TURKEY S FINANCIAL LITERACY EDUCATION PROGRAM FOR ELEMENTARY SCHOOLS

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Juliet Atkins
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1 TURKEY S FINANCIAL LITERACY EDUCATION PROGRAM FOR ELEMENTARY SCHOOLS Dr. Ozgur Bolat (Member of Advisory Board ) Esra Turam (Director) Leyla Gürbüz (Project Specialist)

2 About Financial Literacy Situation in Turkey & Global Comparison According to the World Bank data, Turkey s gross national savings rate was 12,6% in 2013, experiencing a sharp decrease from 24,3% in World Bank report signals that the sustainability of Turkey s fast economic growth is in jeopardy due to the low savings rate. 1 Spouses do not talk money among themselves it is a taboo 2 Financial literacy adequacy of the Turkish population is very low 3 The proportion of the Turkish population that states to have never saved is 38%, This rate is 3 times that of the UK. When compared on a global basis the Turkish gross savings rate is extremely low. The average savings rate in developing countries in 33%. The savings rate in China is 50% and 38% in India. Source: 1 World Bank Sustaining High Growth : The Role of Domestic Savings Report (2012) 2 Ministry of Family and Social Policies Report (2012) 3 World Bank, Capital Markets Board of Turkey: Türkiye Finansal Yeterlilik Araştırması (2012)

3 About 3Kumbara 3 Kumbara conveys that it is no longer enough for children to have just one piggy bank. 3Kumbara started a new financial literacy movement in Turkey! Save, Share & Spend,ÖZLEM DENİZMEN

4 About 3Kumbara 3 Kumbara is a multi-stakeholder financial literacy education program in Turkey that was designed to become an exemplary model.

5 Program Partners 3 Kumbara has established a development model of financial literacy in Turkey. Multi Stakeholder Approach Dogus Group Ministry of National Education Para Durumu (Social Enterprise) FODER (Financial Literacy & Inclusion Association of Turkey) 81 Provincial Directorates of National Education Local Authorities (Governorship, Municipality) Academics Program Volunteers Private Sector Media Public

6 Execution Target Group Students Parents Teachers In a broader perspective, 3Kumbara spans all across Turkey via the program web site ( and social media channels ( ; ; ).

7 Method COOPERATION CONTENT DEVELOPMENT EXECUTION Ministry of Education General Directorate of Primary Education Provincial Directorates of National Education Pedagogues Academics Financial Literacy and Inclusion Association (FODER) Financial Literacy Experts (Para Durumu) Creative Team Volunteer Teachers Trainers Class Room Teachers Volunteer Teachers Professional Children's Theatre Actors 4 IMPACT ANALYSIS Impact Analysis Team

8 Education Content 3 Kumbara Financial Literacy Education Program incorporates activity-based methods that support the development of active learning, based on social constructivism. Exploration Cognitive engagement Critical thinking Reenactment Teamwork Stories Case Study 3Kumbara In Class Education İstanbul

9 Education Content Activity based learning that leads students to deep understanding and cognitive engagement 3Kumbara kitinin içinde bulunan 3Kumbara kitabından örnek sayfalar.

10 Education Content 3 Kumbara program has also produced a short animation film interactively used to attract attention and be more relevant to the students. The 3Kumbara trainer uses the animation film as a story line and implements the activities in between certain scenes of the film. Scenes from the 3Kumbara animation film.

11 Execution The 3 Kumbara education program is provided via: In class modules based on social constructivisim, Theater based seminars, Education for parents 3Kumbara is provided in elementary schools via the program trainers with the Support og school authorities and class room teachers. 3Kumbara In Class Education in Mardin 3Kumbara Theater İn İstanbul 3Kumbara Parents Education in Niğde

12 Execution In the first 2 class hours of the 3Kumbara program that is conducted by the 3 Kumbara trainers the students, Envision Set goals Prioritize their goals. Plan to reach the goals. Learn that making a personal budget is a necessity. Articulate the difference between a need and a want. Are open to the notion of postponing the wants by using the 10 second rule. saving and being thrifty. In the latter 2 class hours of the 3Kumbara program that is conducted by the class room teacher the students, State the importance of sharing. Are willing to share their possessions. Express the importance of social entrepreneurship. Explain the need to consume resources consciously.

