EDUFIN PROJECT Developing participative processes for the

generation of a financial education curriculum

addressed to young adults at risk (Project number 2014-1-ES01-KA204-004748)

Financial education for young people at risk

ITALIANNationalReportCentro Studi e Formazione Villa Montesca.

ThisprojecthasbeenfundedwithsupportfromtheEuropeanCommission.Thispublication[communication]reflectstheviewsonlyoftheauthor,andtheCommissioncannotbeheldresponsibleforanyusewhichmaybemadeoftheinformationcontainedtherein.

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Table of Contents

1. Introduction…………………………………………….…………………………………. 2

1.1 An outline of the national context…………….…………………………………..…………...4

2. Literature Review…………………………………………………………………………10

2.1 The conceptual review of financial education on the financial literacy…………10

3. Programs and teaching approaches at national, regional and local levels: the Italian best practices……………………………………………………………….13

3.1 Financial education as integral part of the educational curricula ….…………….13

3.2 Financial education for the social inclusion: the Ethical Banks…………………….19

3.3 Financial inclusion of migrants in Italy: the Greenback 2.0 Project…………….24

4. Recommendations for Policy and practice………………………………………32

4.1 Implications and future recommendations…………………………………………………..32

References…………………………………………………………………………………………………………….35

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1. Introduction

TheFinancialliteracyandcompetenceamongyoungadultsseemstobedefinedtodayaroundtheworldas

one of themost debated topics for its importance and urgency. In their transition to adulthood, young

adults face increasingly complex financial transactions such asmanaging credit card debt, obtaining and

paying car loans, obtaining and beginning to repay student loans, managing health care and insurance

costs,andsavings.Growingnumbersofyoungadultsarestrugglingwithsuchtransactions,asindicatedby

theincreasingnumbersofyoungadultswhoreportrisingfinancialdebtandbankruptcyfiling.

Research on the financial practices and credit card behavior of college students suggests that although

moststudentsmanagetheirpersonalfinancesresponsibly,thenumberofstudentswhogetintofinancial

difficultiesbecauseofpoorpersonalfinancialmanagementskillsisincreasing.

The development of financial independence among young adults is often associatedwith acquisition of

financialskillsandresources, includingobtainingpost-secondaryeducationandemployment,establishing

andmaintainingcheckingandsavingaccounts,andacquiringassets.Theseskillsfacilitatefinancialliteracy

andcompetenceasyoungadultsobtainearnedincomeandincurfinancialobligationsthataretraditionally

associatedwithadulthoodsuchaspayingrentandotherbills.Youngadultsthemselvesappeartorecognize

the importanceof financial self-sufficiencyandcite thisasoneof the top threecriteria forbecomingan

adult.

In recent years, developed and emerging countries and economies have become increasingly concerned

about the levelof financial literacyof theircitizens.Thishasstemmed inparticular fromshrinkingpublic

and private support systems, shifting demographic profiles including the ageing of the population, and

wide-rangingdevelopmentsinthefinancialmarketplace.

Concernwasalsoheightenedbythechallengingeconomicandfinancialcontextwiththerecognitionthat

lack of financial literacy was one of the factors contributing to ill-informed financial decisions and that

thesedecisionscould, in turn,have tremendousnegative spill-overs .Asa result, financial literacy isnow

globallyacknowledgedasanimportantelementofeconomicandfinancialstabilityanddevelopment;thisis

reflected in the recent G20 endorsement of the OECD/INFE (International Network on Financial

Education)High-levelPrinciplesonNationalStrategiesforFinancialEducation.

Aseriesoftangibletrendsunderpintherisingglobalinterestinfinancialliteracyasakeylifeskill.Theseare

summarizedbelow:

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! Riskshift

Therehasbeenawidespreadtransferofriskfrombothgovernmentsandemployerstoindividuals.Many

governmentsare reducingorhave reduced state-supportedpensions, and someare reducinghealthcare

benefits.Defined-contributionpensionplans arequickly replacingdefined-benefit pensionplans, shifting

ontoworkerstheresponsibilitytosavefortheirownfinancialsecurityafterretirement.Traditionalpay-as-

you-go (PAYG)pension schemesare supplementedbynew schemes inwhich the individual is subject to

bothrevenueandinvestmentrisk.Mostsurveysshowthatamajorityofworkersareunawareoftherisks

theynowhavetoface,anddonothavesufficientknowledgeorskilltomanagesuchrisksadequately,even

if they are aware of them (OECD, 2008). Furthermore, the array of risks with financial implications is

increasing: forexample, individuals facetherisksassociatedwith longevity,credit, financialmarkets,and

out-ofpockethealthcare.

! Increasedindividualresponsibility

Thenumberoffinancialdecisionsthatindividualshavetomakeisincreasingasaconsequenceofchanges

inthemarketandtheeconomy.Forinstance,longerlifeexpectancymeansindividualsneedtoensurethat

they accumulate savings to covermuch longer periods of retirement. People also need to assumemore

responsibilityforfundingpersonalorfamilyhealthcareneeds.Moreover,increasingeducationcostsmake

itimportantforparentstoplanandinvestadequatelyfortheirchildren’seducation.Evenwhenindividuals

usetheservicesoffinancialintermediariesandadvisors,theyneedtounderstandwhatisbeingofferedor

advised. The individual is responsible for the financial product he or she decides to purchase, and the

individualwillfacealltheconsequencesofthechoice.Individualseverywhereneedtobefinanciallyliterate

tomakeinformedandresponsibledecisions.

! Increasedsupplyofawiderangeoffinancialproductsandservices

In addition, in all countries, growing numbers of consumers have access to a wide range of financial

productsandservicesfromavarietyofprovidersanddeliveredthroughvariouschannels.Improvedlevels

offinancial inclusioninemergingeconomies,developmentsintechnologyandderegulationhaveresulted

inwidening access to all kinds of financial products, from current accounts and remittances products to

revolving credit and equity portfolios. The products available are also becoming more complex, and

individualsarerequiredtomakecomparisonsacrossanumberoffactorssuchasthefeescharged,interest

rates paid or received, length of contract and exposure to risk. They must also identify appropriate

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providersanddeliverychannelsfromthevastarrayofpossibilities,includingcommunitygroups,traditional

financialinstitutions,onlinebanksandmobilephonecompanies.

! Increaseddemandforfinancialproductsandservices

Economic and technological developments have brought greater global connectedness and massive

changes in communications and financial transactions, as well as in social interactions and consumer

behaviour. Such changeshavemade itmore important that individualsbeable to interactwith financial

providers. In particular, consumers often need access to financial services (including banks and other

providerssuchaspostoffices)inordertomakeandreceiveelectronicpaymentslikeincome,remittances

andonlinetransactions,aswellastoconductface-to-facetransactionsinsocietieswherecashandcheques

arenolongerfavoured.Thosewhocannotaccesssuchservicesoftenpaymoreforcashtransactions,using

informalfinancialservicessuchasmoneylendersorchequecashers.

All of these trends have transferred the responsibility ofmajor financial decisions to individuals. At the

sametime,theyhavebothenlargedtheoptionsforthemajorityofthepopulation(includingnewfinancial

consumers)andincreasedthelevelofcomplexitytheyface.Againstthisbackdrop,individualsareexpected

tobesufficiently financially literate to take thenecessarysteps toprotect themselvesand their relatives

andensuretheirfinancialwell-being.

1.1. An outline of the National Context

“……. investing infinancialeducation isan importantmeanstoperformour institutionalduties:

protectingsavings,ensuringstabilityandpromotingcompetition.”

GovernoroftheBankofItaly,IgnazioVisco

TheItalianSupervisoryauthoritiesconsiderfinancialeducationanimportantelementinthewidercontext

oftheirresponsibilities,althoughanationalgovernanceandalegalframeworkarestillmissing.Theneedto

strengthen banking, financial and insurance consumer protection in the face of more diversified and

complexfinancialproducts,andtorebuildthetrustinabetterregulatedfinancialsystemafterthefinancial

turmoilarethemaindriversofthedevelopmentofanationalstrategyonfinancialeducationinItaly.The

gradual shrinkage of publicwelfare resources, the launch of the supplementary private pension system,

and the transformation of the few outstanding defined-benefit schemes to the defined-contribution

regimes, all contribute to transfer financial responsibility away from the State towards individuals and

households, thus requiring strengthened financial capabilities among the public at large. In this new

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context, a commitment by public bodies to improve awareness and planning skills for retirement has

becomeessential,inparticularfortheyoung.

More recently, successive anti-tax evasion measures aiming at promoting the use of cash-alternative

paymentservices,includingacaponcashpaymentofamountsequaltoorabove€1000,00,willaddtothe

casefordiffusedfinancialeducation,asitislikelytofurtherboostbankarisationamongthelesseducated

layersofthepopulation.Inthiscontext,anationalstrategywouldbeimportanttohelpbuildanation-wide

commitmenttoraisefinancialeducationtothehighestlevelinthenationalagenda,andsupportthedesign

ofpoliciestopushitforward.

The development of a national strategy, based on national regulation, would allow relevant public

institutionstostrengthenco-operation,consideringanadequateinvolvementoftheprivatesector,anda

rationalization of the existing activities with the intent of reducing the overall costs and raise their

efficiency. For the timebeing, the Italian supervisory authorities, thoughon a different scale, undertake

distinctfinancialeducationprojectsonaregularbasis.

