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A Guide to Economic Citizenship Education Quality Financial, Social and Livelihoods Education for Children and Youth
A Guide to Economic Citizenship Education Quality Financial, Social and Livelihoods Education for Children and Youth
Acknowledgements CYFI would like to thank the numerous organizations that provided input on this document and the CYFI Education Learning Framework for Economic Citizenship Education. Their contributions have helped shape the CYFI Network’s education initiatives.
ACCION Acting for Life Aflatoun Aga Khan Foundation Aiofe Rush Albania Ministry of Education Angela Cara Ashoka’s Youth Venture BAIN Canadian Center for Financial Literacy Canadian Foundation for Economic Education CCF CFED CGAP ChildFund International Children International Day for Change Edify Education International Freedom from Hunger GrassrootSoccer Gloria Almeyda KinderNotHilfe Inter-American Development Bank International Rescue Committee Junior Achievement Jilly Hillier
Making Cents International MasterCard Foundation MEDA MelJol Microfinance Opportunities New America Foundation OECD Operation Hope PAU Education Population Council Personal Finance Education Group Plan International Right to Play Sahil Save the Children Sean Mundy South African Democratic Teacher’s Union Street Kids International Taking IT Global UNCDF UNESCO UNICEF World Economic Forum Entrepreneurship Action Group World Learning World Vision YMCA Youth Business International
An Introduction to Economic Citizenship Education: Quality Financial, Social and Livelihoods Educatiion for Children and Youth– Second Edition Child and Youth Finance International TM 2012 Jeroo Billimoria This work may be reproduced and redistributed, in whole or in part, without alteration and without prior written permission, for non-profit administrative or educational purposes providing all copies contain the following statement: Copyright 2012, Child and Youth Finance International. This work is reproduced and distributed with the permission of Child and Youth Finance International. No other use is permitted without the express prior written permission of Child and Youth Finance International. For permission, contact email@example.com
A Guide to Economic Citizenship Education - Quality Financial, Social and Livelihoods Education for Children and Youth
Core Principles of the Child and Youth Finance Movement The Core Principles of the Child and Youth Finance movement are focused firmly on increasing the financial protection and empowerment of all children and youth across the world. The Movement works to ensure that the human rights, and in particular the economic rights, of children and youth are respected at all times. It builds upon the United Nations Convention on the Rights of the Child and The Universal Declaration of Human Rights. To that end, the Movement encourages the creation of systems in which the interest of children and youth are pushed to the forefront, in which children and youth are recognized as important stakeholders whose financial safety must be secured, and in which their risks of financial exploitation are minimized. Endorsers and contributors to the Child and Youth Finance Movement subscribe to the principles of the Movement as outlined below: 1. All children and youth have basic human rights and economic rights which must be respected by all institutions and individuals. 2. Institutions must conduct their business in such a way as to protect children and youth, safeguard them from all forms of exploitation, particularly financial exploitation, and always promote the best interests of children and youth. 3. All children and youth- regardless of their nationality, ethnicity, religion, environment, ability, gender or economic situation- deserve to have access to safe, appropriate financial services and quality financial, social and livelihoods education designed for their benefit. Institutions and policies must ensure their best effort to ensure all children and youth are included in these efforts. 4. The movement is committed to ensuring that the experience of children and youth in social and financial enterprises remain a positive, safe and ethically responsible way of generating income, developing valuable skills and creating social impact. The Movement aligns its position to that of the UNCRC’s position which states that “no child or youth must be exposed to work that is likely to be hazardous or to interfere with the child’s education, or to be harmful to 1 the child’s health or physical, mental, spiritual, moral or social development.” 5. The Movement will remain open and collaborative to all stakeholders, including children and youth. Contributers within the Movement will engage in experience-sharing and collaboration with other contributors within the Movement to share innovations and strengthen activities and knowledge within the Movement. The Child and Youth Finance Movement is committed to creating policies and conducting activities that are in accordance with these principles and which will respect the human rights and economic rights of children and youth at all times. Guided by these principles, endorsers of the Movement will work jointly to achieve the Movement’s goal of facilitating financial inclusion and Child and Youth Finance Education for 100 million children and youth in 100 countries by 2015.
A Guide to Economic Citizenship Education - Quality Financial, Social and Livelihoods Education for Children and Youth
Executive Summary The Child and Youth Finance Movement is a multi-stakeholder approach to promoting and expanding financial inclusion and education for children and youth around the world. By linking experts and practitioners from diverse sectors and countries, the Movement’s Partners seek to reach 100 million young people in 100 countries by 2015. This Partnership builds on existing innovations and thought leadership to harness the collective organizational and intellectual power of the CYFI Network to reach children and youth around the world. Partners in the CYFI Network promote financial inclusion and holistic education to strengthen the personal capacity of young people, increase the economic performance of their households and improve their position in their communities. CYFI defines Economic Citizenship Education (ECE) as a combination of the three modules of financial, social and livelihoods education. The CYFI Education Learning Framework for ECE is presented in this document. The Child and Youth Finance Theory of Change makes the case for linking ECE with access to appropriate financial services for young people; to become financially capable and empowered economic citizens. Through a global collaborative effort engaging education providers, policy makers and academics, the CYFI Network builds global consensus around an education learning framework that provides the foundation for internationally recognized standards to NGOs and other institutions offering ECE modules. This document introduces the Child and Youth Finance Movement goals and objectives, particularly CYFI Network partners’ activities in advancing financial inclusion and education for young people. The document also presents an argument for integrating financial, social and livelihoods education as a critical link to financial inclusion for children and youth. The Manual presents the CYFI Education Learning Framework and elaborates how the CYFI Network promotes ECE around the world. This document articulates guidelines primarily for NGOs, but also to a lesser extent for individuals, government representatives, financial service providers and other organizations tasked with developing quality Economic Citizenship Educational programs. This Manual is divided into three main sections: 1) The Child and Youth Finance Movement: This section introduces the Child and Youth Finance Movement’s vision and mission and how this mission has translated into actions taken by the CYFI Secretariat and the global CYFI Network. 2) Economic Citizenship Education: This section presents the theoretical foundation for Economic Citizenship Education and reflects on the central themes of human rights, financial inclusion and financial behavior change for children and youth. Within the broader context of the Economic Citizenship Education Learning Framework, this section further links social and livelihoods education with developing financial capability and social responsibility. 3) Expanding the Reach of Economic Citizenship Education Around the World This section defines the role and responsibilities of the CYFI Education Working Group and the design and implementation of the CYFI Curriculum Assessment tool. The section provides guidelines, examples and case studies for institutions wishing to develop or enhance Economic Citizenship Education programs and activities at the global and national levels; including NGOs, education authorities or financial service providers. CYFI invites all institutions to join the CYFI Network and provide input on CYFI Education Working Group activities. It is through collaborative processes and combined efforts that the Movement builds momentum and expands quality financial, social and livelihoods education for children and youth throughout the world.
A Guide to Economic Citizenship Education - Quality Financial, Social and Livelihoods Education for Children and Youth
Important Note Any reference to financial service providers in this document refers only to those abiding by the Child and Youth Finance Movement Core Principles. “Abiding by” means that these institutions, at a minimum, Put children and youth interests first Conduct their business in such a way so as to ensure that children and youth are not exploited, either financially or otherwise Offer products appropriate for and accessible to children and youth Are regulated by national financial supervisors Are backed by a deposit guarantee scheme The adoption of these principles is critical to the work of the Child and Youth Finance Movement. It is for this reason that, in concert with promoting Economic Citizenship Education, CYFI Partners work with financial service providers and financial regulators to encourage the adoption of these principles. 2
Child and Youth Friendly Product Certification recognizes financial service providers who abide by these principles and whose products meet Child and Youth Friendly Product standards. Lists of certified banks will be available on the CYFI Website. Provision of Child and Youth Finance Programming by FSPs CYFI recognizes that children and youth are a particularly vulnerable demographic group whose rights should be consistently protected and upheld. CYFI insists that the provision of education programming by financial service providers be conducted through safe and appropriate channels to lower the risk of possible exploitation and perceived direct marketing:such channels include NGOs, schools and parents.
