to include short and long term objectives, target audience, methods of assessment, vision and guiding principles and budget Tracking the progress to achieve appropriate, specific and quantifiable objectives within a set period of time through the NS roadmap Creation of processes to evaluate and monitor the NS in the short, mid, and long-term including qualitative and quantitative measures
17 D. Financial Inclusion in Jordan Only 25.5% of Jordanians reported having a bank account (53rd of 62) Only 14.7% reported having a debit card (47th of 62) Only 4.5% reported having taken out a loan from any financial institution in the last year (54th of 62) Level of financial access by the majority of citizens is very low and indicates low levels of financial literacy and distrust or a lack of awareness and access to banking services The majority of Jordanians have likely not developed smart savings habits, are largely unprepared to make sound financial decisions, and don t have the knowledge or the access to utilize opportunities and navigate the risks in the use of financial services Jordan (Population age 15+) Formal savings: 14% Formal borrowing: 4% The Financial Development Report 2012, WEF (study on 62 countries) The World Bank. Global Findex 2015
18 D. Financial Inclusion in Jordan ما أكبر تحدي واجهته خالل سعيك لتأسيس شركتك صعوبة الحصول على التمويل 65% قلة الوعي وثقافة الريادة 29% نقص الخدمات الداعمة القوانين واألنظمة التشريعية ضعف مهاراتي الريادية صعوبة الوصول الى السوق 15% 15% 14% 10% 6% ضعف التكنولوجيا والبنية التحتية دراسة على 800 مستفيد من برنامج تأسيس الشركة إنجاز 2016
19 D. Financial Inclusion in Jordan Access to credit rank (out of 189) Jordan USA UK UAE Egypt Tunisia New Zealand The World Bank. Doing Business Report
20 D. Financial Inclusion in Jordan The Central Bank of Jordan recently launched the outline of a National Strategy for Financial Inclusion that will cover five main themes: Deployment of Financial Literacy among school students and the various segments of society, especially in poor and remote areas Improvement of the access of MSMEs to the different financial tools and services Development of Electronic Payment Systems Access to Microfinance Protection of Consumers of financial services OECD and Russia s G20 Presidency
21 II. Financial Literacy and Financial Education
22 II. Financial Literacy and Financial Education A. Definitions and Delivery Methods Financial Literacy is the first step towards achieving Financial Inclusion Financial Literacy can be seen as the demand side of Financial Inclusion. It is considered essential for promoting financial inclusion, financial development and ultimately financial stability It has assumed greater importance in recent years as financial markets became increasingly complex and individuals find it very difficult to make informed decisions
23 II. Financial Literacy and Financial Education A. Definitions and Delivery Methods Financial Literacy Is the set of skills, knowledge, attitude and behaviors that allow individuals to make sound financial decisions, and ultimately achieve financial wellbeing It is not just about markets and investing, but also about saving, budgeting, financial planning, basics of banking and about being Financially Smart Financial Education Is used to refer to The teaching of financial knowledge, understanding, skills, behaviors, attitudes, values, work ethics and ethical decision making, which will enable students to make savvy and effective financial decisions in their daily life and when they become adults OECD, the World Bank, MFRF
24 II. Financial Literacy and Financial Education A. Definitions and Delivery Methods Financial Literacy Delivery Methods The implementation of Financial Literacy programs involves the use of a wide range of delivery methods that aim to reach the whole population. However, almost all countries with Financial Literacy strategy introduce Financial Education in schools as a way to reach the population at young age. Common Delivery Methods include Financial Education Programs in Schools Financial Education Programs in Higher Education Interactive Channels (Call centers, Seminars, Workshops, Contests, Think tanks,..) Electronic Media (Public Website, Social Media) High-Technology utilization (Mobile applications) Targeted Campaigns and initiatives (Youth, Women, Entrepreneurs, Low-income citizens, Newly weds, Elderly, Military workers, Employees, Service Providers, ) Printed Materials (Booklets, CDs, Flyers, Brochures, )
25 II. Financial Literacy and Financial Education B. Global Trends Growing importance of Financial Literacy Growing complexity of financial products and services Growing sophistication, interdependence and globalization in financial and economic systems General shift of governments in placing greater financial responsibility on consumers (financial security for citizens may no longer be provided/youth bulge will be retirees by 2050) Evidence on low levels of financial literacy and understanding of its effects (which was a main factor leading to global financial crisis)
26 II. Financial Literacy and Financial Education B. Global Trends Importance of Integrating Financial Education in Schools Most efficient ways to reach youth on a broad scale A unique means to nurture a sound financial culture and behavior among future adults, youth are also effective disseminators of new habits in the rest of the population Young people will bear more financial risks and will be faced with increasingly complex and sophisticated financial products than their parents The young have now access to financial services (through pocket money, cell phones, bank accounts, or even credit cards) Bridging the gap between financially illiterate and financially literate generations since parents are unequally equipped to transmit to their children sound financial habits Offering financial education in schools will also benefit teachers and educators