TheBankofItalyconsidersfinancialeducationaspartofitsresponsibilitiesinthewidercontextofensuring

financial stabilityandconsumerprotection.Consumerprotection isan integralanddedicatedpartof the

actionsoftheBankandisavery importantaspectofbankingsupervision.Aconsumerprotectionsystem

includescompetition,transparencyregulation,alternativedisputeresolution(ADR)and,lastbutnotleast,

financialeducation.Withoutproperfinancialeducation,evengoodrulesontransparencymaynotensure

effectiveconsumerprotection.

Financialeducationhelps investorsmonitor intermediaries.Educatedhouseholds,betteracquaintedwith

thenotionsofriskandreturn,compoundinterestandinflation,canbetteridentifyabuseandfraudaswell

as understand the real terms of what they are being offered. Financial education can complement the

supervisoryactionoftheauthoritiesinfosteringcompetition.Financiallyliteratehouseholdsarelesslikely

tobelievethattheyhavebeencheated.

Thus,financialeducationhelpssustainconfidenceinthefinancialsystemandcanhaveabeneficialeffect

onthestabilityofintermediaries.Indeed,thefinancialindustryislikelytobenefitfromhavingmoreliterate

customers.TheItalianInsuranceSupervisoryAuthority(IVASS)–whosePresidentistheDirectorGeneral

oftheBankofItaly–considerspolicyholdereducationasarelevantandimportantactivityofitsmandate,

as it is intended to complement the IVASS’ key objectives of policyholder protection and prudential

supervision.

Education inthe insurancesectorpresentsspecificchallenges. Insurancebusinesscanbecomplexdueto

severalfactors,includingtheincreasingvarietyandsophisticationofinsuranceproducts,thepeculiarityof

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insurance business, and the increasing heterogeneity of providers, ranging from conventional

intermediaries (brokers, agents, direct selling) to non-traditional distributors (e.g. car dealers) and new

sellingchannels(phone,cell, internet).DespitetheeffortsmadebyIVASStoensureclearpre-contractual

and contractual documents, in some cases the parameters and actual coverage provided by insurance

policies cannot be easily understood by non-professional customers (contracts’ conditions, ceilings,

deductibles,exclusion,triggerforcoverage,etc.).

Little experience of some of the long-term products offered, difficulties in understanding the policies’

features,lackofwillingnesstosubscribelong-termcoverageorcoverageforrelativelyinfrequentrisks,lack

of trust and confidence in insurancemarketplayers, are themain factors tobe considered in settingup

insuranceeducationplans.

TheBankof Italy conductsa regularSURVEYONHOUSEHOLD INCOMEANDWEALTH (SHIW)ona two-

yearbasistogatherinformationonincome,savings,wealthandothersocio-economicindicatorsofItalian

families. Over the years, the scope of the survey haswidened and now includes also some aspects of

households'economicandfinancialbehavioursuchas,forexample,whatpaymentmethodsareused.

Thefindingsofthelasttwosurveysshowthat,inItaly,theleveloffinancialliteracyisstilllow.Specifically,

basedonthe2008survey,aboutonethirdofthepopulationisunabletoreadabankstatement,calculate

changesinpurchasingpower,distinguishbetweendifferenttypesofmortgageandevaluatetheassociated

interest rate risk.More thanhalfof Italianhouseholdsdonotunderstand the importanceof investment

diversification,andtwothirdsdonotknowthedifferencebetweensharesandbondsintermsofrisk.Less

thanonehouseholdoutofthreeknowsthemainfeaturesofsupplementarypensionschemes.Twoyears

later (2010) just over half of the respondents appeared to understand the advisability of investment

diversification;58.6percentcoulddistinguishbetweendifferenttypesofmortgageandthusevaluatethe

associated interest rate risk, 70per centeven correctly calculated changes inbuyingpower. Educational

backgroundhastheclosestcorrelationwithfinancialskills.Individualswithnoeducationalqualificationhad

acorrectresponserateofonly26percent.

TheSupervisoryCommissionofItalianPensionFunds(COVIP)conductedtwosamplesurveys,in2008and

in 2012 respectively, to check the knowledge and the awareness of pension matters among Italian

workers. The results show that Italian workers are indeed aware that pension benefits ensured by the

public,firstpillartothecurrentworkforce,willbesignificantlylowerthanthoseenjoyedsofarbyretirees.

However,thereisalowawarenessofthepotentiallong-termstabilityofthepublicpensionsystemasper

recentreforms,andstilla lowawarenessofthefiscal incentivesthatshouldfacilitatetheparticipationin

the supplementary pension plans. With reference to the insurance market, IVASS uses consumer

complaintsdatatoassesstheprioritiesinconsumerprotection,includinginsuranceeducationneeds.IVASS

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holds monthly meetings with consumers associations’ representatives. They submit the main issues or

consumerstrends,includingtheiranalysesoninsuranceeducationneedsortheirowneducationinitiatives.

In addition, in order to provide a front-line assistance to insurance service consumers, in 2012IVASS

establishedafreetollnumberforconsumersassistance(ContactCenter),whichallowsIVASStogetafirst

noticeofrecentdevelopmentsininsurancebusinessandemergingconsumerprotectionissues.

Howeveracomprehensivenationalsurveyonthefinancialliteracyofthepopulation,whichtheOECD/INFE

HIGH-LEVELPRINCIPLESONNATIONALSTRATEGIESFORFINANCIALEDUCATION identifyasthebestway

toassessfinancialeducationneedsandkeypolicypriorities,hasnotyetbeencarriedout.

In Italy, financial education activities have been gradually increasing over the years and have been

organised by both public and private institutions. All the institutions involved in consumer protection

activities have carried out basic educational programmes that explain the core competencies of their

institutional activity. The private sector is also very active on this front: banks, foundations, trade

associations,andconsortia,allhaveimplementedaneducationalactivityofsomesort.

Financialeducationisanimportanttoolforthefinancialinclusionofthemostdisadvantagedsocialgroups,

suchastheunemployed,low-incomefamilies, immigrants.InlinewitharecentEURecommendation,the

ItalianGovernmenthasintroducedrulesrequiringallbankstosupplyabasicbankaccount,withanumber

of basic services (including a debit card) and a transparent cost structure. The account is offered to

consumerswithbasicfinancialneedsatzerofees.TheItaliansupervisoryauthoritiescarryout initiatives

forthegeneralpublicthroughtheirwebsites.

As to the information provided to the general public the Bank of Italy’s website features a financial

educationsectionaimedatpersonsinterestedindevelopingtheireconomicandfinancialknowledgeandat

thosewho, as savers and users of banking services,wish to enhance their financial culture. The section

providesinformationonthemainbankingissuesanddiscussesbanking,economicandfinancialmattersin

simplelanguage.Thereis informationoncurrentaccounts,mortgagelending, inflationandpricestability,

consumercredit,paymentcardsandalsoabasicfinancialglossary.Inthewebsiteconsumerscanalsofind

news,readaboutimportantevents,andfindalinktothemainfinancialeducationprojectsoftheEuropean

CentralBank.

In addition to this, the Bank of Italy publishes PRACTICAL GUIDES ON TO BASIC BANKING PRODUCTS.

AGuide to current accounts andone tomortgage lending are already available, on theweb site also.A

Guidetoconsumercreditwillbepublishedshortly.Theguidesdescribe,withaclearandsimplelanguage,

the main features of these popular products. As they have a practical approach, they respond to both

transparencyandfinancialeducationpurposes.TheBankofItalywantstousethepotentialofthewebas

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much as possible, in particular to reach new target groups (i.e. the disadvantaged): for the hearing

impairedpeopletheBankofItalyiscurrentlyworkingonvideoeducationalmaterialwithsubtitlesand

signlanguagetranslation;forthevisuallyimpairedwearepreparinganaudiobook,whilefortheshort-

sightedtheBankofItalyisdevelopingaspecialvideopresentation.

The COVIP’s website also contains a Guide directed to the general public, focused on supplementary

pensions.TheGuideisperiodicallyupdated,andthepublicationofaQ&Asectionisalsoenvisaged.COVIP

isalsoconsideringhowtousethesocialnetworks(Facebook,Twitter)inordertodisseminateinformation

onpensionmatters speciallydesigned for theyoung.On itswebsite, IVASSprovides information to the

generalpublicaboutconsumerprotectionandinsuranceeducation.Aspecificsectionprovidesinformation

onregisteredundertakingsandintermediaries,newlawsandpressreleases,frequentlyaskedquestions,a

guideonhowtofileacomplaint,thelistofthecomplaints-handlingfunctionsandtheircontactdetails,a

listoftipstohelpconsumerstobuyinsurancecontractsviainternet.

IVASSiscurrentlyupdatingtheinteractiveinsuranceeducationsectiononitswebsiteinorderto:

✦ developunderstandingoninsurancebyprovidingconsumerswithinformationonthemaintopics

inasimplelanguage,carefullytailoredtotheknowledgeandtheneedsofthetargetedaudience;

✦ raisethe levelofawarenessamongconsumersaboutthepotential risks theyareexposedtoand

enhancetheabilityofchoosingthebestinsuranceproductadheringtotheirneeds;

✦ improvethelevelofunderstandingofthebasicmechanismsofinsurance,thecharacteristicsofthe

most popular products, as well as encourage consumers to understand the most complex or

innovativeproducts;

✦ provideguidanceontheavailabilityofinformation,adviceandhelpwhenneeded.