The Certification Document can be viewed online at http://childfinanceinternational.org/im-ages/Certification_Document.pdf
Contents Chapter 1 Introduction to Child and Youth Finance International 1.1 1.2 1.3 1.4 1.5 1.6 1.7 1.8
About Child and Youth Finance International The Movementâ€™s Roadmap Activities within the Movement Regional Platforms Country Platforms Innovation Education and Inclusion Publications
Chapter 2 Economic Citizenship Education
10 10 11 12 18 20 21 22 22
2.1 The Importance of Financial Education and Financial Capability for Children and Youth 2.2 The Link with Financial Inclusion 2.3 Behavioral Economics and the Psychological Aspect of Financial Education 2.4 The Importance of Complementing Financial Education with Social and Livelihoods Education 2.5 Working Towards a Global Standard for Economic Citizenship Education 2.6 The Three Components of Economic Citizenship Education 2.7 Evolution of the CYFI Educational Learning Framework (ELF)
27 30 31 32 32 33 35
Chapter 3 Expanding Economic Citizenship Education Around the World
3.1 3.2 3.3 3.4 3.5
38 39 43 45 46
Stakeholders in the Promotion of Economic Citizenship Education Global Level Activities Guidelines for Implementation of Economic Citizenship Education at the National level Economic Citizenship Education for Financial Service Providers (FSPs) Taking the Child and Youth Finance Movement Forward
Annex A: Bibliography Annex B: Financial Education Annex C: Social / Life Skills Education Annex D: Livelihoods Education
54 59 62 65
INTRODUCTION TO CHILD AND YOUTH FINANCE INTERNATIONAL
Introduction to Child and Youth Finance International 1.1 About Child and Youth Finance International Child and Youth Finance International (CYFI) leads the world’s largest Movement dedicated to enhancing the financial capabilities of children and youth. Launched in April 2012, the Movement has already spread to over 100 countries and has reached more than 18 million children. The Movement leverages expertise and innovation from within its network of global organizations. Its partners and supporters include financial authorities and some of the world’s leading financial institutions, international NGOs, multilateral and bilateral organizations, foundations, renowned academics, and without a doubt, children and youth. The Movement has one central objective: increase the economic citizenship of children and youth. This means giving all children and youth aged 8- 18 the knowledge to make wise financial decisions , the opportunity to accumulate savings, and the skills to find employment, earn a livelihood and ultimately break the cycle of poverty.
Children and youth are the future economic actors whose financial decisions will dictate the future of world economies. Providing young people with the economic and social environment to prosper and the competences (financial, social and livelihoods) to thrive has a meaningful impact on the lives of individuals and the communities in which they live.
Communities will benefit, as a new generation of financially capable children and youth grow up to be responsible investors and entrepreneurs. Such important skills and experiences of managing financial resources at an early age can allow for lessened financial vulnerability thereby reducing the risk of poverty caused by debt. The recent financial crisis has highlighted the need for savings and prudent financial management for all persons. This is especially true for children and youth, who are a particularly vulnerable age group. Promoting a positive financial culture in children and youth is essential to ensuring a financially literate population, capable of making well-informed decisions and of lowering financial vulnerability and risk.
The Mission of Child and Youth Finance International is to empower all children and youth around the world, particularly those who are vulnerable and marginalized, by increasing their financial capability, enhancing their awareness of social and economic rights and improving their access to appropriate financial services so as to build their assets and invest in their own futures.
“Access to financial and social assets is essential to helping youth make their own economic decisions and escape poverty.” UN Secretary General Ban Ki-Moon in his letter to the First Annual Child and Youth Finance International Summit
1.2 The Movement’s Roadmap Through a consultative process with the world’s experts in their respective fields, Child and Youth Finance International created a strategic roadmap to guide it towards fulfilling its goals and achieving its mission. At the core of this roadmap are the different focus areas of the Movement. These reflect the Movement’s combined macro and micro levels focuses: building the necessary financial knowledge, skills on an individual level, and on reshaping systems on the macro level – systems including the financial, regulatory, educational, technological or otherwise. The focus areas and the goals of each focus area are as follows:
Goal Place children and youth’s economic rights and economic citizenship on global agendas.
Goal Hold bi-annual regional meetings in order to increase collaboration among regional stakeholders.
Goal 100 countries have an action plan for Child and Youth Finance activities in their countries, and celebrate Global Money Week.
Goal Ensure the voices of children and youth are heard, and when possible, that their voices are spread through new and existing technologies.
Economic citizenship Education and Financial Inclusion Goal 100 million children and youth have access to Economic Citizenship Education and appropriate financial products by 2015. To ensure that these goals are achieved, partners of the Child and Youth Finance Movement have committed to create the necessary programs, provide necessary services and/or reexamine policies.
1.3 Activities within the Movement 1.3.1 Global Platforms
CYFI Summit 2012 Representation by Region
Global platforms refer to the activities of the Movement to coordinate global efforts and disseminate knowledge and expertise throughout the network, and leverage partnerships to reach maximum impact.
184.108.40.206 The 2013 Global Summit
Every year, Child & Youth Finance holds an annual Summit to bring together partners and stakeholders of the Movement. At these Summits, partners share experiences, create joint strategies and help shape the future direction of the Movement. The 2013 Child and Youth Finance Global Summit & Awards Ceremony was held in Istanbul and provided the Movement’s partners with the opportunity to reconvene and celebrate their accomplishments. 413 participants from 102 countries attended the Summit, including 101 children and youth. The Summit served as a platform to explore emerging trends from the various regions, examine good practices, and develop collaborations that can drive the Movement forward. Crucially, the Summit provided a space for children and youth to voice their opinions on the financial issues most important to them, both in dialogue with each other and to policymakers. The Summit therefore proved to be an important milestone for the Movement, as it ensured the collaborative action and input necessary for the Movement to continue innovating to meet the needs of children and youth globally. Key highlights of the 2nd annual Child and Youth Finance Summit and Awards Ceremony in Istanbul, Turkey included a letter of support from UN Secretary General Ban-Ki Moon, and speeches from distinguished leaders including the Deputy PM of the Republic of Turkey, H.E. Mr. Ali Babacan, the MasterCard Foundation’s Ms. Reeta Roy, and the Executive Secretary of the UN Capital Development Fund Mr. Mark Bichler, and UN Envoy on Youth, Mr. Ahmad Alhendawi. In addition, young representatives of the Movement presented their recommendations to policymakers, and six categories of awards were presented to youth, organizations, and countries doing outstanding work in child and youth finance. Notable outcomes of the Summit included many commitments by participants in support of the Movement and its principles, as well as the sharing of best practices in Economic Citizenship Education, financial inclusion and Livelihood skills. Technological opportunities in the sector were discussed by experts, and the state of the Movement worldwide was presented by regional stakeholders. Regional sessions 12
Europe and Central Asia Latin America and the Caribbean Africa Asia and the Pacific Middle East and North Africa
were held to allow for the sharing of experiences and joint strategy-formulation by stakeholders from the same region. Regional meetings were planned as venues for the development of multi-stakeholder country and region platforms. Crucially, international policy makers and leaders stressed the importance of supporting financial literacy and entrepreneurship to help both children and their communities.
