Italian banks commitment to financial education: the role of PattiChiari Consortium Guidelines and practical examples

Transcription

1 Italian banks commitment to financial education: the role of PattiChiari Consortium Guidelines and practical examples Massimo Roccia General Secretary 9 June 2011

2 The PattiChiari model for the promotion of financial education The PattiChiari model combines monitoring with the delivery of projects and activities aimed at the general public at a national level. Financial education is meant as a tool to reach out to all stakeholders (schools, public administration, industry associations, consumers associations, solidarity networks, cooperatives and other relevant parties) within the community of reference. The high points of this model: Conformity to OECD and European Commission guidelines Organisational and financial sustainability Standardisation Cost efficiency Can be replicated anywhere Cooperation with interested partners Can be used also without external tutors Assessable in terms of efficiency Full geographical coverage Serial character Easy to implement Monitoring 2

3 Institutional partners Università Cattolica del Sacro Cuore - Team Dolceta: socio-pedagogical research exploring young people s, parents and teachers relationship with finance (perceptions, experiences and evolution) and how financial education is taught at school and at home. Collegio Carlo Alberto: academic research aimed at fine-tuning the Financial Culture Index. Fondazione per la Scuola Compagnia di San Paolo: joint project aiming at encouraging financial education at school and among teachers. ANP Associazione Nazionale Dirigenti e Alte professionalità della scuola (National Association of School Principals and Senior Managers): the Association promotes PattiChiari activities in schools and works to raise teachers awareness of the importance of financial education. AEEE - Associazione Europea per l'educazione Economica (European Association for Economic Education): cooperation for the promotion of PattiChiari teaching programmes and activities in schools, and of its method to assess effectiveness of financial education programmes. ACRI Associazione delle Casse di Risparmio Italiane (Association of Italian Savings Banks): working group to define a joint action programme for Guardia di Finanza (Italian Financial Crimes Police): tentative cooperation protocol for a new programme focusing on money and legality. ANCI Associazione dei Comuni Italiani (Italian Town Councils Association): involvement of local institutions in financial education campaigns throughout the country. Adiconsum, Adoc, Altroconsumo, Assoutenti, Casa del Consumatore, CittadinanzAttiva, Codici, Codacons, Confconsumatori, Lega Consumatori, Movimento Consumatori, Movimento Difesa del Cittadino, Unione Nazionale Consumatori (Consumers Associations): development of financial education campaigns for adults throughout the country. 3

4 The PattiChiari Observatory on financial education Supervision supervision of active roles and projects (both public and private) focusing on financial education, with reference to the national and international context. Analysis Internal: reviewing contents of running Consortium programmes and optimising the project chain and distribution. External: identifying socio-pedagogical, cultural and evolutionary dynamics The average level of financial awareness among Italians stands at 4.3 on a scale from 0 to 10: Italians financial culture is poor (Source: ICF 2010) Assessment creating an assessment system to test the level of Financial Culture among citizens, based both on qualitative and quantitative indicators accurately assessing the FCI in specific geographical areas Level of financial preparation Level of information Behavioural choices FCI data

5 School programmes Today, PattiChiari s activities are aimed at raising financial education awareness in schools in a systematic and ongoing way, through specific programmes designed for all grades and types of schools, as well as for teachers. The PattiChiari programmes are acknowledged by the Ministry of Education (Circular, Oct. 2010). The programmes PattiChiari provides to schools all over Italy through the network of the tutor banks, are appreciated for their practical and educational approach. Participating teachers tend to deliver them in class year after year. The financial education programmes for schools developed by PattiChiari are backed by ANP the National Association of School Principals and Senior managers. 5

6 Geographical distribution of financial education programmes for schools Key Our Community primary schools L impronta economica (The mark of the economy ) (1) junior schools Settimana educazione finanziaria (Financial education week) junior schools Io e l economia (The economy and I) junior high schools PattiChiari con l economia (PattiChiari with the economy) high schools School year provinces 405 schools 1,097 classes 27,425 pupils (1) programme gradually introduced during school year 6

7 Geographical distribution of the Banking Groups participating in the schools programmes Key Intesa Sanpaolo CR Veneto, CR Venezia, Banca di Trento e Bolzano, Banca dell Adriatico, Carisbo, Banca CR Firenze, CR Friuli Venezia Giulia, CR provincia di Viterbo, Banca di Credito Sardo. UniCredit Banca Banca Monte dei Paschi di Siena BiverBanca Banco Popolare UBI Banca Popolare di Bergamo, Banca Carime, Banca Popolare di Ancona Banca Popolare dell Emilia Romagna Cariparma Friuladria Banca Popolare di Milano Banca Marche 7

