INDIA-OECD-WORLD BANK REGIONAL CONFERENCE ON FINANCIAL EDUCATION

Registration of Participants

Welcome Address by Dr. K.C. Chakrabarty, Deputy Governor, RBI

Opening Remarks by Ambassador Richard Boucher, OECD Deputy Secretary-General

Opening Remarks by Mr. Onno Ruhl, India Country Director, World Bank

Keynote Address by Dr. D. Subbarao, Governor, Reserve Bank of India

Vote of Thanks by Mr. G. Gopalakrishna, Executive Director, Reserve Bank of India

Group Photo and Coffee Break

Developing National Strategies for Financial Education:
OECD/INFE Principles and practical examples from Asia and the Pacific

Speakers

Moderator: Dr. K.C. Chakrabarty, Deputy Governor, RBI Vice-Chair of the International Network on Financial Education

OECD/INFE High-level Principles on National Strategies for Financial Education

• Ms. Flore-Anne Messy, OECD

Practical examples from the Region and further afield:

• Shri G. P. Garg, Officer on Special Duty/Registrar, National Institute of Securities Markets
• Mr. Pungky Purnomo Wibowo, Bank Indonesia (tbc)
• Ms.Ryoko Okazaki, Central Bank of Japan
• Ms. Helena Kolmanova, Czech National Bank

Issues

National Strategies for Financial Education and Inclusion are increasingly being introduced globally to provide a cohesive framework and to guide the organisation and coordination of activities within countries. The OECD and the International Network for Financial Education (INFE) has undertaken a review of the process and elements of these strategies and from this developed a set of High-level Principles on National Strategies for Financial Education that were endorsed by G20 leaders in 2012. Case studies on the development and implementation of national strategies from several countries in the region will provide examples that illustrate the development process and content of a national strategy.

Lunch hosted by Dr. Urjit R Patel, Deputy Governor, RBI

1.  Developing Surveys to Measure Financial Literacy and Capability

Speakers

Moderator: Dr. Urjit R Patel, Deputy Governor, RBI

Comparative Overview of Financial Capability Instruments

• Ms Valeria Perotti, World Bank

Measuring Financial Capability in Low and Middle Income Settings

• Ms. Elaine Kempson and  Ms. Kinnon Scott, World Bank

International Comparative Measure of Financial Literacy and evidence from the OECD/INFE measurement pilot

• Ms. Adele Atkinson, Policy Analyst, OECD

The Findex Survey of Financial Inclusion

• Mr. Douglas Randall, World Bank

2.  Financial Literacy and Financial Inclusion: findings and experiences from Asia and Pacific

Speakers

Moderator: Ms. Flore-Anne Messy, OECD

Practical examples using the OECD and WB tools

• Ms. Ryoko Okazaki, Director, Head of Promotion of Financial Education Group, Central Bank of Japan
• Ms. Rufina Peter, Institute of National Affairs,  Papua New Guinea,  Ms. Wei Zhang, World Bank
• Ms. Temitayo Adebiyi, Principal Statistical Officer, National Statistics Office, Nigeria

Issues

Measuring levels of financial knowledge and skills is an essential diagnostic input to the development of National Strategies, monitoring progress towards identified goals and evaluating the impact of programs on a national level. There are a wide range of instruments and approaches that have been developed to undertake the measurement of knowledge, behaviour, attitudes and participation in financial services and markets.  Two of these instruments have been developed through funding by the Russia Trust Fund and have been implemented in several countries in the region. The afternoon sessions will provide an overview of the range of instruments currently in use and more in-depth presentations on the development, application and results from several surveys that have been used recently in developing and middle income settings. In the second part of the session, country examples of survey development, experience in their use and the results derived from these will be presented.

Reception Dinner hosted by the OECD/WB

Summary of Day 1

Introduction to the Program, Knowledge Products and Website of the Financial Literacy and Education Trust Fund

• Mr. Richard Hinz, Trust Fund Program Manager, World Bank
• Ms. Flore-Anne Messy, Senior Policy Expert, OECD

1.  Principles and Methods for Impact Evaluation

Speakers

Moderator: Mr. Richard Hinz, World Bank
OECD High-level Principles for the evaluation of financial education programmes

• Ms. Adele Atkinson, Policy Analyst, OECD

A Toolkit for Evaluation of Financial Capability Programs in Low and Middle Income Countries

• Ms. Joanne Yoong, Assistant Professor, National University of Singapore

Issues

There is currently limited evidence and little consensus on what types of programs are effective in raising the capacity for and level of financial capability.  Effective impact evaluation is an essential but often overlooked and under resourced aspect in the design and operation of any program. Good evaluation is essential to understanding what types of programs are achieving their intended results, how these results are being achieved  and are what programs are most cost effective.  Financial capability enhancement programs impose their own specific challenges in designing and undertaking credible evaluations.  A major component of the Trust Fund program has been the development of methodological guidance that is tailored to the specific challenges in undertaking impact evaluation of these programs. 