220.127.116.11 Children and Youth’s Participation
Linked to the annual Summit was the Children’s and Youth’s Meeting, which brought together 101 young people aged 8 to 18 from over 40 countries. Through a series of games and activities, they were able to share views about the financial issues that most mattered to them. They also had the opportunity to offer their own financial policy recommendations directly to leading policymakers. The recommendations are outlined below: 1. Provide free financial education 2. Schools and governments should help youth find appropriate work 3. Follow existing models to promote savings 4. Enable children and youth to save via mobile technology 5. Support youth entrepreneurs
CYFI Summit 2012 Representation by Sector
CYFI Children and Youth Summit 2012 Representation by Region 6%
Financial Institutions/Banking Associations&Networks
Middle East and North Africa
Latin America and the Caribbean
Europe and Central Asia
Bi- or Multilateral Institutions
Asia and the Pacific
Researchers and Academics
18.104.22.168 Global Money Week
Global Money Week is a series of activities organized nationally and coordinated globally by the Child and Youth Finance Secretariat. The events raise awareness as to the importance of Economic Citizenship and actively engage children and youth on these issues. In 2012, 21 countries participated in Global Money Week, reaching 33,000 children. In 2013, the number
of countries taking part rose by 281% to 80 countries, reaching over 1 million children. 403 organizations were involved in organizing Global Money Week events. For many of the participating countries, the Global Money Week provided a platform for multi-sectorial national stakeholders to collaborate- many for the first time â€“ on developing financial education and inclusion initiatives and policies in their countries.
Global Money Week Celebrations
Global Money Week Celebrations Examples of activities that took place around the world during Global Money Week are described below: Ringing of the NASDAQ stock exchange – Child and Youth Finance International was twice invited to ring the NASDAQ opening bell to celebrate Global Money Week in 2012 and 2013. Visits to banks – Children and youth visited banks and other financial institutions to learn about how they work. Visits to the stock exchange – Children and youth visited the stock exchange, with some of them ringing the opening bell to signal the beginning of trade! Workshops and lessons in schools and centers – Children and youth enjoyed financial education lessons in schools and universities. Talking to Central Bank Governors – Children shared their recommendations and opinions with the governors of their central banks. (Web) Chat with policy makers – Children had the chance to discuss financial education and financial access with global policymakers. Global web chat – Youngsters connected via web chats to share their experiences. Debates – Debates on financial education, employment and enterprise took place in schools. Visit to money museums – Money museums opened their doors to youngsters to teach them about money and its history. Publications – Various publications to encourage children to learn about finance were made available in schools and libraries. Contests and competitions – From poster-making contests to football competitions, children engaged in fun contests on topics of financial education and inclusion.
“I have just realized that owning an account is not just for adults but for everyone who wants to have a secure future. I am going to open one so I can save all my coins for investment after school.” School-aged youth during Global Money Week
Theatre – youngsters expressed themselves through theatre and the arts on financial issues. Financial education games – Team games took place for a fun way of learning about finance. Radio talk shows – Radio was used as a medium to share about financial education and inclusion. Book bank – Special book banks were set up to share publications on finance for children. Folk Stories – Telling stories has always been an effective means of teaching. It was no difference with teaching financial matters. Exhibitions – Youngsters had the opportunity to display their artwork and projects in interactive exhibitions. Cartoons – Cartoons and comic books were used to communicate key messages to children and youth. Youth budget to parliament – Children and youth presented their recommendations and input into the youth budgets of their countries. Ensuring inclusion – All children were in included in financial education activities – no matter if they were street children, children in juvenile correctional centres or children from care homes. Learning from the market – Children and youth carried out their own enterprises, with some presenting them to the central bank governor. Other innovations and fun activities from across the world included jigsaw puzzles of banknotes, money magicians, face painting, financial mimes and famous bands singing about the importance of saving.
“I couldn’t believe that we were talking to children in a different country who were doing the same things we were doing here! Even though I didn’t understand some of their words, I realized that they were learning about saving and money and that kind of stuff just like us here. I liked that we looked like we were on a TV show.” 6th grade girl, referring to the videoconference with children from Peru A Guide to Economic Citizenship Education - Quality Financial, Social and Livelihoods Education for Children and Youth
1.3.2 Research and Policy 22.214.171.124 Support from the UN Secretary General The Child and Youth Finance Movement has enjoyed the support of the UN Secretary General. In his letter to the CYFI Annual Summit 2013, the UN Secretary General wrote: “Access to financial and social assets is essential to helping youth make their own economic decisions and escape poverty. I join you in celebrating the milestone of the Child and Youth Finance International movement now operating in 100 countries. I encourage you to exceed your target of providing 100 million children and youth with financial services that are both responsive to their needs and protective of their rights.”
126.96.36.199 Working with the G-20
The Movement has also worked closely with the Mexican G20 Presidency on emphasizing the importance of financial access for children and youth. Paragraph 53 of the G-20 leaders declaration states “We recognize the need for women and youth to gain access to financial services and financial education.” CYFI also played a facilitative role at the Y20 event in which children and youth also expressed their desire for increased financial education and financial inclusion.
188.8.131.52 Children, Youth and Finance
Children Youth and Finance is the organization’s annual flagship document. It compiles data gathered from within the network to document the state of the Movement and provides an analysis of current trends and gaps which need be addressed. In its first edition for 2011, the document provided the baseline upon which the Movement’s outreach and impact will be measured in future years. In this first ever compilation, the data gathered showed that the Child and Youth Finance Movement had reached 18 million children in 2011.
184.108.40.206 Academic Documents
In April of 2012 the Secretariat launched the academicsled review of literature examining the links between economic citizenship education and inclusion and how these impact empowerment of children and youth and their financial capability. The results of the review were encouraging and outlined the areas of work where further academic review and research must be undertaken. Successively, CYFI and the Centre for Social Development (CSD) published two research briefs on the Conceptual Development of the CYFI Model of Children and Youth as Economic Citizens and on Research Evidence on the CYFI Model of Children and Youth as
Economic Citizens , highlighting a clear mandate for moving forward the area of child and youth finance and recommending areas of future academic research.
220.127.116.11 Creating An Online Platform
CYFI’s website was launched in 2012 and serves as a hub of information on activities, organizations and resources on financial topics for children and youth. The website currently houses over 600 resources ranging from academic papers, policy documents, discussion papers and news articles. Over 120 organizations are listed on the website, with details on the programs and services they offer which are designed to increase financial education and inclusion for children and youth. The website also features country pages. Displayed on each country page are CYFI’s partnering organizations who are working in that specific country, as well as information on the country’s policies on financial inclusion and education.
Recognition for the Movement • Child and Youth Finance International spread the messages of the Movement by ringing the NASDAQ opening bell for two consecutive years to mark Global Money Week. This year’s bell-ringing ceremony was celebrated in collaboration with UNCDF. • In 2012, Child and Youth Finance International’s Managing Director Jeroo Billimoria was awarded by the Union of Arab Banks for the achievements of the Child and Youth Finance Movement. Among the other awardees was Managing Director of the IMF Christine Lagarde. • Child and Youth Finance International was listed in the Top 100 NGO list published by the Global Journal. It was also given the honor of “most promising NGO”. • C YFI was a semi-finalist of the Mexico G20 Financial Inclusion Challenge: Innovative Solutions for Unlocking Access in the G20 competition. CYFI’s proposal, Schoolbank, was among the top 12 of 257 entries from 62 countries. As a semi- finalist, CYFI was invited to attend the high-level delegation meeting organized by G20 to mark the conclusion of Mexico’s Presidency of the G20.
