Enhancing Financial Literacy
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1 Enhancing Financial Literacy among COMCEC Member States Financial Literacy Task Force Chair On Behalf of COMCEC Capital Market Regulators Forum By: Meysam Hamedi Senior Expert Reserach, Development & Islamic Studis Dept. (RDIS) Securities and Exchange Organization of Iran (SEO) Page 1
2 Presentation Structure Emergence of Financial Literacy; Capital Market and Financial Inclusion; Importance of Financial Literacy; Financial Literacy prefaces & Consequences; COMCEC CMR Survey Results; COMCEC CMR Survey; Further Cooperation. Page 2
3 Emergence of Financial Literacy Started as Personal Finance Deregulation in Financial Markets Eruption of Financial Products Financial Literacy & Capacity Building 2008 Financial Markets Crisis: who should be blamed? Page 3
4 Financial Inclusion in Capital Market Main Roles of Capital Markets Investment Hedging Financing Only Informed Individuals and Households Investing income Surplus not saving Page 4
5 Financial Inclusion in Capital Market As capital market regulators, we conduct educational programs, promote alternative financial products and services, and increase access to financial services in order to provide equal opportunities for people participation but not for their involvement. Page 5
6 Importance of Financial Literacy Variety of products, their complexity and their consequences; Different institutions offering financial products; The concept of fraud; Consumers and investors protection; More participation of and more responsibility taken by consumers and investors; Page 6
7 Importance of Financial Literacy Concept of risk and return has gained importance; Changing structure and architecture of regulatory and supervisory regimes; Enhancement of financial behavior by enhancing financial decisions; More stable local markets; Better planning for future and retirement; Global trend toward financial literacy. Page 7
8 Financial Literacy Definitions The main question: What do we expect to Achieve through Financial Literacy? Knowledge and understanding of financial concepts, and the skills, motivation and confidence to apply such knowledge and understanding in order to make effective decisions across a range of financial contexts, to improve the financial wellbeing of individuals and society, and to enable participation in economic life Page 8
9 Prefaces of Financial Literacy Knowledge Understanding Education Information Fraud Prevention Legal Measures Beliefs Skills Motivation Confidence Financial Literacy Attitudes Page 9
10 Consequences of Financial Literacy Improve Financial Wellbeing Financial Literacy Effective Decision Making Enable Participation Financial Inclusion Chang Behavior Page 10
11 Financial Literacy Projects: OECD/INFE assessing types of financial literacy programs Since 2003 assessing the level of financial literacy among 14 pilot countries Page 11
12 Financial Literacy Projects: IOSCO 2013 Investor Education Initiatives Relating to Investment Services Page 12
13 COMCEC Capital Market Regulators Establishment of taskforces Financial Literacy Task Force Mandates 1- Current State of Status for Financial Literacy of Member States 2- Strategies and Policy Recommendations for Enhancing Financial Literacy of COMCEC CMR Member States Page 13
14 Main Finding: Target Groups 100% 100% 86% 86% 71% 71% 57% 57% 42% 28% 14% Page 14
15 Main Findings: Delivery Methods 120% 100% 80% 60% 40% 20% Plan to Have Have 0% Page 15
16 Other Findings Majority 1- Have a dedicated unit for FL; 2- Doesn t have national strategy; 3- Have incentives for FL; 4- Programs are self funded by authorities; 5- Programs are supported by acts. Page 16
17 Conclusions of Tasks Ultimate goal of financial literacy in capital market Preparing situation for making effective decisions Many other factors would affect effective decisions Financial IQ Employment status and income Peers and family pressure Risk characteristics of individuals Page 17
18 Current Survey (2014) 2013 Annual Meeting (Istanbul) Frequent Expert Meetings Conclusion: To Assess Retail Investors FL Level Deep Studies and Questionnaire Provision Page 18
19 Capita Market Investors Investors in Capital Market Legal Investors Retail Investors Acquire Professionals Own Decisions Page 19
20 What We Achieve Current Level of Financial Literacy Planning Ideal Level of Financial Literacy Best Delivery Methods Main Concepts of Finance Page 20
21 Questionnaire Provided Sections of the Questionnaire General information Knowledge and Understanding Skills Education, Information and Confidence Attitudes Page 21
22 Section A: General Information Age Income Gender Financial Literacy Education Experience Page 22
23 Section B: Knowledge & Understanding Main Concepts Risk & Return Inflation Compound Interest Rate Rate of Exchange Bankruptcy Page 23
24 Section C: Skills Main Concepts Capital Market Products Hedging Asset Allocation IQ test Page 24
25 Section D: Education, Information & Confidence Main Concepts Current Trends of Stock Market Conflict of Interest Transparency & Disclosure Educational/ Informational Resources Page 25
26 Section D: Attitude Main Concepts Risk Characteristics Shariah Crisis Reaction Page 26
27 Interview Process Adults over 18 years old Accessibility and availability Right to Trade Best Way: Face to Face Interview Page 27
28 Face to Face Interview Experienced or well-known Staff Interview Process Contract with a Research Firm Page 28
29 Data Analysis Receive Rosters Analyze Scores Cumulative Report Confidential Country Based Report Page 29
30 Survey Restrictions Low Rate of Cooperation; Distance Problem; Translation Problem; Control Problem; Delay in feedback and response; Page 30
31 Participants up to know Iran; Lebanon; Malaysia; Possible Participants: Kuwait; Turkey. Page 31
32 Thank You for Your Attention Meysam Hamedi Financial Literacy Task Force Page 32
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