Coffee Break

2.  Youth: Developing Financial Skills  and Competencies

Speakers

Moderator: Dr. C. S. Mohapatra, Adviser, Financial Stability and Development Council, Ministy of Finance

OECD/INFE Guidelines on Financial Education in Schools and PISA Financial Literacy

•  Ms. Flore-Anne Messy, Senior Policy Expert, OECD

Financial education in schools, innovative tools, examples and evaluation findings

• Ms. Amara Sriphayak, Deputy Governor, Bank of Thailand
• Ms. Silvia Morais, Brazilian Association on Financial Education (ABEF), Ms. Luciana de Souza Leao, Consultant, World Bank
• Ms.Winnie Siew Ngoh Lim, Monetory Authority of Singapore (tbc)
• Issues
• The introduction of financial education in schools is one of the most efficient and fair ways to reach a whole generation on a broad scale and a unique means to inculcate and nurture a sound financial culture. Young people are also potential good disseminators of new habits in the rest of the population.  The Trust Fund has allowed developing globally acknowledged guidelines and guidance to effectively introduce financial education in schools as well as identifying best (innovative) tools to engage young people and improve their financial competency.

Lunch to be hosted by Mr. Prashant Saran, Whole Time Member, Securities and Exchange Board of India(SEBI)

3.  Women: Empowerment through Financial Education

Speakers

Moderator: Mr. Prashant Saran, Whole Time Member, SEBI, (leader of the OECD/INFE subgroup on Empowering Women through Financial Education and Awareness)

• Ms. Chiara Monticone, Consultant, Financial Education, OECD
• Ms. Sushma Kapoor, United Nations Entity for Gender Equality and the Empowerment of Women, South Asia, UNWOMEN
• Gender-Responsive Economic Actions for the Transformation of Women (GREAT Women), Commission on Women, Philippines (tbd)

Issues

Surveys around the world show that women/girls are in most cases less knowledgeable and confident on money and financial matters. What’s more if they are often good at day to day budget management, they have difficulty planning for the long term and choosing appropriate and formal financial products. Within an overall context supporting gender equity, financial education adapted to women’s needs and preference can contribute to their empowerment and help them take sound decisions for their future financial wellbeing as well as participate more actively in economic and financial activities. The Russian Trust Fund has allowed through a dedicated OECD/INFE subgroup to explore this issue from an evidence, research, policy and practical point of views. The session will permit to discuss the main findings of the OECD/INFE subgroup and discuss preliminary policy guidance on how best to empower women and girls through financial awareness and education. The discussion will be further illustrated by practical and evaluated examples in Asia.

Coffee Break

4.  Innovative Methods for Financial Capability Enhancement:
Case studies and impact evaluation

Speakers

Moderator: Mr. Pungky Purnomo Wibowo, Deputy Director of Financial System Stability Group, Bank Indonesia
Doorstep Banking and Financial Education in India

• Mr. Leopold Sarr, World Bank  with FINO and EKO staff (TBD)

Comic Books and Classroom Financial Education in Kenya

• Prof. Billy Jack, Associate Professor of Economics, Georgetown University

Serial Melodrama to Improve Debt Management in South Africa

• Florentina Mulaj, Social Protection Specialist, World Bank

Lotteries and Savings in Nigeria

• Martin Kanz, Economist, Development Research Group, World Bank

Issues

The Trust Fund has supported research a range of evaluations of new methods and tools to enhance financial awareness and capability. Evidence suggests that innovative methods can bring promising results notably on target audiences that are hard-to-reach due to their low literacy levels or their geographical location.

Closing Remarks by Dr.(Ms) Deepali Pant Joshi, Executive Director, RBI

Reception Dinner hosted by Shri G. Gopalakrishna, Executive Director, RBI at Hotel Taj Palace

Insurance Regulatory and Development Authority(IRDA), Securities and Exchange Board of India(SEBI) and Reserve Bank of India(RBI) - in break out sessions*

IRDA- Financial Literacy and Consumer Education Initiatives in India
SEBI - Financial Education through Resource Persons - A Novel Channel by SEBI
RBI - Doing it Differently

*Participants are encouraged to share their experiences in this session

Lunch to be hosted by IRDA

Fourth OECD/RBI/INFE Asian Roundtable on the Role of Central Banks in Financial Literacy and Inclusion
Chaired by Dr. K. C. Chakrabarty , Deputy Governor, RBI, Vice-Chair of the OECD/INFE
(For Representatives of Central Banks Only.)

Departure for Agra

Late evening - Return from Agra