UsingtheBankofItaly'sSurveyonHouseholdIncomeandWealth,anotherresearch"FINANCIALLITERACY

AND PENSION PLAN PARTICIPATION IN ITALY" by Elsa Fornero and Chiara Monticone develops an

empiricalanalysisthatmeasuresthecurrentlevelandthedistributionoffinancialliteracyamongtheItalian

population,investigatesitsdeterminantsanditseffectsonretirementplanningbehaviour.Specifically,the

research examineswhether financial literacymatters in the decision to join a pension plan. The results

showthatmost individuals lackknowledgeofbasic financial concepts,and that theyseemmore familiar

withinflationandstocksthanwithinterestcompounding.

The distribution of financial literacy among the population presents features similar to other countries’

records,withwomenandindividualswithloweducationhavingtheworstperformance.AspecificItalian

featureistheregionaldividebetweentheNorth-CentreandtheSouth,whichisconfirmedinrelationto

financialliteracy.TheFigurebelowshowsthefinancialliteracydistributionacrossItalianregionsaccording

tothe2008tests.Figureintheleftpanelreportthe‘raw’distributionofcategoryofhouseholdsnotpaying

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amortgage at the timeof interview includes both thosewho already repaid in the past and thosewho

nevertookoutamortgage.Thismaybiastheresults,reducingthedifferenceinfinancialliteracybetween

ownerswithandwithoutamortgage;thustheeffectofmortgagesislikelytobeevenlarger.Thefinancial

literacy (numberofcorrectanswersandproportionof threecorrectanswers)asmeasuredby theSHIW.

The four categories represent quartiles of each variable. As expected, the usual North-South disparity

emerges:broadlyspeaking,householdslivinginsouthernregions(andisles,i.e.SicilyandSardinia)tendto

performworse in all questions than those living in the Centre and in theNorth-east. However, there is

somevariationacross regionsbeyond thesimplenorth-southdivide: for instance, in2008north-western

regionsfall inthe lowest literacyquartileforbothmeasures.Figureontherightpanel, instead,showthe

level of financial literacy that is predicted by an econometric model with demographics and regional

dummiesasexplanatoryvariables.Thesefiguresuggeststhattheregionalgapisnotsimplyexplainedbya

different population composition; even after controlling for socio-demographic characteristics (including

householdincome),southernregionshavelowerfinancialliteracy.

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As for the effects, financial literacy has a positive and significant impact on the propensity to save for

retirement through a private pension plan. Robustness checks corroborate this result. First, financial

literacy increases the probability of participating to a pension fund even after controlling for financial

literacyendogeneity.Second,when lookingatemployees' responsetothe2007reform, financial literacy

increasesworkers'probabilityof transferringtheirTFR“Trattamentodi finerapporto” flowstoapension

fund(atleastforthosewhodosowillingly).Thesefindingsconfirmandreinforcepreviousresultsaboutthe

positiveimpactoffinancialliteracyonfinancialbehaviour(onplanning,saving,wealthdiversificationetc.),

andprovideafurtherrationaleforpublicinterventiontoimprovetheleveloffinancialliteracyintheItalian

population.

Atthesametime, results indicate thatsomepopulationsub-groups facehigher risksofnotpossessing

sufficientfinancialknowledgeandskillstoadequatelyfacethechallengesposedbythereformedpension

system.Whileanimprovedleveloffinancialknowledgewouldbebeneficial ingeneral,publicpolicieson

financialeducationshouldprimarilybedirectedatthesegroups.

2. Literature Review

2.1. The conceptual review of financial education on the financial literacy.

ItalysharesthedefinitionoffinancialeducationproposedbytheOrganisationforEconomicCo-operation

andDevelopment(OECD)in2005initsreportonImprovingFinancialLiteracy,and,specifically,deemsthat

“financialeducationprovidespolicymakerswithanothertool forpromotingeconomicgrowth,confidence,

and stability”.Specifically, financial education is definedby theOECDand its InternationalNetwork for

Financial Education (INFE) as "the process bywhich consumers/investors improve their understanding of

financialproductsandconceptsand,throughinformation,instructionand/orobjectiveadvice,developthe

skills and confidence to become more aware of (financial) risks and opportunities, to make informed

choices, toknowwhere togo forhelp,andto takeothereffectiveactions to improvetheir financialwell-

beingandprotection".

ThisdefinitionisimplicitlyrecognisedintheEuropeanCommission'sCommunicationonFinancialEducation

adopted inDecember 2007.Within the definition above, information involves providing consumerswith

facts, data and specific knowledge to make them aware of financial opportunities, choices and

consequencesandinstructioninvolvesensuringthatindividualsacquiretheskillsandabilitytounderstand

financialtermsandconcepts,throughtheprovisionoftrainingandguidance.

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TwodefinitionsoffinancialliteracyareusedbytheOECDanditsINFE,oneforadultpopulationsandthe

otherforpopulationsof(15yearolds)youngpeople.Theoneforadultpopulationswasdevelopedforthe

OECD INFE financial literacymeasurement pilot and is: “A combination of awareness, knowledge, skills,

attitude and behaviours necessary to make sound financial decisions and ultimately achieve individual

financialwellbeing” .Thedefinitionoffinancial literacyforpopulationsofyoungpeople(youthandpupils

andstudentsatschool–aged15)isthecurrentworkingdefinitionof“financialliteracy”developedforthe

OECD’sPISA (Programmefor InternationalStudentAssessment)2012 Financial LiteracyFramework (the

firstlarge-scaleinternationalstudytoassessthefinancialliteracyofyoungpeople),whichisthefollowing:

“Financial literacy is knowledge and understanding of financial concepts and the skills, motivation and

confidencetoapplysuchknowledgeandunderstandinginordertomakeeffectivedecisionsacrossarange

of financial contexts, to improve the financial well-being of individuals and society and to enable

participationineconomiclife”

Financialeducationneeds tobedistinguished fromconsumerprotection,althoughthere is someoverlap

betweenthetwo.Theprovisionof informationonfinancial issues iscommoninboth.However, financial

education supplements this information with the provision of instruction while consumer protection

emphasises regulation and supervision designed to enforce minimum standards, require financial

institutionstoprovideclientswithappropriate information,strengthenthelegalprotectionofconsumers

whensomethinggoeswrong,andprovideforsystemsofredress.Financialeducationfacilitatesenhanced

consumerprotection.

Adraftlaw,presentlypendingintheItalianParliament,acknowledgestheroleoffinancialeducationas

an important tool for enabling consumers to match their needs with adequate financial products and

services, such as loans, savings instruments, retirement plans, and insurance products. The draft law

contemplates the establishment of a specialised Committee for the design and coordination of financial

educationinitiativesatthenationallevel.TheCommitteeincludestheMinistryofEconomy,theMinistry

ofEducation, representativesofSupervisoryAuthoritiesdealingwithconsumerprotection inthevarious

sectorsofthefinancialsystem,andalsorepresentativesofacademiaandconsumersassociations.Thedraft

lawconfersupon theCommittee the responsibilityofdevelopinganational strategyandbringing future

andpresentinitiativesintheareaoffinancialeducationunderacoherentframework.

The Committeewill be in charge of coordinating the relevant private and public stakeholders, promote

initiativesandprojectsonfinancialeducation,periodicallyassesstheireffectivenessandannuallyreportto

theParliamentonimplementationprogress.Inlinewiththeprioritythatpresentinitiativesassigntoformal

education,thedraftlawconfersupontheMinisterofEducationthepowertointegratefinancialeducation

intothecurriculaofprimaryandsecondaryschools.

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The OECD/INFE work on National Strategies of Financial Education has provided and will provide

extremelyrelevantandpreciousinputsandguidanceinthedraftingofthelawandthestrategy.

Theparticipationofanumberofqualifiedinstitutions,whileessential,requirescoordinationsoastoavoid

potential duplications and achieve maximum efficiency. The current institutional debate is revolving

aroundtwopossibleoptionstoachievesuchcoordination:amodelofsinglehandedguidance,underwhich

one institution takes charge of promoting, connecting and coordinating the actions of the other bodies,

constantly monitoring the evolution of the project so as to detect any potential flaw and timely adopt

corrective actions; in alternative a joint supervisory body (steering group, committee, working group),

whosemembers are influential and reliable, could be entrustedwith the project’s governance; it could

directtheactionsoftheparticipatinginstitutionsandguarantee,inthefaceofpublicopinion,thequalityof

theinitiatives.

Theeducationalinitiativesaimingatincreasingthelevelofcitizens’financialeducationshouldsupplythem

withadequatecompetenciestomakeappropriateeconomicandfinancialdecisions.Theunderlyingideais

that information and education can, together, induce a more careful and aware behaviour among

consumers.This,ofcourse,requiresapluralityofinterventionstakingintoaccountboththecharacteristics

andtheneedsofthedifferentgroupsofconsumers,whichhavetobecarriedoutinthelongerrun.