8 An example of the delivery of projects and activities through participating banks Schools Classes Pupils Lombardy Io e l economia junior schools (Lodi) Settim. educaz. finanz. junior schools (Milan) Milan, Bergamo, Varese, Como Monza, Lecco, Pavia, Cremona Mantua, Brescia, Lodi Our Community primary schools (Cremona, Mantua) Our Community primary schools (Bergamo, Monza, Lecco, Como, Varese) Io e l economia junior schools (Pavia, Cremona, Mantua) L impronta economica junior schools (Bergamo, Monza, Lecco, Como, Varese, Brescia) Io e l economia junior schools (Milan, Brescia) PC con l economia high schools (Bergamo) L impronta economica junior schools (Milan, Cremona, Mantua) Local education Authorities (i.e. Regional School Offices etc.) are involved along with participating banks Specific projects can be designed to tackle local issues. For the school year we are promoting a project for Calabria region schools aimed at stressing the importance of legal economics to fight growing organized crime. 8

9 School programmes school year Educational programmes: primary schools junior high schools high schools Financial education initiatives on balance 5,500 hours of teaching Primary school Junior school High school 300 Bank experts 261,000 pupils (catchment to which the programmes were made available) Students involved (cumulative figure) EconomiAscuola for teachers Financial education week junior schools School year provinces 405 schools 1,097 classes 27,425 pupils 9

10 Primary schools: Our community OUR COMMUNITY LET S DISCOVER IT TOGETHER! This is the training pathway, promoted in collaboration with Junior Achievement Italia, which brings pupils in close contact with their local community through innovative and hands-on learning methods, allowing them to discover the basic economic dynamics and the responsible behaviour at the core of a well-functioning community. WHO IS IT FOR Pupils in the 4 th and 5 th year of Primary School (ages 9-10). THE CONTENTS Part One of the programme takes the pupils through the basic components of a community through visual and hands-on activities. The second part helps them understand how economy and its institutions work. TEACHING MIX Thanks to the learning-by-doing methodology, pupils can learn even the most complex and abstract economic concepts. The lessons are simple and interactive, and the tutor/company expert shares with the students the skills and knowledge he/she has gained throughout his/her professional working life. THE TEACHING KIT The classes taking part in the initiative receive a free teaching kit containing all the material required for the lessons: handbooks for pupils, a guidebook for the company expert and the teacher, an information leaflet for the pupils families, place cards, certificates of attendance and resources for the activities such as posters and stickers. 10

11 L impronta economica Junior (The mark of the economy, junior schools) An educational programme that introduces young people to the subjects of economy and finance, starting from issues they have to cope with themselves. Through a graphic layout and contents tailored around their needs, the programme endeavours to make young people reflect on the main functions of finance, illustrating its impact on the everyday life of individuals. WHO IS IT FOR Pupils in the 2 nd and 3 rd year of junior school (ages 12-13). THE CONTENTS The programme deals with topics such as money flow, savings management, responsible spending, banking and payment systems for young people, how finance works and the role of insurance policies. TEACHING MIX The proposed methodology combines elements stimulating a holistic learning experience through different stages and tools: assessment of participants starting knowledge (initial test) empathic learning concept learning practical learning (laboratory) assessment of acquired knowledge and shift in perception/attitude (final test) THE TEACHING KIT Pupils taking part in the initiative receive a free teaching kit containing a multimedia CD for lessons delivery, which includes interactive sections, animated videos, printable documents and proposals for laboratory activities. 11

12 L impronta economica Teens (The mark of the economy, high schools) This programme, currently under construction, is slated to replace PattiChiari con l economia (PattiChiari with the economy), a cooperation between PattiChiari and the Ministry of Education launched in When completed, its three lessons will further develop the topics covered by the previous programme. WHO IS IT FOR Pupils in the last years of high school (ages 17-18). THE CONTENTS The programme deals with the main financial education topics: the relationship with money and money management; banking products and how to interact with banks; building one s economic future through saving and forward planning. THE TEACHING KIT All the contents and information required for teaching the L impronta economica programme are provided on a CD, which will be sent to teachers who have registered on the website A banking expert will be available to deliver one of the lessons, and participants can take part in a final competition (currently being defined). 12

13 La settimana dell educazione finanziaria (Financial education week, junior schools) La Settimana dell educazione finanziaria gives banks the opportunity to provide junior and high schools with a set of lessons taken from the L impronta economica programme. The opening lesson, which is delivered by a banking expert, encourages pupils to get to know the basics about money management, and then go on and further their learning experience in class with their own teachers. In 2011 events were held on the premises of participating banks in Rome, Milan, Modena and Turin. 13

14 EconomiAscuola online financial education teaching The website for teachers in schools of all grades is online since 1 October 2009 and provides them with information and tools to teach financial education. The website provides teaching resources that can be downloaded and used in class. It includes a community area where teachers can share insights and tips on teaching the subject. The website is divided into three areas: information area: for finding out more about economy teaching area: to provide teachers with teaching programmes and tools community area: to share experiences and opinions LEARN TEACH SHARE To join the community, teachers must register using their professional credentials (school name, subject taught, school level and grade, etc.) Members of the community can propose and manage discussion groups on specific topics or participate in groups proposed by others Blog users propose contributions and share their insights. 572 members 13 groups 8 blogs 14