Regional Breakdown at CYFI Regional Meetings
Industry Representation at CYFI Regional Meetings
Europe & Central Asia
Asia Americas 16%
Europe and Central Asia
Asia and the Pacific
Financial Institutions/Banking Associations
Americas and the Caribbean
Bi- or Multilateral Institution & Foundations
Middle East and North Africa
Other Researchers and Academics
Americas and the Caribbean
Europe and Central Asia
1.4 Regional Platforms From October to December 2012, Regional Meetings were held at the request of participants of the Child and Youth Finance Annual Summit. The meetings served to bring together diverse stakeholders from within each region to exchange expertise, form collaborations and bring forward regional-specific child and youth finance issues. Five meetings were held for each of the five regions in which the Movement works. In total, the Regional Meetings brought together over 800 senior level participants from 105 countries in the different areas of the world. The Meetings took place in Mexico, Belgium, Nigeria, Lebanon and the Philippines. Youth representatives were present at all the meetings and shared their feedback directly with the participants.
1.4.1 Americas and the Caribbean
This meeting for the Americas and the Caribbean took place in Mexico in October 2012 as one of the activities within the framework of the Mexican G20 presidency. It brought together 132 participants from 17 countries. The Meeting was inaugurated by Mexican Minister for Youth Mr.Miguel ﾃ］gel Carreﾃｳn and the Mexican Minister of Education Mr.Josﾃｩ Angel Cﾃｳrdova Villalobos. Key issues for the region included: Financial education for out-of-school children, the role of civil society in disseminating financial education, strategies for increasing financial access for children and youth and undertaking research and impact assessment on these issues.
1.4.2 Europe and Central Asia
The meeting was held in Belgium in November 2012 and was hosted by the Financial Services Regulatory Authority of Belgium (FSMA). It brought together 130 participants from 36 countries. The meeting was inaugurated by HRH Princess Mathilde of Belgium. Giving introductory addresses were The Vice-Prime Minister and Minister of Finance of Belgium Mr. Steven Vanackere, and the Chairman of the Belgian Financial Services and Markets Authority, Mr. Jean-Paul Servais. President of the European Council, Mr. Herman van Rompuy, shared a video message in which he highlighted his support for the Movement. Key issues for the region included: Tackling youth unemployment, integrating financial education into national curricula and creating pan-European strategies for financial inclusion and education for youngsters.
Asia and the Pacific
1.4.5 Asia and the Pacific
Key issues for the region included: promoting youth entrepreneurship, increasing financial literacy in formal and informal education centers and stimulating increased financial inclusion for youngsters.
Key issues for the region in included: An emphasis on financial access through formal and informal banking, a desire for technological solutions to overcoming financial barriers and a focus on creating the necessary regulation for facilitating these efforts.
The first CYFI Regional Meeting for Africa took place in Nigeria in October 2012, under the patronage of Mr Mallam Sanusi Lamido Sanusi, the Governor of the Central Bank of Nigeria. CYFIâ€™s Meeting was inaugurated by Deputy Governor of the Central Bank of Nigeria, Mr Tunde Lemo. The CYFI regional meeting brought 145 participants from 17 African countries.
The Meeting for Asia and Pacific took place in The Philippines in December 2012 at the offices of the Central Bank of Philippines, where it was inaugurated by Mr. Amando M.Tetangco, Jr., Governor of Bangko Sentral ng Pilipinas. 90 Representatives from 20 countries were present at the meeting.
The first Child and Youth Finance Regional Meeting for the Middle East & North Africa took place in Lebanon on November 2012, . The meeting was held as an integrated agenda with the Annual Summit of the Union of Arab Banks. The Regional Meeting was inaugurated by the Lebanese Prime Minister Mr. Najib Mikati and Minister of Justice in Lebanon, Mr. Shakib Kortbawi. The meeting brought together 350 participants from 15 countries to focus on expanding the Child and Youth Finance Movement in the region. Key issues for the region included: spurring economic growth and stability through tackling youth unemployment and increasing financial literacy at secondary schools, primary schools and universities.
1.5 Country Platforms CYFI facilitates collaborations between national stakeholders with the aim of creating national policies for advancing the financial capabilities of children and youth. As Economic Citizenship encompasses different groups of stakeholders, areas of expertise, and initiatives, developing a comprehensive approach which encompasses the various stakeholders involved is a difficult task for any government. To help governments respond to these concerns, Child & Youth Finance International has developed the National Implementation Plan. This is the world’s first comprehensive plan on good practices of economic citizenship for children and youth, drawn from the experience of CYFI and CYFI partners. It offers a structured approach, in which objectives are set, concrete building blocks are chosen and a detailed implementation plan is developed to meet countryspecific needs and circumstances for children and youth.
Americas, the different stakeholders saw the opportunity to combine their efforts. They successfully carried out a Global Money Week event and created a national working group. The purpose of this working group is to create national and coordinated efforts for financial inclusion and access for children and youth in Chile. Latvia - Representatives from the Central Bank of Latvia and the Financial and Capital Markets Commission decided to collaborate when they met at the CYFI regional meeting for Europe. They joined forces to reach out to the Ministry of Education and Science. Today, all are working collaboratively to create a national strategy for financial education and inclusion for children and youth.
A National Implementation Plan ensures a centralized approach for the provision of Economic Citizenship. The Plan is also instrumental in involving multiple stakeholders and streamlining vision, efforts and resources. Examples of these collaborations in different countries include:
Morocco - Representatives of national authorities in Morocco attended the first CYFI Working Group Meetings and were inspired to include Child and Youth Finance topics into their national strategy for education and inclusion. They formed a multi-stakeholder committee and organized Global Money Week activities. They went on to create a dedicated foundation for the development of a national strategy for Economic Citizenship Education.
Chile- Prior to working with CYFI, representatives from various stakeholder groups in Chile were conducting separate efforts to address the different areas of financial education and financial inclusion for children and youth. During the CYFI Regional Meeting for the
Nepal - The Central Bank of Nepal attended the CYFI Annual Summit in 2012, where they had the opportunity to explore the activities of other countries in the region. As a result, the Central Bank of Nepal, in collaboration with UNICEF and UNCDF, organized a national multi-
“ What some of us don’t notice is that some parents aren’t even trying to teach us about money. I think 8 is the right age for a child to have money. If a bank teaches a child to save that will grow our economy.” Child aged 16, participant at the Child and Youth Finance Annual Summit 20
stakeholder meeting to address Child and Youth Finance issues. Children were also invited to this meeting. The stakeholders launched a project to collect data on all banking products available to children in Nepal. Zambia - In Zambia, the Financial Sector Development Plan was developed by the Central Bank and the Ministry of Finance to address financial education and inclusion for youth. In collaboration with Child and Youth Finance international, they also organized a national Global Money Week event which will become a yearly celebration in Zambia.
1.6 Innovation 1.6.1 Child and Youth Engagement
As a Movement dedicated to children and youth, CYFI ensures that youth are offered a platform through which they can offer their inputs on the strategic direction and priorities of the Movement. The participation of children and youth is ensured through their attendance at the Annual Summits, as well as through CYFI’s dedicated platform financeandme.org . Through this, they are able to share their stories on entrepreneurship, employment and the other manners in which finance affects their day
Summit to day life. Through social media platforms, they are also invited to share their opinions and thoughts, through direct interaction, polls and surveys. In 2012, children and youth offered feedback to the Basel Committee’s Core Principles on Banking Supervision through the online consultation process. This involved youth from 12 countries.
Through technology, CYFI is examining how existing, new and innovative technology can be used to disseminate Economic Citizenship Education and facilitate financial access for children and youth. One such initiative is CYFI’s SchoolBank project. The project aims to provide safe, low cost and structured ways of saving for children and youth. It advocates applying mobile banking technology or branchless banking technology in creating access to formal channels of saving and using schools (or community centers, non-formal education organizations, etc.) in facilitating the provision of financial access and financial education.