There are different target groups: children (i.e. first savings account), teenagers (savings account, first

mobile),Youth (savingsaccount; first credit card; first job; first car),adults (firsthouse,pension savings,

investments,vacations),seniors(mortgageloan,hobbies,vacations,pensionsavings).

Whoever decides to undertake financial education projects must take into account the challenges in

reaching the targeted audience. This dictates the need to not only use the same language of the

addressees,butalsotounderstandwhenandwheretheyaremorereceptivetothemessage(i.e.initiatives

aboutpersonalpensionsaremoreeffective ifconducted in theworkplace; initiativeson familyplanning

shouldbeofferedtonewparentswhentheyarestillinthehospital).Thisis,ofcourse,aresource-intensive

strategy(i.e.itrequiresthepresenceoftheexpertsonthepremises)thatcouldonlyinvolveasmallpartof

the consumers belonging to the intended group (unless such initiatives can be promoted in everywork

place,everyhospital,etcetera).

A viable alternative, which could guarantee a wider diffusion of the message, might be to provide

consumerswith informativematerial (i.e. through awebsite that is publicly known for its certifiedhigh-

qualityinformation).

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Averyimportantaspecttobetakenintoaccountishowtoidentifythefundingsources.Alltheinstitutions

thatmightbenefit frommore informedandfinanciallyawarecitizenscouldbeaskedto fundthevarious

initiatives.Potentialalternativesare:

→ Government: given the positive spillovers of improved financial literacy, the State (Government)

could bear a part or all the costs. This optionwould ensure a stable and substantial amount of

resources and signal the Government’s commitment. The public support option, in addition, is

appropriate given that the generated benefits are dispersed and already existing infrastructures

(e.g. schools,mathematics teachers) canbeefficiently exploited.Considering its natureof global

and regional public good and the highly integrated Europeanmarket, financial education should

partlybefundedthroughsupranationalresources(e.g.EuropeanUnion).

→ Firms/Intermediaries:onavoluntarybasis.Thestrongpointofthissolutionis itsacceptabilityby

marketplayersaswell as the largeavailabilityof expertiseand resourcesoffinancial institutions,

whichcanpartiallyinternalisethebenefitsthroughreputationalreturnsandtheenlargementofthe

setofpotentialclients.However,theprivatesectorcontributiontofinancialeducationneedstobe

overseenandguidedtopreventandmanagepotentialconflictsofinterests.Inadditionthefunding

flow would not be steady and would depend onthe number of intermediaries involved in the

project.

→ Firms/Intermediaries: on a compulsory basis. Technically, this could be presented as a fixed tax

that is a levy derived from the negative externalities produced by themarkets. Up against this

optiontheremightbesomeresistanceonthepartofthemarket;thebenefitofthissolutionrests

with the stability of a high funding flow. Compulsory contribution also requires deciding the

contributoryratethatiscoherentwiththeinterventionneeds.

3. Programs and teaching approaches at national, regional and local levels: Italian best practices.

3.1 Financial education as integral part of the educational curricula.

Thereisgeneralconsensusthatthegapbetweentheskillsneededtotakeappropriatefinancialdecisions

andthoseactuallypossessedbythepopulationissosignificantthatitunderminesthefreedomofchoiceof

individuals,andthustheefficiencyofthemarket.Asaresult,severalinitiativeshavebeentargetedtowards

the reduction of this gap, starting with the introduction of economics and finance subjects in school

curricula.Italyconsidersschoolsasthemosteffectivechanneltodeliverfinancialeducation.

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In 2007, based on aMemorandum of Understanding, theBank of Italy and theMinistry of Education,

University and Research (MIUR) started co-operating to run an experimental programme aimed at

incorporatingfinancialeducationintoschoolcurriculaforallschool levels,asapartofvarioussubjects.

The programme, inspired by OECD recommendations, is the first of its kind to be sponsored and

conductedbypublicbodiesandtobedevoidofanymarketingpurposes.Participationintheprogramme,

which involves all schools nationwide, is voluntary. In particular teachers received training from central

bankofficialsthattheythenpassedalongintheclassroom.

Theprogramme’smaintopicis“moneyandtransactions”,animportantmatterthatplaysamajorrolein

themarketand thatyoungpeopledodealwithbutknow littleabout.Asanaid for teachersandall the

otherpaymentmethods”forthethreedifferentschoollevels(allavailableonthewebsite).Intheschool

year 2012-2013 the Bank of Italy carried out the programme for the fifth time. The programme is

continuing to expand, and the number of pupils is rising togetherwith the number of classes: the pilot

exerciseinvolved650pupils(2008-2009);inthefourtheditionabout23.000studentswereinvolvedandin

2012-2013theestimateisabout50.000students.

Aplusoftheprogrammeistheevaluationdesign,asinotherprogrammeimplementedbyUnicreditBank

named“Earnyourfuture”.Inaccordancewithinternationalrecommendations,theBankofItalyincludeda

systematic assessment of the programme since the beginning: individual multiple choice tests were

administered to pupils before and after classroom teaching on financial education. The knowledge

acquisition was defined as the gain in scores or the difference in the percentage of correct answers

betweenthepost-classroomteachingtestingsessionandthepre-classroomteachingtestingsession.The

testsweredifferentiatedbyschoollevelforbotheffortandduration.

Fromthebeginning,thetestresultshavesupportedthehypothesisthatthefinancialeducationprogramme

iseffective:atallschoollevelstherewasasignificantincreaseinthepercentageofcorrectanswersinthe

posttestingsession.Sincetheprogrammehasbeenrunningforyears,someclassesrepeatedthetestsa

numberoftimes,makingitpossibletogaugeknowledgeretention,andtodiscoverthatnotionsacquired

wereretained,at leastpartly,overtime.Finally, theempirical findingsshowedtheexistenceofagender

gapinfinancialknowledge,whichfinancialeducationprogrammesmightbeabletoclose.Afterthefirst5

waves, the empirical evidence acquired via tests has been considered adequate and from the 2012-13

schoolyearthetestshavebeensuspended;ontheotherhand,teachers’surveywasenhanced.

Overall, theprogrammehassucceeded in increasingstudents’ financialknowledge,even if therecipients

are too young to make their own financial decisions. The evidence gathered is more than sufficient to

demonstratethatclassroominstructionisaneffectivechannelforspreadingfinancialknowledgeamong

students.

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Nameofproject

“Educazionefinanziaria:Conoscereperdecidere”BUILDINGFINANCIALCAPABILITY

Organisationandtypeoforganisation(egpublic/private)

TheBankofItalyandtheMinistryofEducation,UniversityandResearch(MIUR)(PublicAuthorities)

Whereitislocated

Atnationallevel:InthePublicItalianSchoolsElementary,JuniorHighandHighSchoolsareallinvolved.

Aimsandobjectives Thepurposeof theprogramgoesbeyondprovidingpupilswithbasicnotionsandaimsatmakingfinancialeducationanintegralpartoftheeducationalcurricula.

Lengthofprogramme Theprogramstartedonapilotbasisinthe2008-09schoolyearandinvolvedElementary,JuniorHighandHighSchoolandisstillinforce.InsubsequentyearstheprogramwasbroadenednationwidethankstotheactivecontributionoftheregionalbranchesoftheBank

Howitisfunded TheProgrammeisfundedbytheMinistryofEducation,UniversityandResearch(MIUR)TheMinistryofEducationprovidesteachingskillsTheBankprovidesexpertiseinbankingandfinance

Thetypeofyoungpeopletheprogrammeisaimedatandhowmany?

Elementary,JuniorHighandHighSchoolsareallinvolved.Theprogramisaddressedtostudentsinthelasttwoyearsofeachschoollevel:

− age9-10inElementarySchool− age12-13inJuniorHigh− age17-18inHighSchool

Theprogramrecordedaninvolvementofover1.150classes,themajorityofwhichwereinHighSchool.Thenumberofpupilshasrisentogetherwiththenumberofclasses:

→ Thepilotexerciseinvolved650pupils→ Theeditionofthe2011-12schoolyearinvolvedabout23.000students

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Typeofteachingandlearningapproachesused

Teachersdeliverfinancialeducationinthecontextofthecurricularsubjectsinspecializedlessons.Averagenumberofteachinghoursrangesfrom6to12.

→ Aplusoftheprogramistheevaluationdesignthatinvolvesbothteachersandpupils

→ Inaccordancewithinternationalrecommendations,theBankandMIURhaveincludedasystematicassessmentoftheprogramsincethebeginning.

→ Theeffectivenessoftheprogramismeasuredthroughtestsandquestionnaires.

Theprogramisdesignedtoincreasepupil’sfinancialknowledge,someasuringindividuallearningcangiveusempiricalproofofitseffectiveness.Pupilstookbothapre-andapost-programsurvey:Backgroundquestionnaire

→ Socio-demographicinformation→ Self-perceptionofschoolperformance→ Attitudestowardsmoney

Knowledgetest

→ MultiplechoicequestionsThetestsweredevelopedbasedontheinternationalbestpracticesandwiththeassistanceoftheNationalInstitutefortheEvaluationoftheItalianSchoolSystem(INVALSI).Theyweremostlybasedonmoneyandtransactions,thecoresubjectoftheprogram•Thequestionshadfourpossibleanswers:

− 1correct− 2distractors− 1“Idon’tknow”

Testswereadministeredtopupilsbeforeandafterclassroomteachingonfinancialeducationheknowledgeacquisitionwasdefinedasthegaininscoresorthedifferenceinthepercentageofcorrectanswersbetweenthepost-classroomteachingtestingsession(post-tests)andthepre-classroomteachingtestingsession(pre-test).

