This document discusses the role of private and non-profit stakeholders in financial education according to OECD/INFE Guidelines. It notes that while private stakeholders can provide expertise, resources, and outreach, their involvement also risks conflicts of interest, short-term initiatives, and leaving some consumers out. The Guidelines provide a framework for their coordinated, monitored participation according to key criteria like objectivity, quality, and evaluation. Private groups' activities should support public strategies, have educational activities separate from commercial ones, and comply with voluntary or mandatory codes of conduct.

1. ROLE OF PRIVATE AND NON-FOR PROFIT
STAKEHOLDERS IN FINANCIAL
EDUCATION
OECD/INFE GUIDELINES
High-level conference on global and European
trends in financial education
22-23 May 2014 - Istanbul, Turkey
Flore-Anne Messy, OECD
Executive Secretary of the
International Network on Financial
Education (INFE)

2. 1
• Importance and challenges of the
involvement of private and non-for-
profit stakeholders in financial
education
2
• The OECD/INFE Guidelines
for private and non-for-profit
stakeholders in financial education
Outline

3. Financial Education :
The role of private and non-for-profit stakeholders
Stages of
the financial
education
strategy
Design of
the
national
strategy
Implemen-
tation
Develop
ment of
tools
Support
Evaluation
and
research
3

4. The challenging nature of financial education
Financial education is a public good.
But investment pays off in the long term
Adequate and sustainable :
based on evidence and evaluated
A long process :
results may be apparent only in the long run
In consumers’ interest (unbiased):
help consumers understand their financial needs and act upon them
Of high quality :
in order to promote behavioral changes
Fair and equitable :
for all and especially vulnerable groups

5. The role(s) of private and non-for-profit stakeholders
in financial education is essential but….
Key benefits
• Expertise on financial
and/or education issues
• Expertise in marketing/
communication
• Reach and proximity to
consumers
• Resources & appetite
Challenges
to be addressed
• Conflicts of interests
• Focus on short-term
initiatives
• Some consumers may
be left out
• Non-coordinated
initiatives
• Evaluation?
5

6. Mapping of
existing
practices and
development
by the INFE in
2013
Approval of
the INFE for
public
consultation in
Oct. 2013
Public
consultation
from Nov.
2013 till
Feb. 2014
Expected
approval at the
INFE rechnical
committee
meeting
on 21 May
Dissemination
and possible
transmission
to G20
3. Addressing these challenges:
OECD/INFE Guidelines for private and non-for-profit
stakeholders in financial education

7. Introduction
I. Scope and definitions
II. Guidelines
A) Framework
B) Key criteria
III. Compliance
The Guidelines : Structure

8. I – Scope and definitions :
A wide range of stakeholders
• Banks and financial institutions
• Microfinance institutions
• Agents and intermediaries
1. For-profit institutions
providing financial services
• Private service providers doing financial
education on behalf of other organisations
• Consultancy firms
2. For-profit institutions delivering
financial education for a business
• Employers, industry at large
• Telecomunication companies- mobile banking
3. Non-financial
for-profit institutions
• Industry association of banks
• Foundations
• Financail ombudsmen
4. Not-for-profit organisations
with a link to the financial sector
but no direct commercial interest
• NGOs, educational centres,
• trade unions; consumer associations
5. Not-for-profit organisations
with an interest in financial
education
8

9. I - Various modalities of involvement of
private and non-for-profit stakeholders :
Integrated coordinated approaches
• Consulted or full
participation
(Australia, Brazil,
the Netherlands)
• Role of industry
associations
The preparation
and development
of the NS
framework
• Responsibility for
implementation
(Brazil)
• Mandatory
provision of
financial education
(Indonesia, South
Africa)
• Public private
partnerships for
dedicated projects
(Malaysia,
Singapore)
Involvement in the
implementation of
the NS framework
• Mandatory
contribution to
financial education
(UK)
• Voluntary
contribution for
projects or the all
NS (New Zealand)
Provision of
financial support
9

10. Association of banks and
others develop their own
financial education
activities with little
relation to the national
framework
Different private entities
(including NGOS)
develop their own
financial education
initiatives globally or
nationally
Active
monitoring and
development of
codes of
conduct is
recommended
I - Various modalities of involvement of
private and non-for-profit stakeholders :
Non-coordinated approaches

11. A) Framework
1) Co-ordination between public, private and non-for-
profit stakeholders
2) Managing potential conflicts of interest
and other shortcomings
1. (financial and in-kind) support for governmental strategies and
initiatives
2. Indirect involvement of financial institutions
(role of industry association)
3. Monitoring through -voluntary or compulsory- codes of
conduct
4. Distinction between commercial and educational activities
• no promotion of products combined with financial education
• conflict of interest are disclosed and managed
• educational resources are distinguished from commercial
material
II – Guidelines

12. B) Key Criteria
Applying to resources and trainers :
1) Objectivity
• Definition : balanced, impartial unbiased and not linked to commercial priorities
• Use of logo limited within national circumstances
• Staff involved in financial education do not carry marketing activities
2) Quality of resources and trainers
1. Tailored to national circumstances
2. Appropriate to the target audience
3. Fair – addressing all segments of the population
4. Accurate, complete, up to date and of high quality
5. Easily accessible
3) Monitoring and evaluation
II – Guidelines

13. • Awards, accreditation, certification, and
licensing systems of programmes and
providers establishing the criteria and
modalities to deliver financial education
• Monitoring and compliance mechanisms to
be developed by public authorities
III – Compliance

14. Thank you
Flore-anne.messy@oecd.org
www.financial-education.org