“What some of us don’t notice is that some parents aren’t even trying to teach us about money. I think 8 is the right age for a child to have money. If a bank teaches a child to save that will grow our economy.” Child aged 16, participant at the Child and Youth Finance Annual
1.7 Education and Inclusion Financial inclusion and Economic Citizenship education are two themes which run across all the activities of CYFI. Financial inclusion refers to the Movement’s efforts to increase access to appropriate financial services for children and youth. Economic Citizenship has been defined by Movement partners as an education which combines social, financial and livelihoods components. CYFI places a great emphasis on ensuring that financial education and financial inclusion are simultaneously provided to young individuals in order for them to gain both the knowledge and experience of financial realities.
1.7.1 Child and Youth Friendly Banking Products
CYFI brought together representatives from financial regulatory authorities and financial institutions to create the criteria for Child and Youth Friendly banking products. From these criteria, a product prototype can be created, which can be further modified by interested financial institutions. To date, 12 financial institutions have used these product criteria to create financial products for youth, mostly savings accounts.
• Guide governments, NGOs, schools and other service providers who wish to create curricula and programs of social, financial and livelihoods education. • Allow for organizations who have existing programs to map their learning outcomes against those which are set out by the framework. With these efforts, the Movement is ensuring a coordinated collaboration and a unified approach to Economic Citizenship Education globally.
1.8 Publications In collaboration with partners within its network, CYFI has created a series of publications that help inform and guide the different efforts within the Movement.
1.8.1 National Implementation Plan
Additionally, via the Schoolbank project, CYFI is working with telecommunication agencies and mobile operators to explore the creation of web-based products that will allow the Movement to reach out to even the most marginalized child.
A National Implementation Plan for Economic Citizenship for children and youth helps national stakeholders design the implementation of a joint strategy to increase Economic Citizenship for children and youth at the national level. The value of the Plan lies in its emphasis on initiative actualization at the national level, creating a multiplier which extends the scope of its benefits. Through a 6-step approach objectives are set, concrete building blocks are chosen and a detailed implementation plan is developed to address countryspecific needs and circumstances for children and youth.
1.7.2 Economic Citizenship Education
1.8.2 Economic Citizenship in Your Country
The criteria are also used to assess the levels to which financial products are child and youth friendly. Those products which meet the criteria are provided a Child and Youth Friendly Banking Product Certification.
As a result of working group input, Economic Citizenship Education is defined by the Child and Youth Finance Movement as an education which combines: • social education • financial education and • livelihoods education The term “Economic Citizenship” emerged as a suggestion from members of the United Nations Committee on the Rights of the Child. This concept evolved with the active participation of over 50 NGOs and Education Service Providers. Members of the CYFI Education Working Group, chaired by UNICEF and OECD, pooled their knowledge and shared their expertise to create the concept of Economic Citizenship Education. They have also created the
Economic Citizenship Learning Framework which details key learning outcomes that should be seen in various life stages of children and youth. This framework is used to:
This manual acts as a guiding toolkit for national authorities, governmental bodies, Ministries of Finance, Ministries of Education, Central Banks, NGOs or concerned citizens to engage and collaborate with other stakeholders in the effort to ensure that every child and youth becomes an empowered economic citizen. The document offers inspiring stories and examples from CYFI Partners and Network Participants from around the world about how they came together to create regional and national platforms that raise awareness and change policy and regulations to ensure no child is left behind.
1.8.3 A Guide to Economic Citizenship Education This guidebook features the Economic Citizenship Education Framework to guide the creation and assessment of education programs and curricula which are designed to increase the social, financial and livelihoods skills of youngsters. This Guidebook was
created for governments, NGOs, schools and other service providers to create curricula and programs of social, financial and livelihoods education.
potential benefits, outlines the Certificate Criteria and Control Framework, outlines the certification process and provides more details on the use of the Certificate.
1.8.4 Child and Youth Friendly Banking Discussion Paper
UNICEF and CYFI co-produced a discussion paper titled “Beyond the Promotional Piggybank: Towards Children as Stakeholders.” The paper outlines some of the key challenges, opportunities and risks that major retail financial institutions in OECD countries can encounter when dealing with the segments of children and youth. The paper uses case studies to highlight the various facets of how a Child Rights Integration in Retail Banking could look like.
1.8.5 The Child and Youth Friendly Banking Product Certificate
The Child and Youth Finance Movement advocates for increased access to appropriate financial products for children and youth. This Certification Guide describes how to obtain a Certificate and is a guide for the individual(s) within the financial institutions who are involved in the creation and dissemination of products. This manual was developed with the assistance of Deloitte, Houthoff Buruma and KPMG. The guide provides an introduction to the Certificate and its
The CYFI Secretariat Coordinating this global Movement is the work of a dedicated Secretariat, based in Amsterdam. The Secretariat is responsible for promoting and furthering the Child and Youth Finance Movement by involving an increasing number of partners and contributors to the Network. It provides technical assistance for organizations wishing to implement or develop financial programs and services in their countries. The CYFI Secretariat does so by leveraging the expertise from within its network. Other duties of the Secretariat include certification of Child and Youth Friendly banking products, as well as Economic Citizenship Education assessment. The Secretariat is made up of a young team, lead by leading social entrepreneur Jeroo Billimoria.
“Let me start by congratulating the Child and Youth Movement with its achievements so far. In a short amount of time, the Movement has grown significantly.” Herman Van Rompuy, President of the European Council A Guide to Economic Citizenship Education - Quality Financial, Social and Livelihoods Education for Children and Youth
ECONOMIC CITIZENSHIP EDUCATION
Economic Citizenship Education In this section, we will explore the theories and guiding principles that have helped shape the foundations of Economic Citizenship Education (ECE). A global framework for Economic Citizenship Education has been developed through collaboration with the various partners and stakeholders of the Child and Youth Finance Movement. Economic Citizenship Education is based upon a Learning Framework that balances Social Eduation (SE), Financial Education (FE), and Livelihoods Education (LE). This Learning Framework is intended to guide the development and modification of related educational programming. The Movement’s partners have stressed the importance of linking education with access to safe and appropriate financial products and services for children and youth. The Learning Framework employs a rights-based approach and emphasizes building the knowledge, skills and competences of individuals for their economic, social and personal well-being. Before exploring the characteristics of Economic Citizenship Education (ECE), it is important to first place the Child and Youth Finance Movement within the contemporary discourse on rights-based approaches to education for young people. CYFI Network Partners believe that, in accordance with the UN Committee on the Rights of the Child (UNRCR), the aim of education should be to “promote, support and protect the human dignity innate in every child and his or her inalienable rights while taking into account the child’s 3 developmental needs and diverse evolving capacities.” Furthermore, when designing educational programs, cognitive development theory states that “the purpose of
education is to educate the individual child in a manner 4 which supports the child’s interests and needs.” Consequently, the educational goals of the Child and Youth Finance Movement align with the 6 goals of UNESCO’s Education for All Campaign, and particularly those concerning early childhood education, youth skills development, and improving the quality of education around the world. According to UNESCO, the true test of an educational system is whether it “fulfills its core purpose of equipping young people with the skills they need to develop a secure livelihood and to participate in 5 social, economic, and political life”. Indeed, the Child and Youth Finance Network believes that quality ECE is key to achieving such outcomes. The rights of children are also a key aspect of ECE. CYFI Network Partners recognize that children and youth are a vulnerable demographic group. The protection of their fundamental rights is therefore one of the key objectives of the United Nations Convention on the Rights of the 6 Child (UNCRC). CYFI Partners also recognize that children and youth have a right to an education that allows them to develop to their full potentials. The relevant articles of the UNCRC can be found below. Articles of the UNCRC relevant to Economic Citizenship Education Article 3 1. States Parties undertake to ensure the child such protection and care as is necessary for his or her wellbeing, taking into account the rights and duties of his or her parents, legal guardians, or other individuals legally responsible for him or her, and, to this end, shall take all appropriate legislative and administrative measures. 2. States Parties shall ensure that the institutions, services and facilities responsible for the care or protection of children shall conform with the standards established 4