Thefollowingtableshowsthepercentagesofcorrectanswersonmoneyandtransactionsforpupilsattendingbothtestingsessionsinthe2011-12schoolyear

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Thecomparisonbetweenthepre-testandpost-testscoresshowedthatthetrainingcausedandincreaseinthelevelsoffinancialliteracyateveryschoollevel:allthegainswerepositiveandsignificantlydifferentfromzeroathighlevelsofconfidence.Furthermore:Thesampleallowedtosplittheparticipantstudentsintotwosubsamples:

! Thosewhohadcoveredsomeofthetopicsoftheprogramduringthepreviousschoolyear

! Thoseinvolvedintheirfirstyearoffinancialtraining

Thepre-testresultsofthestudentsinvolvedinthesecondyearoftrainingshowedsignificantlyhigherlevelsoffinancialknowledgethantheirpeersonmoneyandtransactionsThetestsweredifferentfromthosethathadbeenusedtheyearbefore,soitcanbeaffirmedthatsomeoftheinformationlearnedtheyearbeforehadbeenretainedattestingtheeffectivenessoftheprogram.GenderanalysisTheempiricalevidenceshowedthat,beforeanytraining,boyshadsignificantlyhigherlevelsoffinancialknowledgethangirlsatallschoollevels,butafterclassroomteachingthegendergapwasannulledorreversed.

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Outcomesandgoals

Theincreaseinparticipantswasbroadlydemand-driven

✦ Manyschoolswereeagertohavemoreclassesinvolvedthaninitiallyplanned

✦ Wordofmouthamongteachersfavouredtheextensionoftheprogramtosettingsnotinitiallyinvolved

The results of the programme support the importance of starting financialEducationinElementarySchoolasthegendergapisalready rooted in quite young children, and financial Education programs mighthelpreducethedifferences.andso….

− Schoolsareaneffectivechanneltospreadfinancialknowledgetopupils

− Financialsubjectsshouldbeintegratedonacontinuousbasisinthecompulsoryeducationcurricula

− Providingstimulatingresourcesandtrainingforallparticipantsisessential

− Itiscrucialtodevelopcommonstrategiesamongalltheplayersfrom

policymakerstoprivateinstitutions

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Nameofproject

"GUADAGNIAMOILFUTURO"Earnyourfuture

Organisationandtypeoforganisation(egpublic/private)

UniCreditBankincooperationwithConsumerAssociations(PrivateOrganizations)

Whereitislocated

UntiltodaysixRegionsarebeeninvolvedintheproject:Lombardia,EmiliaRomagna,Lazio,Campania,PugliaandSiciliaAimsandobjectives EarnYourFutureisafinancialeducationinitiativethatiscenteredontwogoals:helpingdevelopcriticalfinancialskillsandprovidingeducatorswiththeresourcesandtrainingtoteachthoseskills.

Lengthofprogramme

40hoursduringtheschoolyear

Howitisfunded byUnicreditBankofItaly

Thetypeofyoungpeopletheprogrammeisaimedatandhowmany?

Theinitiativeinvolvedanumberof70classesoftheItalianHighSchools(age17)spreadacross six Regions of the Italian High Schools (Lombardia, Emilia Romagna, Lazio,Campania, Puglia e Sicilia), in order to promote the responsible use of money andconsumptionamongyoungpeople(fromthestartingoftheprojectabout1800studentsarebeeninvolved).

Typeofteachingandlearningapproachesused

EarnYourFutureaimstofurtheryoutheducationandfinancialliteracyinItalythroughready-to-usefinancialliteracymodulesandteachertrainingopportunities.Educationalmethodology:

- Lecturesinclassroomwithanexpert- Simulationgame- Multimedialkitnamed“Openyourmind”,asimulatorofthemoney

management,thattestsyoungpeopleandadultsthroughasimulationplay.

Outcomesandgoals

The purpose of the "lessons" is to promote among the younger generations theresponsible use of the money in terms of sustainability, increasing knowledge andawarenessabouttheproductsandbasicbankingservices.The courses are lectures made by managers of the UniCredit Bank , on a free andvoluntary base, that manage banking and financial education initiatives in thecommunities in which they operate, by teachers of the schools involved that have anactiveroleintheinitiativeandbyexpertsfromconsumerassociations.Duringthemeetingsaregivenachancetoyoungpeopletoacquirethebasicknowledgeofbankingand finance thatwouldenable themtounderstandandconsciouslyuse theinstruments and the financial services in the field of credit, investment, savings andpaymentservicesandrecognizinganypotentialrisks.BeforeandattheendofthecourseofthebankingandfinancialeducationitwillbegivetotheclassroomamonitoringquestionnaireaimedatdetectingtheUniCreditfinancialliteracyindex(whichmeasurestheeffectivenessoftheeducationalinitiativeintermsofincreasedknowledgeoflearnersfirstandafterthedeliveryofthefinancialeducation).Due an intensive contact with schools, organization of the training sessions andmanagement of school visits allowed the dissemination of information on the wholeItalianterritory.

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3.2 Financial education for the social inclusion: the Ethical Banks.

In Italy, another important issue was the use of the financial education in order to foster the financial

inclusionoftheyoungpeopleaswellaspoorpeopleandotherdisadvantagesgroups(i.e.atypicalworkers,

thetertiaryandnonprofitsectors,low-incomefamilies,micro-enterprisesoperatinginpoorerareasofthe

countryandimmigrants).Ofcourse,itisknownthattheconceptofthefinancialinclusionenters,fully,

intoawider conceptofsocial inclusion. In fact, themainobjective is to facilitate the integrationor

reintegrationofoutcastpersons.

Financial inclusion is the setofmeasures topromote the improvingand the full financial integrationof

people excluded from the financial sector because they are in a situation of economic and social

difficulties. Acting on the marginality and supporting the integration, it is possible to satisfy those

requirementsthatallowapersontoaccedetothefinancialsystem.

Theappropriateaccesstofinancialservices,isessentialformanyaspectsofeconomicandsociallife(i.e.for

consumption, saving, economicdevelopment, etc.). In fact,well-functioning financial systemsareuseful

foravitalpurpose,offeringsaving,credit,payment,andriskmanagementproductstopeoplewithawide

rangeofneeds.Inclusivefinancialsystems-allowingabroadaccesstofinancialservices-areparticularly

reliableonthebenefitofpoorpeopleandofotherdisadvantagedgroups.Withoutanyinclusivefinancial

systems,thereareproblemsforpoorpeopleandSmallandMediumEnterprises(SMEs).Poorpeoplemust

relyontheirownlimitedsavingstoinvestintheireducationortobecomeentrepreneurs;SMEsmustrely

ontheir limitedearningstopursuepromisinggrowthopportunities.This,cancontribute forapersistent

incomeinequalityandforaslowereconomicgrowth.

Indeed,financialinclusioncanbringverysignificantbenefits.Itissuchastimulustothepovertyandtothe

inequality reduction, to encourage the social and economic growth of the less well-off. Particularly,

financialinclusioncontributesforthepovertyreductionfortwomainreasons:

− theavailabilityofappropriateandpromisingfinancialserviceshasadirectpositive impactonthe

welfareofthepoor;

− the improvingofthefinancialsystemfunctioningstimulatestheeconomicgrowthand, indirectly,

reducesthelevelsofpovertyandinequality.

Inaddition, financial inclusionprovidesacontribution to stabilityand restoresconfidence in thebanking

andfinancialsystemsdamagedbytheglobalcrisis.

Anactiveroleisplayedbypoliticalauthorities,actorsofthefinancialsystem,non-profitorganizationsand

microfinance institutions. Political authorities play a significant role in the promotionof interventions to

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promote appropriate social conditions for financial inclusion, as: the support of the innovation and

competitioninthefinancialservicesmarket;thedevelopmentofadequateinfrastructures;theguarantee

of an adequate protection for the users; the support of financial education initiatives. Actors of the

financial systemplay an active role in theprogramsof financial inclusion,which represent an important

sign of awareness of the banking world towards social problems and ethical values. They distinguish

themselvesin:

→ traditionallenders,whoseactivityisdevoted,onlyinpart,toethicalfinance;

→ credit institutions,whoseactivity isdevoted,completely, toethical finance(suchasdevelopment

banksandethicalbanks).

Inthisframework,theroleofBancaPopolareEticainItalyistoworkforthecommongoodandensurethe

righttoreceivecreditthroughabankactivityconsistinginraisingfundsandreallocatingthemintheform

of credits for cultural, social and environmental projects. Through their activity, ethical banks promote

socialinclusion,sustainabledevelopment,developmentofsocialeconomyandsocialentrepreneurship.

Ethical banks also have a role to raise public awareness on the role of money and the failure of the

economybasedonshort-termandprofitastheonlyobjective.