13 Reach 3Kumbara Financial Literacy Education Program, as of June 5 th, 2015 has reached 252,187 students in 1,447 schools in a total of 31 cities across Turkey. 40 1,557 8, ,749 Cities Schools Class Rooms Total Students In Class Education & 3 Kumbara Theater

Rollout Plan 2013-2014 School Year Spring Semester 2014-2015 School Year Fall Semester 2014-2015 School Year Spring Semester Antalya, Denizli, Erzurum, Eskişehir, Hatay, İstanbul, Kahramanmaraş,

14 Rollout Plan School Year Spring Semester School Year Fall Semester School Year Spring Semester Antalya, Denizli, Erzurum, Eskişehir, Hatay, İstanbul, Kahramanmaraş, Niğde, Rize, Şanlıurfa Adana, Ankara, Edirne, Gaziantep, Isparta, İstanbul, İzmir, Konya, Kütahya, Mardin, Niğde, Sivas, Trabzon, Van Ankara, Balıkesir, Diyarbakır, Giresun, İstanbul, İzmir, Kahramanmaraş, Kastamonu, Kayseri, Manisa, Mersin, Muğla, Sinop, Tekirdağ

15 In class Education

16 In class Education

17 In class Education

18 Theater Seminars The 3Kumbara theater seminars are carried out by professional children's theater actors, parallel to the in class education model. 3Kumbara Theater Istanbul

19 Animation Film 3Kumbara Animation Film - YouTube

20 Impact Analysis The 3 Kumbara Financial Literacy Education Program has been rigorously evaluated by an independent team of five researchers in Turkey. The researchers are all well-respected in their fields and have an international mindset. A quantitative method was adopted for the evaluation. Data were collected from 7670 students in all 31 cities through a questionnaire once before the program, once immediately after the program and once one month after the program. A very comprehensive large sample size was used. The evaluation of the project is unique in many respects.

21 Impact Analysis The evaluation study was used not only for assessment purposes, but also for monitoring, development, research purposes. The evaluation was an ongoing part of the program and the findings were immediately fed back in the design of the program. 3 Kumbara is constantly testing out hypothesis to contribute to the international financial literacy education literature. The development team and research team worked very closely. Every initiative was carefully evaluated before being put into large-scale implementation.

22 Impact Analysis Financial concepts were evaluated both separately and in relation with each other. As could be seen, the program had a significant impact on all financial concepts but acting thrifty and planning. Further materials were added to the program to touch on these issues. The blue color indicates that there is a significant difference. The red color indicates there is no significant difference.

23 Impact Analysis There was not a significant difference in this section since changes in these behaviors require family intervention. We will enrich parenting education. This is a cultural issue. Most Turkish kids have a shortterm orientation. This requires a cultural shift and school curriculum needs to enriched as well.

24 Impact Analysis Financial literacy education has always traditionally been focused on spending and saving concepts, not sharing. This is reflected in our results. It will take time before the concept of sharing is fully adopted by the society.

25 Some findings When given allowances regularly, %99 make a budget. When they have a goal, they are much more likely to save. If they know the difference between a want and a need, they are more likely to save. If they know the concept of goal setting, they know the difference between a want and a need. If parents are financially illiterate, so are the kids. Students in crowded classrooms are less financial literate. Students in crowded homes are less financial literate. Students who are financial literate are more happy.

26 Train the trainer model

27 10,00 9,00 8,00 7,00 6,00 5,00 4,00 3,00 2,00 3K Merkez Eğitimci 1,00 0,00

28 Volunteers 10,0 Değer 9,0 8,0 7,0 6,0 5,0 4,0 3,0 2,0 1,0 0,

29 Issues Psychology of money saving Psychology of parenting

31 Psychological constructs that affect money saving Self-control Future orientation Secure attachment Hedonism The need for achievement Perfectionism Emotion regulation The need for planning Ambiguity tolerance The need for structure Inhibition

32 Future Research 3 Kumbara will use game theory tools to evaluate their decision making styles in moneyrelated situations. The research team is going to be testing hypothesis to further understand how kids thing about money. For instance, do those who are mathematically advanced save more money? 3Kumbara has signed a partnership with the Kidzania company (a miniature city with more than 250 real shops where kids spend and earn Kidzania money). We will take the students there and observe their money spending habits in real time.

33 Press

via the 3 Kumbara website as well as the social media accounts. www.

34 Web Site & Social Media Information about the program as well as financial education related content and tips are provided to the public via the 3 Kumbara website as well as the social media accounts a

35 Thank You

TEB 31 December 2014

TEB 31 December 2014 TEB 3 December 04 Summary Balance Sheet Source: TEB BRSA Consolidated Financials Summary Income Statement 3 Source: TEB BRSA Consolidated Financials Strong balance sheet growth with continuing commitment