1 Financial education initiatives of the European Commission International Conference on Financial Education Washington, 7-8 May 2008 Daniel Kosicki, European Commission Financial Services Policy

2 Outline Financial education in the EU Current initiatives of the European Commission Dolceta – module ‘Financial Services’ Dolceta – new financial literacy module for teachers

3 EU competence EU core task: creation of the Internal Market Education: competence of the Member States No Single Financial Market without empowered consumers Subsidiarity principle

4 Communication on Financial Education Adopted by the Commission on 18/12/2007 Policy document announcing the Commission’s views and actions To raise awareness, promote, facilitate provision 8 principles for financial education providers 4 initiatives

5 EC Initiatives (1) - Network of Practitioners To exchange best practices and advise the Commission 25 experts (government, industry, consumers, academia) Experts to be independent of external influence Two meetings per year Call for applications to be published soon

6 EC Initiatives (2) – Database Online “reference library” of financial education schemes and research Searchable by various criteria (country, theme, target audience, method of delivery, nature of provider) Publicly accessible on the ‘Europa’ website (end 2008) To be regularly updated

7 EC Initiatives (3) - EU Patronage Honorary support: logo of the European Commission, message of support, participation Events by public and private actors Case by case selection

8 EC Initiatives (4) – Dolceta Development of On-Line Consumer Education Tools for Adults EC in partnership with the Member States For consumers and professionals in each MS Information + interactive material 2 existing modules + 5 under development

9 Dolceta - modules 1.Consumer Rights (2006) 2.Financial Services (2006) 3.Food and Product Safety (end 2008) 4.Training for teachers (end 2008) 5.Liberalised services of general interest (2009) 6.Sustainable consumption (2009) 7.Financial Literacy – tools for teachers (2010)

10 Dolceta – Financial Services To strengthen competencies of adult consumers (FAQ and common problems) 6 themes and 3 levels of difficulty Legal information and practical examples adapted for each country Training: interactive exercises and quizzes Deepening knowledge: links to websites, glossary of terms

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12 Two existing modules

13 Listing the content by difficulty level

14 Listing the content by theme

15 Single course - example

16 Single course – example (2)

17 Interactive exercise - example

18 Interactive exercise – results

19 Quiz - example

20 Quiz – example (2)

21 Links to external resources - example

22 Glossary - example

23 Dolceta – new module on financial literacy for teachers Interactive web-based training tool To facilitate including financial literacy in lesson programmes Targeted at primary and secondary schools Translated and adapted to circumstances of each MS For voluntary use

24 Dolceta Financial Literacy – content Practical advice and suggestions: lesson plans, ideas, tools (games, quizzes, exercises, stories) To fit in easily in the current national curricula (maths, history, economics, citizenship) Topics based on the ‘Financial Services’ module + those relevant to pupils/students Complementing existing projects (EU/MS)

25 Dolceta Financial Literacy – elaboration Sponsor: European Commission (SANCO + MARKT) Contractor: EUCEN – a network of over 200 universities in 43 countries Expert and Design Teams: developing the common content National Development Teams: adaptations Starting now with the timeline of 2 years

26 Conclusions Financial education is high on the EU agenda Commission’s role: to promote appropriate actions and policies in the Member States DOLCETA Financial Services: practical tool for enhancing competences of adult consumers New DOLCETA financial literacy module for teachers: to facilitate provision of financial education in primary and secondary schools