27 II. Financial Literacy and Financial Education B. Global Trends Main Characteristics of Financial Education Programs Leadership: Efforts are often spearheaded by a national leader at least in their early phase of development, this is usually the Central Bank, a financial regulatory or supervisory authority, a coordinating body/committee gathering several authorities Multi-Stakeholder Approach: It requires the commitment and involvement of a potentially vast range of stakeholders from diverse horizons: government, financial regulatory bodies, education systems, experts from Social sector and educators Implementation Model: Integrated, Mandatory, Participatory, Relevant, Hands-on. Countries are integrating financial education in various ways. In some countries financial education is a stand-alone subject. In others, it is integrated into several subjects through a cross-curricular approach Learning Frameworks: outcomes of Financial Education should ideally include knowledge and understanding, skills and behaviors, as well as attitudes and values
28 II. Financial Literacy and Financial Education C. Jordan s Financial Education Program The Central Bank of Jordan has taken the initiative to jumpstart Financial Education in Jordan in a national scale through full collaboration with the MOE and in partnership with the Public, Private and Social sectors INJAZ CBJ HFE MOE Financial Institutions (ABJ, Banks) Stakeholders FESC FETC Ministries MoHE MoPIC MoF MoL Experts Educators Financial Experts Donors Shoman Foundation Banks WB
29 II. Financial Literacy and Financial Education C. Jordan s Financial Education Program Initial Steps Mapping and evaluating existing content and initiatives Exploring global best practices Assessing local needs and existing gaps Raising awareness of the importance of Financial Education Formation of structure (National Steering/Technical Committees, PMO, PT, Experts) Defining the general project plan (guidelines, design, implementation model, stakeholders, authority matrix,...) Defining the Education Framework and standards for Financial Education Framing the overall structure of the program and developing detailed Action Plan Monitoring the process and evaluating intermediate and final results Revising based on assessment and feedback
30 II. Financial Literacy and Financial Education C. Jordan s Financial Education Program Project Design Year 1 March August 2015 Finalize Project Plan Detailed Plan of phase I Develop and Produce G7 Add concept in G5 and G6 Apply Pilot G7 Phase I Year 2 Sept August 2016 Develop and Produce G8 Year 4 September August 2018 Develop and produce Temp.G1 Review and amend G7 Phase II Apply modified G7 Year 3 September August 2017 Apply pilot G8 Apply Temp G11 Develop and Produce G9 Develop and produce Temp. G12 Year 5 September August 2019 Review and amend G8 Hand over G7 Apply modified G8 Apply Pilot G9 Review and amend G9 Develop and Produce G10 Apply Temp G11 Apply Temp G12 Hand over G8 Apply modified G9 Apply Pilot G10 Review and amend G10 Develop and Produce New G11 Apply Temp G11 Apply Temp G12 Hand over G9 Year 6 September August 2020 Phase III Year 7 September August 2021 Apply modified G10 Apply Pilot New G11 Apply Temp G12 Modify New G11 Develop and Produce New G12 Hand over G10 Apply modified New G11 Apply Pilot New G12 Modify New G12 Hand over G11 Hand Over G12
31 II. Financial Literacy and Financial Education C. Jordan s Financial Education Program Key Achievements Learning Framework for grades 7-12 Teachers and Students Books for grades 7, 8 and 11 (Literary stream) Development of Teaching Tools Supervisors Training (TOT) Teachers Training (3,500 teacher) Implementation in all schools running grades 7, 8 & 11 (3387 schools) Feedback, Monitoring and evaluation Total number of schools is 6614 : Public 3694 Private 2708 UNRWA 174 Military 38
32 II. Financial Literacy and Financial Education C. Jordan s Financial Education Program
33 Thank You
34 C. National Strategies for Financial Inclusion Current Status of National Strategies A growing number of governments have engaged in the development of dedicated national strategies specially since the financial crisis There is no one-size-fits-all model for the development of a national strategy At present, 45 countries at different income levels are well advanced in the design or implementation of a national strategy 50% of the countries indicate a time span of 5 years, other countries indicate a longer time horizon (7-10 years), and very few indicate a span less than 5 years Out of the 45 countries, 7 national strategies have been or are being evaluated Global efforts are led and evaluated by global and regional forums such as the WorldBank, OECD, AFI, APEC and the G20
35 D. Financial Inclusion in Jordan Sample Age Group Sample Location 0% 1% 1% 1% Irbid 17% 9% 22% 4% 10% 37% Refused 65% 3% 15% 2% 6% 4% 3% 1% 4% 1% 1% Al-Balqa Al-Zarqa Al-Tafila Al-Aqaba Al-Karak Al-Mafraq Jerash Ajloun Amman Madaba Ma'an OECD Measuring Financial Literacy and Financial Inclusion - PFK 2016
36 D. Financial Inclusion in Jordan Do you have bank account? If you do not have a bank account, what are the reasons? 9% 22% 38% I don't trust banks 62% No Yes I don't need the services provided by banks 69% My religious beliefs OECD Measuring Financial Literacy and Financial Inclusion - PFK 2016
37 D. Financial Inclusion in Jordan Payment of credit card expenses, how many times do you use it? Money withdrawal using ATM, how many times do you use it? 14% 14% Once a month but not every month 28% 23% Once a month but not every month 3 times or more Never used it 69% 1-2 times a month 16% 33% Never used it 1-2 times a month OECD Measuring Financial Literacy and Financial Inclusion - PFK 2016
38 D. Financial Inclusion in Jordan Did you borrow money last year? What were the sources of the loan? 2% 1% 11% 34% Banks 66% No Yes 40% Family or friends Informal finance provider Other 47% Microfinance institutions OECD Measuring Financial Literacy and Financial Inclusion - PFK 2016
39 D. Financial Inclusion in Jordan How you receive your salary? How satisfied are you with the financial products/services you get? 11% 63% 35% Personally (cash) Other Through a bank account 10% 5% 4% 33% Satisfied Sometimes satisfied Completely satisfied Dissatisfied 1% 37% Completely dissatisfied Not applicable OECD Measuring Financial Literacy and Financial Inclusion - PFK 2016
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