Vandenbocoeur 1997 UNESCO 2011 6 UNCRC 1990 5
by competent authorities, particularly in the areas of safety, health, in the number and suitability of their staff, as well as competent supervision. Article 28 1. States Parties recognize the right of the child to education, and with a view to achieving this right progressively and on the basis of equal opportunity. Article 29 1. States Parties agree that the education of the child shall be directed to: a) The development of the child’s personality, talents and mental and physical abilities to their fullest potential; b) The development of respect for human rights and fundamental freedoms, and for the principles enshrined in the Charter of the United Nations; c) The preparation of the child for responsible life in a free society, in the spirit of understanding, peace, tolerance, equality of sexes, and friendship among all peoples, ethnic, national and religious groups and persons of indigenous origin; Article 36 1. Parties shall protect the child against all other forms of exploitation prejudicial to any aspects of the child’s welfare. Article 29 of the UNCRC states that “education in this context goes far beyond formal schooling to embrace the broad range of life experiences and learning processes which enable children, individually and collectively, to develop their personalities, talents and abilities and to live 7 a full and satisfying life within society”. This closely aligns with ECE’s emphasis on holistic and experiential learning. Partners of Child and Youth Finance Movement also endorse the Rights Based Conceptual Framework for Education that has been developed by UNICEF and used by international organizations (such as Save the Children) for 8 rights based programming for children and youth. The 9 syllabus of the UNICEF framework is provided below . 1. The Right of Access to Education a) Education throughout all stages of childhood and beyond b) Availability and accessibility of education c) Equality of opportunity 2. The Right to Quality of Education d) A broad, relevant and inclusive curriculum e) Rights based learning and assessment
f) Child-Friendly, safe and healthy environments 3. The Right to Respect in the Learning Environment g) Respect for identity h) Respect for participation rights i) Respect for integrity These rights guide the educational work of the Child and Youth Finance Movement. The Partners to the Movement are aligned with the position of the Children’s Rights Information Network which states that, “a rights-based approach to education should focus on children’s access to education, the quality of the education received and the promotion of the respect of children’s rights within the 10 curriculum and the schools’ policies.” As a result, CYFI fully supports the efforts of UNICEF and the UN Global Compact to link Children’s Rights with Business 11 Principles, thereby encouraging financial service providers (as well as other youth-serving organizations) to take a rights-based approach to financial and educational 12 programming. Although of particular importance to the Movement, it seems that such rights-based approaches to education are not globally prevalent. Research published by Aoife Nolan in his book, Children’s Socio-Economic Rights, Democracy and the Courts, found that “despite increased academic interest in both children’s rights and socio-economic rights over the last two decades, children’s social and economic 13 rights remain a comparatively neglected area.” This neglect strengthens the resolve of CYFI Partners to promote a rights-based agenda for ECE, thereby ensuring that as many young people as possible benefit from integrated rights-based educational programming.
2.1 The Importance of Financial Education and Financial Capability for Children and Youth Key Definitions This section intends to provide clear definitions of some key terms used by the CYFI network, and particularly those related to financial literacy. Financial education is a central component of the Economic Citizenship Education Learning Framework and it is important to place CYFI’s conception of financial education in the contemporary discourse.
UNCRC 1990 8 Save the Children 2005 9 UNICEF 2007
CRIN Save the Children, the UN Global, Compact and UNICEF, 2012 12 UN Global Compact 13 Nolan 2011 11
The Center for Financial Inclusion has developed a 14 Financial Inclusion Glossary , which provides the following definitions of financial capability and financial literacy: Financial capability is “The combination of knowledge, skills, attitudes and especially behaviors, that people need to make sound personal finance decisions, suited to their social and financial circumstances”. Financial literacy is “The ability to understand how to use financial products and services and how to manage personal, household, or micro-enterprise finances over time”. Similarly, financial capability and literacy is defined by Jeanne M. Hogarth, Senior Analyst at the Board of Governors of the Federal Reserve System, Washington DC, as: 1. being knowledgeable, educated, and informed on the issues of managing money and assets, banking, investments, credit, insurance, and taxes; 2. understanding the basic concepts underlying the management of money and assets (e.g., the time value of money in investments and the pooling of risks in insurance); 3. using that knowledge and understanding to plan, 15 implement, and evaluate financial decisions”. In their document “Improving Financial Literacy”, the OECD argues that, in the modern globalized world, the absence of financial education amongst individuals and households make them more prone to over-indebtedness 16 and bankruptcy . The OECD has therefore defined financial education as “the process by which individuals improve their understanding of financial products and concepts; and through information, instruction and / or objective advice develop the skills and confidence to become more aware of financial risks and opportunities, to make informed choices, to know where to go for help, and to take other effective actions to improve their financial 17 well-being and protection”. Financial capability has been broadly defined to include financial knowledge, attitudes, motivation, confidence and behavior. While the terms can be used almost interchangeably, CYFI views financial capability as both an individual and a structural characteristic that results from a combination of financial literacy and access to appropriate financial 18 products and services .
Further discussion of financial education and its role in the ECE Framework can be found in sections 2.7.1 and 2.9 of this document. Conceptual Framework The issue of developing individual financial capability is of global importance as families find themselves managing growing debt burdens alongside asset bases insufficient for maintaining basic economic necessities and managing potential financial emergencies. Financial education programs therefore aim to develop financial capability among individuals. Financial education programs for children and youth generally incorporate “age appropriate content; hands-on, realistic learning exercises; practical skills building; goal setting; encouragement of saving; and opportunities to apply lessons. Programs should consider specific needs and circumstances of children and youth and should be relevant for the social, economic and cultural backgrounds... Tailoring financial education to children and youth - the next generation of economic citizens – is 20 essential for individual and societal well-being”. Since 2003, the OECD has been a global leader in the promotion of financial literacy. In 2008, the organization created the International Network on Financial Education (INFE). This network now consists of over 600 high-level public officials and financial education experts from more than 90 countries. The network convenes twice a year to discuss developments in financial education programming. 21 The work of the INFE was recognized by the G20 in 2011. In 2005, based on a review of research on international best practices, the OECD stated that “financial education should start at school. People should be educated about 22 financial matters as early as possible in their lives” . The OECD / INFE has subsequently developed initiatives to support the efficient integration of financial education with existing curricula. These initiatives have resulted in the development of Guidelines for Financial Education in 23 School and Guidance on Learning Frameworks.
Center for Financial Inclusion 2008 Hogarth 2006 16 OECD Improving Financial Literacy 2005a 17 OECD Recommendation 2005b 18 CYFI Financial Capability 2012
At the individual level, financial capability supports economic empowerment. At the structural level, it creates access and opportunity. According to Sherraden “Essentially, financial capability occurs when children are personally empowered and simultaneously experience financial inclusion or real access to appropriate financial products and services along with the opportunity to 19 practice using those services” .