15 Pupils involved in and school years Pupils involved ,000 27,425 15,000 10,750 12,925 8,125 5,100 2,400 2,125 1,925 2,875 3,550 3,500 0 Settimana dell'educazione finanziaria PattiChiari e l'economia Io e l'economia L Impronta Our Community Total Economica (*) (*) Active since

16 L impronta economica programme: effectiveness assessment Concept questions - pre-test/post-test to assess increase in knowledge (the chart shows the average answer to each question 0 (wrong answer) and 1 (correct answer)) Sample: 228 interviewees SALERNO -> 3 classes SIENA -> 4 classes VERONA ->2 classes VICENZA ->1 class What is a family budget? When do we talk about over-indebtedness? + 14% + 8% What does the Finance deal with? + 37% Are all risks unforeseeable? How does a prepaid credit card work? + 11% + 22% average score Before the programme After the programme 16

17 L impronta economica programme: effectiveness assessment Questions about attitude/perception - pre-test/post-test to assess difference in attitude and perception (the chart shows the shift in perception/attitude with respect to financial education among participating young people) Pre Post What is your relationship with money? Sample: 228 interviewees SALERNO -> 3 classes SIENA -> 4 classes VERONA ->2 classes VICENZA ->1 class The concept that squandering money is wrong is gaining ground Why is saving useful? Awareness of the need to save in order to cope with unexpected events is increasing What do you think of banks? The perception of banks as being complex is declining 17

18 Financial education in schools Best tools Teachers benefit from the assistance of a banking expert in explaining financial matters to pupils (this is a feature of PattiChiari's educational programmes). They also receive ready-to-use educational tools to help them prepare class lessons. PattiChiari has developed the website specifically to support teachers in financial education. The site provides tools and information for elementary (6 to 10 years), secondary (11 to 13 years) and high school (14 to 18 years) pupils. Lessons learned Teachers appreciate PattiChiari's financial education programmes and confirm their participation year after year. It is much easier and more effective to involve schools and teachers with central or local government backing (i.e. Ministry of Education or local authorities) Financial education programmes demand significant investment of time and money. The involvement of public and private stakeholders is crucial to achieving effective results and nationwide take-up. Main challenges Involvement of national Italian institutions. Inclusion in school curricula. Financial education could be taught within the framework of the new "Cittadinanza e Costituzione (Citizenship and Constitution) course, which should be allocated 30 hours lesson time yearly starting in Specific teaching training is required to enable teachers to cover the subject properly. 18

19 Our financial education programme for adults Mettiamo in Comune l educazione finanziaria, in collaboration with Consumers Associations and ANCI, stages meetings for adults in 50 Italian cities. Movimento Consumatori San Severo, Torremaggiore, Apricena, Manfredonia (all near Foggia) Casa Consumatore Squillace (Catanzaro), Andora (Savona), Noci (Bari), Soverato (Catanzaro) MDC Modica (Ragusa), Foggia, Civitavecchia (Roma), Confconsumatori Parma, Brindisi, Milan, Grosseto Assoutenti Vibo Valentia, Polignano a m. (Bari), S. Sebastiano al Vesuvio (Naples), Aci Castello (Catania) Adoc Città di Castello (Perugia), Cavallino (Lecce), Lucera (Foggia), Mesagne (Brindisi) Lega Consumatori Bologna, Pordenone, Barletta, Palermo Adiconsum Oristano, Lecce, Matera, Campobasso Codici Scordia (Catania), Sora (Frosinone), Pescara, Laurena di Borrello (Reggio Calabria) Cittadinanzattiva Naples, Perugia, Messina UNC Manfredonia (Foggia), Lucera (Foggia), Marzabotto (Bologna), S. Gregorio (Catania) Codacons Francavilla a mare (Chieti), Lagonegro (Potenza), Squinzano(Lecce), RignanoFlaminio(Roma) 19

20 L impronta economica Plus (adults) Designed in collaboration with Consumers Associations, L impronta economica Plus ( The mark of the economy Plus ) is a multimedia programme through which adults can receive information on the main topics related to the management of their economic resources. WHO IS IT FOR Adult citizens, who can choose content for a specific target group: young couples, families, elderly THE CONTENTS Introduction to family budget planning Conscious spending Being aware of and preventing over-indebtedness Usury as a consequence of over-indebtedness MULTIMEDIA The multimedia contents are provided on a CD, which includes printable pdf documents with in-depth information about the most relevant topics. Although the tool is designed for persons with an average knowledge of economy, a banking expert is available for support and clarification of topics requiring more specific skills

21 Thank you for your attention. 21