USAID Financial Sector Transformation Project Multi-Stakeholder Approach to Financial Education: Ukraine’s Experience India-OECD Global Symposium on Financial Education Natalia Lozytska Financial Literacy and Communications Director, USAID Financial Sector Transformation Project November 8, 2017 New-Delhi, India

Ukraine: Facts and Figures Country Profile Ukrainian Financial Consumer Profile Population 42.5 mln GDP 93.26 bn USD Income per capita 2,186 USD SIM-Cards coverage >100% Unbanked 50% Mobile (smart) phone users 30% 20% Low Trust in Financial Institutions 35% Low Level of Financial Literacy 67% Have Either 0 or 1 Payment Card 73% Loan Adverse Source: Worldbank.org 70% Pay in Cash Source: USAID Surveys

Strategic Considerations Low financial literacy, low trust and poor financial habits No acknowledgement of the problem No institutional framework Unwelcoming eco-system Limited resources Obstacles Reverse the ‘Vicious’ Cycle Through: Financial education Public dialogue Effective consumer protection regime Best practices in financial services Initial Steps Developed Financial Literacy Course for high school Started building partnerships Introduced Consumer Protection legislation

Evolution of Financial Awareness: Milestones and Benchmarks - Second Financial Literacy Survey - Financial Awareness Days in the regions - Financial Empowerment training Program Ukrainian Financial Sector Development Strategy to 2020 2017 Ministry of Education includes Financial Literacy Course into the list of elective courses 2015 Return of the USAID project with financial education component 2016 2012 2010 - Roll-out of Financial Literacy Course countrywide for high school - Creation of Financial Literacy courses for primary and middle school - Growth of Women’s Business and Leadership Program 2013-2015 First National Financial Literacy Survey 2011 Introduction of Financial Literacy Course for high school

Financial Literacy Course for High School Students Financial Education Financial Literacy Course for High School Students Roll-Out of Course Countrywide 27095 21000 CURRICULUM: Full academic year program (2 semesters) 4 blocks: - Introduction to Personal Finance, - Savings and Investment, - Borrowing, and - Insurance and Personal Budgeting 30 lessons 18000 14000 3500 500 1004 860 651 450 86 13 2012 2013 2014 2015 2016 2017 Supported by interactive games and activities: Young Investors Competition “Save!” Video Contest National Tournament on Financial Literacy

Financial Education Financial Literacy Courses for Primary and Middle School Students Primary School middle School 2nd grade: “Financial ABCs” 3nd grade: “Financial Arithmetic” 4nd grade: “Financial Behavior” 5nd grade: “Family Finances” 6nd grade: “Financially Literate Consumer” 7nd grade: “Financial Culture” 8nd grade: “Applied Finance” 9 nd grade: “Economics & Finance” 15 000 Students enrolled from September 2017

Teaching financial and entrepreneurial skills to women Financial Education Growth of Women’s Business and Leadership Program (Go Women) Program Goal Teaching financial and entrepreneurial skills to women Trained 52 trainers under the Program Prepared 15 women organizations able to conduct trainings in 12 regions of Ukraine Over 5,700 female participants of the training campaign (including 4,300 participants trained on financial literacy and 1,450 – on entrepreneurship)

of consultation delivered Financial Education Securing Future Through Financial Empowerment Program Program Goal Equip vulnerable groups with knowledge, skills and confidence to make sound financial decisions in everyday life   370 hours of consultation delivered 2017 Results 2400 participants trained 120 trainings conducted Program coverage – 11 oblasts of Ukraine Target audience: Internally displaced persons (IDPs), Conflict-affected people and Pensioners Program Partner

Targeted Financial Education Materials For Children and Youth Consumer Lending Guide for Borrowers Family Budget For Bank Depositors Financial Awareness Toolkit

Highlights of 2017 International Consumer Protection Conference Nationwide Celebration of Global Money Week National Financial Literacy Program development Financial Ombudsman Draft Law presented September – December 2017 March 2018 June 2017 September 2017 December 2017 – February 2018 March 2017 Law on Consumer Lending came into force Financial Awareness Days in 4 major cities Financial Literacy subject included in New Ukrainian School Concept Financial Inclusion Forum

Financial Awareness Programs Financial Education Financial Awareness Programs Financial Awareness Days in the Regions 2017 Global Money Week Celebration Nationwide

Develop National Financial Education Program Next Steps Develop National Financial Education Program Continue to build support among stakeholders Focus on consumer protection and trust issues Support financial inclusion through digital finance Ministry of Education and Science of Ukraine Banking University

Thank you! USAID Financial Sector Transformation Project