Center for Social Development (a) 2013 Center for Social Development (a) 2013 21 OECD/INFE 2012 22 OECD 2005b 23 OECD 2012a
Deficiencies in financial capability among children and youth have already been identified as a problem in many parts of the world. The development economist Amartya Sen has argued that inefficient capabilities at the individual and community level are at the core of persistent poverty 24 in many parts of the world. Studies conducted in the U.S. confirm that American youth score low in financial 25 literacy. The Jump$tart Coalition for Personal Financial Literacy conducts bi-annual financial literacy tests of high school seniors. In 2008, students answered 48.3% of test questions correctly, a decrease from 52.3% in 2004 and 26 56.9% in 1997. Additionally, a study conducted by Tullio Japelli of the University of Naples compared financial literacy levels across 55 countries, and found that children and youth around the world are entering adulthood with 27 unacceptable deficiencies in financial capability. Overall, such research is encouraging, but often inconclusive. McKormick and the New America Foundation (2008) cite three studies conducted from 2005 to 2008 that demonstrated the positive impacts of financial 28 education programs. Results from financial education programs show an improvement in various finance related concepts and 29 behaviors. Such financial education programs included high school students, college students, and middle-aged adults who received state-mandated financial education in high-school. Cole and Shastry, however, have replicated the Garret and Maki study using US Census data and a much larger sample, and found no association between state-mandated financial education and rates of saving and 30 investing. What these findings suggest is that although financial education programs seem to have positive effects, they may only be only short-term. “According to Junior Achievement Worldwide, multiple evaluations of its financial literacy programs in developed and developing countries reveal significant improvements in participants’ understanding of how to avoid debt, open a bank account, write a check and plan a budget. They also report that program participants are more likely than their peers, who are not in the program, to say that they 31 understand what it means to save and invest”. 24
Sen 2005 25 Beverly & Burkhalter, 2005.Jumpstart Coalition 2009 26 Jumpstart 2009 27 Japelli 2009 28 McCormick 2008. Studies Cited: Danes and Haberman 2007, Valentine and Khayum 2005, Varcoe, Martin, Devitto and Go 2005 29 Walstad, Rebek and McDonald, 2010; Seyedian and Yi, 2011; Bernheim, Garret and Maki,2001 as cited in the Center for Social Development (b) 2013 30 Cole and Shastry, 2009 as cited in the Center for Social Development (b) 2013 31 Center for Social Development (b) 2013
Other studies indicate that these differences in outcome may be a result of student motivation levels. For example, in an analysis of Jump$tart financial literacy data, Mandell and Klein (2007) find no differences in survey scores between U.S high school seniors who took a personal finance course and those who did not. However, students with future oriented goals such as going to college had higher financial literacy scores than those without such 32 goals The majority of studies on the benefits of financial education do not use rigorous research methodologies. However, many educators, policy makers, and even children and youth themselves consider financial literacy to be an important part of education. In addition, there is currently no universally accepted strategy for financial education. Combined with the knowledge that early experiences play an important role in the development of children, such inconsistent research results seem to suggest that sector stakeholders would benefit from employing more rigorous research methodologies, larger sample sizes, and more diverse cultural and demographic groups in future research. It is important to note that many academics have concluded that despite the possibility of some public hesitation regarding the introduction of children to financial concepts, the benefits of doing so are considerable, as introducing financial education while young people are still in a process of forming personal financial behaviors may present the greatest opportunity for lasting positive outcomes. 25 years ago, Schug and Birkey were already arguing that financial education should occur in primary or middle grade levels so that 33 children have time to internalize the lessons. Likewise, Mundrake and Brown argued that children should be involved in spending decisions so that they have the opportunity to reflect on the consequences of those decisions. In addition, they proposed that exposure to potential career paths should also be a part of early 34 education. Additional research conducted by Lew Mandell has demonstrated a direct relationship between 35 the age of the learner and degree of behavioral change. The World Savings Bank Institute (WSBI) is also a strong advocate financial education as a long-term way to economically empowered and bankable citizens, thereby preventing social and economic exclusion. The WSBI believes in child financial education “not only to support their habit building, but also because children are key 36 actors of change for their families”. As a result of these 32
Mandell and Klein, 2007 as cited in the Center for Social Development (b) 2013 33 Shuig & Birkey 1985 34 Mundrake and Brown 2001 35 Mandell, 2009 36 WSBI 2010
potential benefits of early financial education, it is CYFI’s belief that introducing financial education at an early age may result in more meaningful behavioral change.
2.2 The Link with Financial Inclusion 2.2.1 Increasing Inclusion for Children and Youth Partners in the Child and Youth Finance Movement believe that while financial education is imperative to a young person’s development, financial inclusion and access are equally critical for creating financially capable adults who make sound financial decisions. According to the Center for Financial Inclusion, financial inclusion is defined as “A state in which all people who can use them have access to a full suite of quality financial services, provided at affordable prices, in a convenient 37 manner, and with dignity for the clients” . Within the Child and Youth Finance Movement, financial inclusion is defined as having access to financial products and services which are affordable, usable, secure and reliable. The international development sector has often placed an emphasis on expanding credit services in an effort to stimulate business growth and reduce household poverty. However, there is a growing movement among NGOs and financial services providers that believes that low income clients, and especially children and youth, should have access to safe and appropriate savings accounts well before the introduction of any credit services. It is through the accumulation of assets that financial capability is best achieved for this vulnerable demographic group. Access to well-regulated financial service providers at an early age helps children to recognize the role that such institutions play in society. Children will also come to understand the financial security comes with formal banking. Through the expansion of Child and Youth Friendly Banking, the Child and Youth Finance Movement Partnership aims to increase the opportunities for children and youth to safely apply the lessons of financial education to their own accumulation of assets. In their report for the Global Asset Project, Meyer, Zimmerman, and Boshara argue that savings products specifically designed to facilitate the accumulation of assets at an early age are a strong and viable option for motivating young people to enter formal financial systems. By building assets in their youth, they may develop positive habits for their adult lives that ultimately lead to economic 37
Center for Financial Inclusion 2008
and social advancement for themselves and their 38 families. This topic is further explored by Microfinance Opportunities and the Nike Foundation in a report on the promotion of savings behavior and financial education 39 among adolescent girls.
2.2.2 Linking Economic Citizenship Education with Inclusion Partners in the Child and Youth Finance Movement stress the importance of linking ECE with safe and appropriate financial access, as one must reinforce the other. However, as the Center for Social Development (2013) states, “unfortunately, financial exclusion is too often the 40 norm in low- and middle-income countries”. According to the same review, recent estimates indicate that 2.5 billion children and youth in developing countries lack access to basic savings accounts and half or more of adults in the developing world are unbanked. In developed countries, young people under the age of 25 are the demographic group least likely to have access to basic financial services. Research shows that children and youth have greater retention when education is complemented by 41 opportunities to apply what is being taught. According to Johnson and Sherraden, the development of financial capability requires both financial education and access to financial products and services. The same authors believe that without access to appropriate financial services, the knowledge one gains through financial education will not 42 necessarily translate into a financially literate lifestyle. Through the expansion of Child and Youth Friendly Banking, Partners in the Child and Youth Finance Movement aim to increase opportunities for children and 43 youth to practice the lessons of financial education. The Center for Social Development (2013) documents a number of studies that evalute the effects of linking ECE with financial inclusion: In Kenya, researchers learned that girls who participated in a savings and microcredit program for children and youth, had higher income, savings and household assets when 44 compared to non-participants. Another program in Kenya and Uganda, Safe and Smart Savings Products for Vulnerable Adolescent Girls, also had positive effects on girls’ financial literacy and financial behavior (saving, use of 38
Meyer, Zimmerman and Boshara. Child Savings Accounts, Sebstad 2012 40 Center for Social Development (a) 2013 41 Peters 2012 42 Johnson and Sherraden 2007 43 The Child and Youth Friendly Banking Product Certification Guide 2012 44 Erulkar & Chong, 2005 as cited in Center for Social Development (b) 2013 39
banking services). The AssetsAfrica project in Uganda determined that a savings intervention created positive change at the household level, with youth aged 15-35 years accumulating significantly more financial assets, total wealth, and net worth than non-participants (Chowa and 45 Ansong, 2010). The combination of financial education and inclusion can also be justified by the theory of experiential 46 learning. One program able to demonstrate positive outcomes from experiential learning is the YouthInvest project, which was implemented in Morocco by the Mennonite Economic Development Associates (MEDA). YouthInvest focuses on entrepreneurship training, financial education, and access to savings products for Moroccan 47 youth ages 15-24. YouthInvest’s 100 Hours to Success program uses an experiential learning model to teach financial literacy and entrepreneurship skills through group discussions, visits to financial institutions, and internship placements for young people with local businesses. YouthInvest training is “deliberately situated at the nexus between learning and financial services. It is meant to complement a system of education which focuses on recalling facts and figures by providing a participation48 based learning experience for youth”. While the results are inconclusive, they nonetheless present an encouraging picture of improved savings behavior and financial capability among participants.