Thepurposeofanethicalbank’screditactivity is tohaveat thesametimeapositive impactatasocial,

environmental and economical level. For this reason an ethical bank addresses its collection/saving of

moneytosocioeconomicactivitiesaimedatsocial,environmentalandculturalprofit.

This objective is achieved through the support – in particular through not-for profit organizations – to

activities for human, social and economical promotion, also dedicated to the weaker sections of the

populationandtothemostdeprivedareas,favoringsocialintegrationandemployment.

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Nameofproject

“SCUOLAPOPOLAREDIECONOMIA”“PopularSchoolofEconomics”

Organisationandtypeoforganisation(egpublic/private)

BANCAPOPOLAREETICA

ItalianEtichsBank(privateorganisation)

Whereitislocated

Milanoandhinterland,Genova,Firenze,Arezzo,LaSpezia

Aimsandobjectives

TheprojectaimstoraiseawarenessabouttheimportanceofFinancialEducationandalsotofosteractivitiesforhuman,socialandeconomicalpromotion,alsodedicatedtotheweakersectionsof thepopulationandtothemostdeprivedareas, favoringsocial integrationandemployment.ThemainorganizationalchallengesBancaPopolareEticaisfacingare:

− toactuallyimplementethicalpractices,notjusttotalkaboutethics;− tobecompetitiveinanon-ethicalglobalarena;− to meet the expectations of shareholders and clients by actively supporting

nonprofitprojectswithhighsocialvalue;− topromotesocialchange;− toeducatepeopletoamoreresponsibleuseofmoney;− tofindinnovativeandrewardingwaystoinvestpeoples'savingsthatarebeneficial

totheirregion;− todefineguidelinesandoperationaltoolstoassessthesocialvalueofinvestments;− tocreatecooperationamongshareholders,managersandemployees.

Lengthofprogramme

Fourmeetingsoffourhours(about20people)

Howitisfunded ByBancaPopolareEtica

Thetypeofyoungpeopletheprogramisaimedatandhowmany?

− Low-incomepeople− Unemployedandlong-termunemployedover45− Universitystudents− Retiredpeople− Prisoners− Childrens(9-14age)

Typeofteachingandlearningapproachesused

Financialeducationlaboratoriesthatinclude4meetingswithabout20people:1. keptaccountsandfamilybudget,asyoureadafinancialstatement,2. abudgetscheme:abooklettowritedowntheaccountingincomeandfixedcosts,

andextravariablesandhowmakeamonthlyandyearlybudget3. relationswithbanks,mortgages,loansandcreditcards4. lastmeeting:preparationofabusinessplantostartasmallbusiness

Forthechildren it is foreseenaMoneyShow toexplaintothechildrenthe importanceofmanagingthemoneywisely.ForthestudentsitisforeseenasimulationgameandabusinessgameIntheprojectfoundedbyBancaEticaisforeseenalsothepromotionofthetheSettimanadell’Investimento Sostenibile e Responsabile (sustainable responsible investment week),organisedbytheSustainableFinanceForum.Theweekoffersapackedscheduleofeventsacross Italy examining the relationship between finance and sustainability with aperformance of the Pop Economix Live Show www.popeconomix.org a mixture ofjournalism and theatre, a show that looks at the financial crisis and someways tomakefinance more transparent and aware of its economic, social and environmentalconsequences.

Outcomesandgoals

Pop economix brought the live show in more than 150 Italian cities, involving about 40thousand spectators. Theaters, schools, union offices, festivals: each place is good to talkaboutagoodeconomy,butalsotodevelopthinking.

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Nameofproject

“ECONOMIASCUOLA”byPattiChiariConsortium

Organisationandtypeoforganisation(egpublic/private)

PattiChiariConsortiumanindependentbodywithlegalpersonalitycreatedbyaconsortiumofItalianbankswiththeactiveparticipationofitspartnerEconomiascuola.

Whereitislocated

Italy–allRegionsAs far as possible, financial education actions reflect the characteristics of the region inwhich they are to be implemented. In the Calabria region, for example, the aim is toincreaseawarenessoftheimportanceofthelegaleconomy,withaviewtoeliminatingtheinformaleconomy.

Aimsandobjectives PROGRAMMEOBJECTIVES:To help consumers of financial products to make informed financial decisions. Includesmultiple financial education programmes, particularly for students, with a view to theirbecomingfinanciallyresponsibleandeducatedadults.Keytothesuccessoftheprogrammesimplementedaretheirwidegeographicalcoverage,the many actors taking part, ease of implementation and standardisation, which makesthemeasytoreproduce.Legislation on financial education is the responsibility of the Senate and actions areimplementedbytheMinistryforEducationincooperationwithnumerousinstitutionssuchas commercial banks (Banca Popolare Etica , UBI, BancaMarche,Unicredit Banca, etc.),educational institutions (SacroCuoreCatholicUniversity and local educationauthorities),various consumer associations (ANCI, Adiconsum, ADOC, Altroconsumo, Casa delconsumatore),andothers.

Lengthofprogramme

5years

Howitisfunded PattiChiariConsortiumiscomposedfrom58privatebanksofItalywww.pattichiari.it

Thetypeofyoungpeopletheprogrammeisaimedatandhowmany?

-Adults(i.e.youngcouples,householdsandtheelderly)-Pupils(9and10yearsold)-Studentsandyoungpeople(+12to18age)RESULTSACHIEVED:Programmes in schools for2010/2011wereaccessedby27425pupils from405schools,althoughoverthelast5yearstheprogrammehasreached261000pupils,fromallregionsofItaly.InadditiontotheconcreteactionspromotedbyPattichiari,theBankofItalycarriesout surveys of households every two years in order to ascertain levels of financialeducation.

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Typeofteachingandlearningapproachesused

→ Programmesforadults: Incooperationwithconsumerassociations,programmeshave been carried out in fifty citieswith the aimof helping to improvepeople’sunderstanding of financial products and enabling them to take responsible andwell-informeddecisions.http://www.pattichiari.it/home/pattichiari-e-gli-impegni/educazione-finanziaria

→ A website has been created www.economiascuola.it, aimed at the educationalcommunity and the general public. The objective is not just to train, but also toprovidetheopportunitytodownloadmaterialsforworkingdirectlywiththetargetgroups,andtocreateaCommunityAreaforexchangingexperiences.

→ “L’impronta economica plus” (“Economic fingerprint plus”): This programme foradultsisbasedonmultimediaapplicationsprovidinguserswithinformationonthemanagementofeconomicresources.Itisaimedatyoungcouples,householdsandthe elderly. It seeks to familiarise people with the use of budgets, responsiblespending,preventingover-indebtednessandavoidingtheexcessive interestratesthatsometimescomeswithithttp://www.economiascuola.it/impronta-economica-plus.

→ Programmes for schools: The system used to teach finance to pupils is theTeachingMix,basedona“learnbydoing”method,whichenableschildrentolearneven the most abstract and complicated concepts. Lessons are simple andinteractive and experts share with pupils the skills and knowledge they haveacquiredintheirprofessionallives.

→ Our community: This programme deals with finances in everyday situations.Theaim is to put students in direct contactwith their local community bymeans ofinnovative and practical learningmethodswhich teach basic economic dynamicsandresponsiblebehaviour,aswellasthefunctioningofinstitutions.Itisaimedatpupilsof9and10yearsold.

http://www.economiascuola.it/programmi/elementari/imp-ec-kids.→ “L’impronta economica” (“Economic fingerprint”): Educational programme for

youngpeopleaged12and13,and for thoseaged17and18 in their last yearatschool.They are trained in economics and finance, prompting them to examineaspects of finances in their everyday lives. The methodology is based on thesimulationofreal-lifesituations.

http://www.economiascuola.it/programmi/medie/imp-ec-junior.→ Financial education week: Banking professionals give master classes in schools

basedoneconomicrealities,teachingbasicaspectsofmoneymanagement.

→ Multimedia CDs are supplied to pupils free of charge. Teachers are also given aTeachingKidfortrainingpurposes.

Outcomesandgoals

EXAMPLE-SETTINGANDPOSSIBILITYOFTRANSFER:Thisisamodeltofollow,giventhebroadrangeofinitiativesandthebroadsectionofthepopulationitreaches,andbecauseitprovidesanexampleofpublic-privatecooperation.

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3.3 Financial inclusion of migrants in Italy: The Greenback 2.0 Project.

The financial inclusion subject has become part of the international agenda since 2009, when the G20

countriesinPittsburghmadeaformalcommitment:“Wecommittoimprovingaccesstofinancialservices

for the poor.We have agreed to support the safe and sound spread of newmodes of financial service

delivery capable of reaching the poor and, building on the example of microfinance, will scale up the

successfulmodelsofsmallandmedium-sizedenterprise(SME)financing”,fixingtheguidelinesfortheG20

FINANCIALINCLUSIONACTIONPLAN,whichhasledtothedevelopmentofthe“PrinciplesforInnovative

Financial Inclusion”, adopted during the Toronto summit in June 2010, and to the start of theGlobal

PartnershipforFinancialInclusion(GPFI),withtheintentofleadingtotheimplementationoftheagenda

forfinancialinclusion,concretelyenforcingtheprinciples.

