OECD/FSB

Conference on Financial Literacy

Financial Education for ALL

WORKSHOP 1: REACHING OUT TO YOUNG PEOPLE: FINANCIAL EDUCATION IN SCHOOLS

Lyndwill Clarke, Manager: Consumer Education

28 October 2011

Promoting an informed nation

FSB legislation The FSB is a unique independent institution established

by The Financial Services Board Act No. 97 of 1990, to oversee the South African non-banking financial services industry in the public interest

In 2000 the Act was amended to mandate the FSB to:

“Promote programmes and initiatives by financial institutions and bodies representing the financial services industry to inform and educate users and potential users of financial products and services”.

To effect this amendment, the FSB developed a strategy for Consumer Financial Education with a vision “to see all South Africans manage their personal and family financial affairs soundly and irresponsible financial services providers not supported but reported.”

.

Aim: to promote the integration of financial consumer education into the formal education system

Activities:

- Liaise regularly with DBE and DHET

- Developing resources for teachers in immediately usable formats, e.g. lesson plans relevant to various curricula

- Facilitating workshops for teachers to show the effective use of resources

- Career fairs and exhibitions

- Publish articles in teacher publications

FSB and Formal education

SA statistics

25 850 schools (public and independent)

418 109 Teachers

12 260 099 learners (± 25 % of population)

579 384 Grade 12 (± 4.7% of total, 1.2% of popul.)

SA school realities, 2010

Challenges

To obtain buy-in from education

department

Pros and cons of being part of curriculum

or stand alone subject

How to know if content is appropriate

Teachers not familiar with financial

concepts, need training

M & E / Assessment, how when part of

curriculum?

“Money in action” Grade R – 12

EMS, Math Lit., Life Orientation

CD- ROM based

59150 CDs copied

Includes voice-overs

Excellent teaching tool

4 Stand-alone booklets per phase and

band

72667 booklets printed

and distributed

Funded by Foundation,

FSB & SAIA

Developed by e-Learning

Laboratory

60 workshops completed

with 983 teachers

Mathematical Literacy resource for teachers of Grades 10, 11 and 12

188 workshops with 10 000 teachers - 2008 to 2010

Funded by FSB and SAIA

Improved underperforming schools results.

Projects schools performed better than others in 2009 -10 grade 12 exams

Will hand over project to DBE in 2011

“Managing your money”

Financial guide for youth Pilot project completed in 2009

157000 booklets printed

6000 booklets distributed

108 Workshops

3010 Attendees Schools, Universities, out of school youth

Train the trainer

Westbury High –

Role play

Financial guide for youth in FET Colleges 2011

48/50 Public FET Colleges

158, 2hr, workshops

5000 level 4 learners

Improved knowledge on: Salary slip

Insurance products

Savings products (esp. Mzanzi accounts)

M & E – Pre & post test, Call back

Careers Exhibitions Messages

Information on dealing with financial services and product providers

Careers in the financial sector

Publications – Teacher Magazine

• Targets teachers

• Free copies are

distributed nationally

to 26,000 schools

• FSB articles published

in 12 monthly editions

during 2009 – 2010

Lessons learned

The following elements contributed to the successful implementation of consumer education in schools:

Engaged with the DOE at national and provincial levels and involved the DOE in projects from the start.

Encouraged the DOE to appoint staff from their curriculum development unit to work with the FSB and its partners.

Got formal acknowledgement and approval from the DOE for implementation and other processes e.g. a letter of support or MOU.

This assisted to gain access to provincial departments and schools.

Entrenched resources into the curriculum and developed them according to curriculum requirements.

They are not “add-ons” which are often not used

Financial education resources were developed by a combination of practicing educators (teachers & education officials) and financial sector practitioners

Distributed resources as part of workshops where trained facilitators showed teachers how to use the resources in the classroom.

These included workshops with district, provincial and other DOE staff

Different project for personal finance for teachers

Used “professional development” w.r.t. financial management to assist teachers

Lessons learned (cont’d)

Lessons learned (cont’d)

Monitoring and evaluation systems must be in place at all phases of development, print, distribution, dissemination and implementation. DOE also played a crucial role through feedback from

its support personnel.

Learner assessment as part of formal examinations

4 / 8 FSB’s Consumer Education Department professional staff members are qualified educators with experience in all levels of formal education, as well as adult education.

have an understanding of how the education system works.

All material is neutral with no marketing or mention of specific brands.

Thank You

Lyndwill Clarke

Tel: +27 12 422 2819

Cell: +27 079 881 1805

E-mail : lyndwillc@fsb.co.za

www.fsb.co.za