Mickey Mouse
FINANCIAL LITERACY STRATEGY - ZEDLAND
Team Mickey Mouse
COUNTRY CASE STUDYZEDLAND Introduction Methodology Background Analysis Strategic Direction Rationale
Priority Strategies Key Messages Implementation Plan Monitoring & Evaluation
Zedland
Introduction Zedland is an upper middle income country Experiences high economic growth rate mainly dependent on oil & gas exports 2009 HSE hold Financial literacy Survey commissioned by Central Bank revealed 44% financial literacy levels It is critical for all the people of Zedlands, regardless of age or financial circumstances to be financially literate.
METHODOLOGY
Consultation meetings with stakeholders ( Min of Finance, FIS, Consumer associations, CBK’s Agric. Bodies, Min of Education etc)
Analyzed data from the 2009 survey results
Creation of an encompassing steering group which shall report to the Ministry of Finance
Strategic engagement of professional consultant
BACKGROUND Population of 9.4 million GDP per capital USD 7,800
54.1% urban population Agriculture employs 38.8% Literacy levels approx 100% Financial landscape – banks Credit Information Framework in place
SITUATIONAL ANALYSIS 44% Financial literacy levels Lack of awareness of consumer protection-
Lack of proper financial management skills Women less informed Disparity in rural and urban – Simple financial mgnt skills, borrowing levels High indebtness in rural areas Low level of ATM usage
STRATEGIC DIRECTION Vision: To ensure financially literate and capable population Mission: To provide the people of Zedland with the information and tools to be financially literate and successful.
STRATEGIC DIRECTION Goals: Influencing financial well being in all life stages. Objectives: Behavioral change Financial knowledge Financial inclusion Consumer protection and awareness Ultimate economic development
RATIONALE High financial illiteracy among the financial population
High levels of indebtedness – 72% Large percentage of the population excluded from financial access – 5.3% - Savings accounts from FSP 18.9% - Loans from FSP 29.2% - A/C in FSP
PRIORITIES KEY ELEMENTS: Provision of financial literacy:
To children and youth through school & colleges To general public through partnership with NGOs, private sectors, business communities & farmers Through life long learning
PRIORITIES The financial literacy priorities need to be balanced with stability, integrity, consumer protection in design of targets: Accountability for actions taken Delivery and promotion in outreach engagements Shared responsibilities among stakeholders Redress mechanisms
KEY MESSAGES Consumer responsibilities and rights Personal finance management Credit management/ responsible borrowing Transparency and disclosure
Redress mechanisms
IMPLEMETATION PLAN Ministry of Finance will lead the implementation
Guiding Principles - Roles of stakeholders Multiple funding source – Gov’t, Service Providers Steering committees
Target groups: youth, woman, children, business people, farmers Information, education & communication strategy Resource mobilisation strategy
Action plan : 5 years strategy Monitoring & Evaluation
APPROACH & DELIVERY Print Media Mobile units to rural areas Collaboration with financial institutions Roll out as part of the curriculum: (debt management, pensions etc)
MONITORING AND EVALUATION Internal Monitoring by Gov’t Annual Reporting by the Steering Committee to MOF Medium term impact assessment by MOF Impact evaluation survey on: Number of deposit accounts No. of loan A/c’s Purpose of loans once advanced No. of households that prepare budgets Awareness and use of dispute resolution mechanisms
Output
-Workshops -FE in school curriculum
-Partnership -Print Material
Outcome -Increased
knowledge about financial sector -Increased participation in Banking system -Savings -Better debt management -Better Budget Planning -Increased use of ADR
Impact Increased level of savings Reduction in debt Empowerment of women L-T Increase GDP growth Better financial product & Services Financial Inclusion
Team Mickey Mouse
COUNTRY CASE STUDYZEDLAND Introduction Methodology Background Analysis Strategic Direction Rationale
Priority Strategies Key Messages Implementation Plan Monitoring & Evaluation
Zedland
Introduction Zedland is an upper middle income country Experiences high economic growth rate mainly dependent on oil & gas exports 2009 HSE hold Financial literacy Survey commissioned by Central Bank revealed 44% financial literacy levels It is critical for all the people of Zedlands, regardless of age or financial circumstances to be financially literate.
METHODOLOGY
Consultation meetings with stakeholders ( Min of Finance, FIS, Consumer associations, CBK’s Agric. Bodies, Min of Education etc)
Analyzed data from the 2009 survey results
Creation of an encompassing steering group which shall report to the Ministry of Finance
Strategic engagement of professional consultant
BACKGROUND Population of 9.4 million GDP per capital USD 7,800
54.1% urban population Agriculture employs 38.8% Literacy levels approx 100% Financial landscape – banks Credit Information Framework in place
SITUATIONAL ANALYSIS 44% Financial literacy levels Lack of awareness of consumer protection-
Lack of proper financial management skills Women less informed Disparity in rural and urban – Simple financial mgnt skills, borrowing levels High indebtness in rural areas Low level of ATM usage
STRATEGIC DIRECTION Vision: To ensure financially literate and capable population Mission: To provide the people of Zedland with the information and tools to be financially literate and successful.
STRATEGIC DIRECTION Goals: Influencing financial well being in all life stages. Objectives: Behavioral change Financial knowledge Financial inclusion Consumer protection and awareness Ultimate economic development
RATIONALE High financial illiteracy among the financial population
High levels of indebtedness – 72% Large percentage of the population excluded from financial access – 5.3% - Savings accounts from FSP 18.9% - Loans from FSP 29.2% - A/C in FSP
PRIORITIES KEY ELEMENTS: Provision of financial literacy:
To children and youth through school & colleges To general public through partnership with NGOs, private sectors, business communities & farmers Through life long learning
PRIORITIES The financial literacy priorities need to be balanced with stability, integrity, consumer protection in design of targets: Accountability for actions taken Delivery and promotion in outreach engagements Shared responsibilities among stakeholders Redress mechanisms
KEY MESSAGES Consumer responsibilities and rights Personal finance management Credit management/ responsible borrowing Transparency and disclosure
Redress mechanisms
IMPLEMETATION PLAN Ministry of Finance will lead the implementation
Guiding Principles - Roles of stakeholders Multiple funding source – Gov’t, Service Providers Steering committees
Target groups: youth, woman, children, business people, farmers Information, education & communication strategy Resource mobilisation strategy
Action plan : 5 years strategy Monitoring & Evaluation
APPROACH & DELIVERY Print Media Mobile units to rural areas Collaboration with financial institutions Roll out as part of the curriculum: (debt management, pensions etc)
MONITORING AND EVALUATION Internal Monitoring by Gov’t Annual Reporting by the Steering Committee to MOF Medium term impact assessment by MOF Impact evaluation survey on: Number of deposit accounts No. of loan A/c’s Purpose of loans once advanced No. of households that prepare budgets Awareness and use of dispute resolution mechanisms
Output
-Workshops -FE in school curriculum
-Partnership -Print Material
Outcome -Increased
knowledge about financial sector -Increased participation in Banking system -Savings -Better debt management -Better Budget Planning -Increased use of ADR
Impact Increased level of savings Reduction in debt Empowerment of women L-T Increase GDP growth Better financial product & Services Financial Inclusion