TheEuropeanUnionhasalsostartedtotakethefirststepsintermsoffinancialinclusionthroughastudy

onretailpaymentservices,whichhasprovidedadetailedoutlookofthephenomenonandthepublication

ofaseriesofrecommendationsonaccesstoabasicpaymentaccount3,whichhas ledtothe issuingofa

specificDirective“Onthecomparabilityoffeesrelatedtopaymentaccounts,paymentaccountsswitching

and access to payment accounts with basic features”, approved by the Parliament on the 15th of April

20144. The Directive introduces a series of rules aimed at ensuring adequate transparency and

comparabilityofthecostsrelatedtopaymentservices,ensuringfullconsumers’mobilitybetweenpayment

service (and current account) providers within the Union and establishing the right to a basic payment

account for all European citizens irrespective of residency in the country of application and economic

financialsituation.

Financialinclusionrepresentsanincreasinglynecessarycomponentsothattheindividualcanactandbe

an active subjectwithin the economic systemand, consequently, the corresponding social one. In the

past decades, in western economies, access to basic financial services has gradually turned into the

precondition to participate to the economic and social life of a modern society, so much so that it is

possibletotalkabout“economiccitizenship”:fromcurrentexpenses,toaccesstogoodsandservicesand,

inmorethanafewcases,evensocialwelfaretools(socialcard,publicbenefitstosupportunemployment)

and job market. Recalling social exclusion (Barry 1998, Ebersold, 1998) as to the collection of complex

processes depriving certain people of access to a predominant life style, it is possible to define three

dimensionsforsocialexclusion:

→ Economicdimension,asparticipationtotheproductionandconsumptionprocess

→ Politicaldimensionconcerningthelevelofpoliticalparticipation

→ Social/relationaldimensionconcerningtherelationshipsandsocialnetworkssphere.

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Therefore,financialexclusionhastotakeintoconsiderationitslinktosocialexclusionandnamelywith

the individual’s capacity to actively participate in the economic life of the country of residency

(productionandconsumption).Inordertofullyunderstandthelinkbetweenfinancialinclusionandsocial

andeconomicinclusion,itisopportunetorefertoadefinition:financialinclusionistheentiretyofactivities

developedtofosterefficientaccessandusageoffinancialservicesbysubjectsandorganizationsnotentirely

includedintheordinaryfinancialsystem.Suchservicesincludefinancialcreditservices,savings,insurance,

payment, funds transfer and remittances, programs for financial education and branch reception, along

withsmallbusinessesstart-up(www.migrantiefinanza.it).

Suchdefinition– adoptedby theNationalObservatory for the financial inclusionofmigrants in Italy –

allows,firstofall,toconsiderfinancialinclusionastheentiretyofactivitiesaimedatsupportingindividuals

notonlytoaccess,butalsotouse,productsandservicesthatareavailableonthemarket,appropriateto

theirneedsandthatenablethemtoleadanormalsociallifeinthesocietyinwhichtheybelong7(efficient

use).Finally,ifweacceptthemeaningoffinancialexclusionastheprocesswherebyanindividualaccesses

or uses financial products and services in order tomakeefficient and informed choices, it appears clear

there isa linkwithfinancialeducation,meantasacquisitionofknowledge,ofawarenessandofabilityto

manage resources and use financial products. Education is, therefore, an essential component of the

process for financial inclusion, preventing and removing some of the causes fostering the exclusion

phenomenon.Technologicalprogress,financialinnovationandmarketdevelopmentitself(andthederiving

deregulation)haveallrenderedthefinancialchoicesindividualshavetofacemorecomplexandnumerous.

Moregenerally,theevolutionanddevelopmentoffinancialmarketsdoesnotseemtogohandinhandwith

the proportional growth of citizens’ knowledge. The recent financial crisis has further strengthened this

conviction.

Theprocessforfinancial inclusionisthereforeacomplexandmultidimensionalphenomenon,involving

theeconomicandregulatorysphere,marketaccessandfunctionality,theculturalandreligioussphere,

transparencyandconsumerprotection,educationandpublicpolicies.Forthesereasonsandfortherole

financial inclusion is assuming in the process for the individual’s integration in the economic and social

fabricofacountry,wedeemitshouldbeconsideredwithinintegrationpolicies.

The migrant, from a socio-economic point of view, appears as a subject characterized by greater

vulnerability.Deprivedofcreditandfinancialhistory,offinancialcapitalfromwhichtodraw,withagreater

levelofinsecuritywithregardstowork,housingandcompetenciesacknowledgmentandvalorizationand

taking into account language and cultural difficulties linked to the condition ofmigrant,he ismore and

moreexposedtoriskofsocialexclusion.

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Accesstofinancialservicesandproductsrepresentsanessentialresourceintheintegrationprocessand

its exclusion entailsmuch higher social costs for themigrant compared to the local citizen. It reduces

vulnerability, bothwith respect to saving capacity and less resorting to informal channels and alsowith

respect to capability to face emergency situations. The availability of asset-building tools aimed at

accumulating and protecting savings appears to be indispensable to increase the possibility to fit in the

social (human resources valorization, investments ineducationandprofessional training) andproductive

(work, business start-up, investment possibility) fabric. Last, but not least, financial inclusion is an

important tool for jobmobilitywithin Europe. There is, finally, an additional aspect specific tomigrants

financial inclusion, represented by the remittances phenomenon. The financial system’s capability to

intercept and contribute to channeling and, moreover, to valorizing these flows (in terms of leverage,

productiveinvestmentsandsoon)becomes,therefore,essentialandindispensable.

Historically, in Italy, the first financial inclusion factor for the residentmigrant has been connected to

work: the current account has represented a necessary condition to access the jobmarket. In time, the

financial systemhas gradually equipped itself for the new challenge and opportunity represented by an

absolutelynewclienteletarget;frombeingaspectatorofthebancarizationprocesswhichwasinvolvingit,

ithasbecomeaplayer.Throughouttheyears“migrantbanking”and“welcomebanking” initiativeshave

multiplied.Awholeproductivesector,theMoneyTransferOperators,linkedtothetransferofremittances

towardcountriesoforigin,hasdevelopedatafastpace,becomingasignificantsector.

Theeconomic-financial inclusionprocesshas,however,shownthroughouttheyears,acomplexityandan

evolution requiringacapacity for innovationandadaptationwithina systemapproach,able to integrate

operators’ strategieswith appropriate regulatory andpolicy tools. An initial bancarization is followedby

awareness of a clientelewhich presents strong elements of heterogeneity, linkedmainly to the level of

integration process advancementwithin our country, showing new needs and requiring, therefore, new

financial tools; it is the case, for example, of the immigrant entrepreneur that still has a frail financial

profile,but importantand lively inaproductivecontestsuchas the Italianone.Theactualchallengethe

Italian institutionsaretomeetrepresentsastep forwardcomparedtothegeneralbasicbancarizationof

immigrants,which remains,however,acurrentobjective renewedwithnewarrivals,and requiringmore

evolvedandcomplextools,evenofsupportandanalysis.Theavailabilityofdataandcomparativestudies,

able to dynamically show current trends, the international contest and other countries’ experience,

appropriate tools for information and for the formation of financial inclusion-oriented culture, are all

ingredients that can contribute to the progress and strengthening of the financial inclusion process,

thereforeimmigrants’integration,ontrackforatransparent,competitiveandsociallyresponsiblemarket.

Intheselastthreeyearsofactivity,theNationalObservatoryforFinancial Inclusionofmigrants inItaly,

uniqueexperienceinEurope,hascarriedoutacomplexsystemofactivitiesstartingfromanincreasingly

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deeper knowledge of the phenomenon, through a wide and articulated, besides being highly

representative,wealthofdataandinformation.Therearefourareasofprincipleactivities,forwhichthe

resultshavebeensummarizedanddivulgedthroughpubliceventsandAnnualReports:

→ Developinganalysistoimproveknowledgeofthephenomenonofmigrants’financialinclusion;

→ Identify,alsofromaEuropeanpointofview,goodpracticesintermsoffinancialinclusioninorder

to activate innovative processes for the replication and capitalization of gained knowledge

(www.buonepratichedinclusione.it);

→ Defining tools, opportunities and occasions for information and training aimed at the main

stakeholdersinvolvedintheprocessforthefinancialinclusionofmigrants;

→ Createandmanageasteadyinteractiontableamongoperatorsandpolicymakers.

In this framework, it is necessary tomention the Greenback 2.0 Project - Remittance Champion Cities

launchedinTurin(Italy)in2013bytheWorldBankinpartnershipwiththeTurinCityGovernmentinorder

to implement initiatives aiming at increasing transparency andefficiency in themarket for remittance

service.Withover$400billionofficially recorded flows todevelopingcountries remittancesareacritical

sourceofnationalandfamilies’income.

However, high transaction costs and other inefficiencies in the process often adversely impact migrant

workersandtheirfamilies.Someofthekeychallengesineffectiveremittanceservicesareusers’accessto

informationandhealthycompetitionamongstremittanceprovidersatthesendingaswellasthereceiving

end. The G8 and G20 have therefore set among their objectives the reduction of the average cost of

remittances by 5 percentage points in 5 years (5x5 objective). Achieving the objective would save $16

million per year: these funds would simply remain to migrants and their families and could contribute

significantly to improving the living conditionsof themigrants themselvesaswell as reducingpoverty in

theircountriesoforigin.

TheGreenback2.0Projectaimsatincreasingefficiencyinthemarketforremittancesthroughaninnovative

approach: promote change inspired by the real needs of the ultimate beneficiaries of international

moneytransfers:themigrantsandtheirfamiliesathome.

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Nameofproject

Greenback2.0Project-RemittanceChampionCitieswww.mandasoldiacasa.it

Organisationandtypeoforganisation(egpublic/private)

WorldBankinpartnershipwiththeTurinCityGovernment(PublicAuthority)andCespi

Whereitislocated

Turin(Italy)

Aimsandobjectives Greenback 2.0 is a Pilot Project that aims at increasing efficiency in the market forremittancesthroughaninnovativeapproach:promotechangeinspiredbytherealneedsof the ultimate beneficiaries of international money transfers: the migrants and theirfamiliesathome.InProjectGreenback2.0,RemittanceChampionCitiesareselected.TheWorldBankworktoimplementinitiativesaimingatincreasingtransparencyandefficiencyinthemarketforremittance services. The focus is on migrants and their needs. Cooperation betweenmigrants,remittanceserviceproviders,andpublicauthoritiesiskeyfortheachievementoftheProject’sobjectives.

Lengthofprogramme 2years

Howitisfunded BytheWorldBankandTurinCityGovernment

Thetypeofyoungpeopletheprogrammeisaimedatandhowmany?

Ithasbeenworkingonasurveyamongremittancesenders,andithasbeenmappingandmonitoringtheservicesthatareavailabletothemwhentheyseektosendmoneyhome.ThesurveyfocusedonRomanians,MoroccansandPeruvians–themostnumerousimmigrantgroupsinTurin,whotogetheraccountformorethan60percentofthecity'simmigrantpopulation.

Thethreecommunitiesofmigrants

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Typeofteachingandlearningapproachesused

− PreliminarySurveywithhandingoutofquestionnaires− Lectures− Financialeducationlaboratories− Awarenesscampaign− Theproductionofahandbookonfinancialliteracyforremittances:afinancial

literacytoolstoempowermigrantsandtheirfamilies(“transnationalfamilies”)andstrengthentheirfinancialmanagement.

Inorderto:→ Implementingbestpracticesanddedicatedservicesbymarketoperators→ Promotingtransparencyamongthemigrants

Learningmethod

− Cooperativelearning− Simulationofreal-lifesituations

Outcomesandgoals

Fromtheresultsofthepreliminarysurvey,itispossibletonotethatabout80percentofrespondentshaveat leastonebankaccount.Ontheotherhand, less than6percentofthemsendmoneytotheirhomecountriesfromtheirbankaccounts,and83percentofrespondentsuseamoneytransferoperator(MTO)astheirpreferredprovider.Itseemsthatthereisanopenchannelthatisnotbeingusedtoitsfullpotential,thusreducingthelevelofcompetitioninthemarketplace.AnotherimportantaimoftheGreenback2.0ProjectistotestandproveatalocalleveltheefficiencyofthebestpracticespromotedbytheWorldBankfortheachievementofthe 5x5 objectivewhich aims for the reduction of the average total cost of remittancepricesto5percent,wouldalreadyhavebeenachievediftheperceptionofrespondentstothepreliminarysurveyinTurinwereaccurateThe perceived average cost per transaction, expressed as a percentage of the amountsent, isaround3percent.Unfortunately,theirperceptiondoesnotreflecttherealcost:The World Bank Remittance Prices Worldwide database estimates that it is over 7percent.Themajorityofrespondentsareapparentlynotfullyawareofalltheelementsofthecostof sending remittances: They generally believe that theonly cost is representedby thefee. Only 36 percent of respondents are aware that the total cost includes othercomponents.Remarkably,thepercentagedropstozerowhenmoneyissentthroughabank.Thisfactconfirms that transparency of pricing is an issue of serious concern for remittanceservices.Turin is the first Remittance Champion City. The Remittance Champion Cities will belaboratories where to show how the issues related to remittance transactions can beaddressed,andtodemonstratehowremittancescanbeleveragedtoincreasefinancialinclusionandpromotedevelopment.

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4. Recommendations for Policy and practice

4.1 Implications and future recommendations

Achieving significant financial inclusion successes requires partnership and participation among

governmentagencies,theprivatesector,andcivilsocietysinceallhaveessentialanduniquerolestoplay.

Central banks are well positioned to take a leadership and coordination role to help maximize efforts,

overcome barriers, and steer activities towards shared goals. Private and other stakeholders have an

importantroletoplayinfinancialeducation,andtheirinvolvementinthedevelopmentandespeciallythe

implementationphase is considered inmostexistingnational strategies. Theprivate sector inparticular

often contributes to specific aspects of the strategy, either by providing in-kind resources and advice or

dedicatedfinancialsupport,orbybecominganimplementingpartner.

TheanalysisconductedbytheOECD/INFEidentifiedfivemodalitiesofinvolvementoftheprivatesectorin

the activities carried out by public authorities in financial education, notably in the context of national

strategies.Theseare:

→ Mandatoryprovisionof financialeducation: theprivate sector,e.g.private financial institutions,

mustspendadefinedamountofresourcesonfinancialeducationprogrammesfortheirclientsor

thecommunity.

→ Leviesonthefinancialindustry:statutoryleviesonthefinancialservicessectorcanbeappliedby

thenationalregulatororsupervisoryauthority.

→ Certification and accreditation systems: a public authority can give quality marks or formally

accreditanot-publicinstitutionforitsfinancialeducationactivities.

→ Collaboration in the development and implementation of financial education policies and

programmes: stakeholders from the private sector are involved directly in the design and

implementationofthenationalstrategyframeworkorofspecificprogrammes.

→ Voluntaryprivate-sectorsupport:industryassociations,specificfinancialinstitutionsorresourceful

NGOscandecidetosponsorthenationalstrategyorspecificprojects.

Alongside these co-ordinated initiatives, the private and the not-for-profit sectors also often implement

financialeducation initiatives followingnon-co-ordinatedapproaches. Inamajorityofcountries, financial

institutions and the private sector still develop their own financial education activities with little co-

ordinationwiththenationalframework.

The involvement of the private sector in the provision of financial education can give rise to possible

conflictsofinterestwiththeircommercialactivities.Countrieshavestartedaddressingtheseissuesthrough

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variousmeans.Somecountrieshaveinvitedallprivate-sectorinstitutionstocreateanassociationofpublic

interestinchargeofimplementingthestrategyundertheaegisofapubliccoordinatingcommittee.Others

havedevelopedstrategicpartnershipswithprivate-sectorassociations(bankingindustry/insurance/capital

marketsassociation)inordertodilutetheinterestsofeachindividualfinancialinstitution.Afewcountries

havealsodevelopedcodesofconductontheinvolvementoftheprivatesectorinfinancialeducation(for

example,SouthAfricadevelopedCharterImplementationGuidelinesfortheactivitiesthatthemandatory

financialeducationactivitiesconductedbythefinancialsector).

Financialeducation ismore than justeducation for thesakeof it: it isalsoaboutempoweringpeople,

addressingsocialexclusionandpromotingresponsibleconsumption.

Lookingtothefuture,thereisabroadconsensusamongbodiesandinstitutionsontheimportanceofthe

financial education at national level and all together should to provide sufficient resources in order to

promotethefollowinginitiatives:

Implementcommonmethodologytoassesspeople’sleveloffinancialliteracyandinclusion.

✦ Ensure there ismore financial education on the curriculum in schools. Implement international

methodologytoassesstheefficiencyandeffectivenessofschemesinschools.

✦ Drawupnationalstrategiesonfinancialeducation,withappropriateprocessesformonitoringand

impactassessment.

✦ Strengthen financial inclusionstrategies.Stepupefforts to targetspecificgroups (youngpeople,

women,immigrants,andpeopleonlowincomes).

✦ Protectconsumerrightsonfinancialproducts.

✦ SetupasystematEUleveltoensurethebestinitiativesonfinancialeducationandbestpractice

aregivenpublicrecognition.

✦ StrengthencooperationbetweentheEuropeanCommission,theOECDandnationalgovernments

to exploit potential synergies and avoid duplication of work and organize regular inter-

governmental meetings on financial education schemes in progress and include these

considerations inthenationalpoliticalagenda(thesemeetingsshouldnotonly involvedescribing

theactionswhicharebeingcarriedoutbutalsoassessingtheirimpact).

✦ OrganiseaEuropeandayforfinancialeducation, forexample,endorsedbytheEUpresidencyat

the time, and promote an annual conference on financial education, with the involvement of

recognisedexperts.

Lastly,itisveryimportanttounderlinethattheneedsoffinancial-productusersmustbeapriorityissueat

high-level international as suggested during the G20 summit held in June 2012 tied in with these

recommendations, endorsing the full implementation of measures to promote financial inclusion and

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financialeducation through theuseof innovativeapproachesandmodelsofferingpractical tools for this

purpose,suchasexchangeofbestpractices.

Morespecifically,theG20insistedthatwomenandyoungpeoplewhoareatriskofsocialexclusionmust

have the option of using financial services and financial education, identifying the barriers they face in

gainingaccesstovaluable,affordable,secureandcomprehensivefinancialservices.

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