2.3 Behavioral Economics and the Psychological Aspect of Financial Education As demonstrated in the previous sections, improvements to individual financial capability require a combination of financial education, financial access, and financial opportunity (defined as the opportunity to directly engage in the social and economic structures of society). However, financial capability also demands that the individual make behavioral changes that lead to responsible financial decision-making. In a publication by the New America Foundation, Pathak, Holmes, and Zimmerman argue that “the behavioral challenges to altering and establishing savings habits are too often understated or even, at times, neglected altogether. Specifically, discourse on the intent to save versus savings outcomes is rarely given proper 49 emphasis.” One should not overlook the psychological
component of financial education, particularly when trying to influence behavioral outcomes. Within the context of economic development and behavioral change, there has been considerable discussion of the role of “nudges” in prompting behavioral change. Thaler and Sustein define a nudge as “any aspect of the choice architecture that alters… behaviors in a particular way without forbidding any options or significantly 50 changing any of their economic incentives.” When applied to the cognitive development of children and youth, these nudges can have a considerable effect on the aversions many young people may have to formal saving. Prof. Dilip Soman from the University of Toronto describes a process of behavioral change in three stages: 1. Recognition of Problem and Desire to Act 2. Initiation of Action 3. Maintenance and Nurturing Soman argues that education has a clear role in stages 1 and 3, but in stage 2 it encounters psychological barriers 51 that require appropriate nudges to overcome. He proposes that in the case of savings behaviors, financial education may allow young people to see the importance of such efforts, but ultimately cannot force them to open savings accounts and actively save towards financial goals. This argument views education as knowledge delivery, rather than as training to develop beneficial skills and behaviors. Pathak describes four types of nudges that have shown success in overcoming these psychological biases: Reminders, Peer Pressure, Automatic Default Settings, and 52 Incentives. While behavioral economists have explored the effectiveness of these forms of nudges in influencing positive behavioral change, there remains much work to be done in determining how educators, policy makers and financial services providers can collaborate on the best strategies to build long-term financial capability for children and youth through increased savings behavior. The Child and Youth Finance Movement will leverage its network of academics and policy makers to further examine the developing field of behavioral economics and financial education for the benefit of young people globally.
Chowa and Ansong, 2010 as cited in Center for Social Development (b) 2013 46 Glassman 2001 47 Denomy 2009 48 Harley et al. 2010 49 Pathak, Holmes, Zimmerman, 2011
Thaler and Sunstein 2008 Soman 2011 52 Pathak et al. 2011 5151
2.4 The Importance of Complementing Financial Education with Social and Livelihoods Education While much has been written about the connection between financial education, financial access, behavioral change, and the development of financial capability for children and youth, there is a dearth of research that investigates the importance of linking financial and social citizenship education. Partners in the Child and Youth Finance Network believe that social education not only helps to increase financial capability amongst children, but also instills social values that help combat the financial and social challenges young people face as they mature. Leading multilaterals such as UNICEF refer to social education as life-skills education and the Child and Youth Finance Movement uses the terms interchangeably. A model of Economic Citizenship was developed through the CYFI Theory of Change. This model proposes 3 pillars for the Theory: Social Eduation (SE), Financial Education (FE), and Livelihoods Education (LE). Together, these lead to greater empowerment and financial capability, which in turn results in successful economic citizenship for children and youth. For CYFI, SE refers to the provision of knowledge and skills that provide young people with a clearer understanding and awareness of their rights. SE also provides a greater sense of responsibility and respect towards society and the rights of others. LE refers to an ability to plan for future well-being and to acquire skills in a way that secures a sustainable livelihood. SE plays an important role in steering children away from financial behaviors and attitudes that may negatively affect not only personal well being, but also that of the wider community. Children and youth can benefit greatly by examining social issues alongside with financial education. Such social issues could include the disparity between rich and poor, resource conflicts, the role of marketing and consumerism in modern society, the human and environmental impact of corporate irresponsibility, and the reality that moral behavior and economic success are not mutually exclusive. When FE is combined with SE, it can help combat societal pressures to increase 53 consumerism as a way to enhance self-worth. As a result, FE should not be limited to simply teaching children and youth how to master financial systems, earn returns on investment, or start successful businesses, but should be also grounded in ethical behavior. While economic wellbeing and a sustainable livelihood are important outputs of 53
financial capability, they should not come at the expense of social and environmental well-being. FE should involve and encompass the collective good in both the short and long term. The Child and Youth Finance Partner Network is committed to expanding the reach of integrated FE, SE, and LE around the world so that all children and youth have the opportunity to benefit from the knowledge, skills, and attitudes that are developed through holistic ECE.
2.5 Working Towards a Global Standard for Economic Citizenship Education FE, SE, and LE have increasingly become an agenda point of national governments, multilaterals, NGOs and financial service providers, although not always as a single integrated educational package. As a result, there are no universally accepted best practices for provision of integrated FE, SE, and LE for children and youth (e.g., ECE). CYFI has found that programs, in different parts of the world, offering various forms of integrated educational curricula, are diverse in their content and teaching methodology. To achieve effective systematic change around common principles of Economic Citizenship Education, the Child and Youth Finance Partners seek to build a global consensus on core curriculum content in FE, SE, and LE for children and youth. CYFI is leading a global network of donors, education providers, and policymakers to develop ECE standards within a globally recognized framework. By joining forces with other multi-organizational advocacy networks, including YFSLink, the YouthSave Consortium, multilateral initiatives such as the UNESCO Education for All Campaign, and the OECD, CYFI will be in a strong position to promote the ECE to international organizations, financial services providers, and banking regulators. Growing this education network will allow the Child and Youth Finance Movement to continue to both gather momentum and spur practical change in financial inclusion, social empowerment, and sustainable livelihoods for children and youth globally.
Lucey and Gianngello 2006
2.6 The Three Components of Economic Citizenship Education
develop entrepreneurship skills. Business lessons include identifying business opportunities, marketing, financial planning, and product development, and are all linked with core math and literacy skills. NFTE aims to bring the 56 experience of entrepreneurship into the classroom.
To facilitate positive change in financial behavior and increase the financially literacy and capability of future adults, Child and Youth Finance International proposes the following Modules as crucial to the success of ECE:
The three ECE Modules will now be described in greater detail.
Social / Life-Skills Education (SE) Financial Education (FE) Livelihoods Education (LE) Through the combination of these 3 Modules, the Child and Youth Finance Movement provides children and youth with a solid foundation for a secure future of social and economic well being. By increasing financial literacy, children and youth are better equipped to benefit from formal financial inclusion and economic opportunities. Rights education and empowerment can improve selfesteem and make children more aware of their unique and important role in society. By increasing the financial and business knowledge of children and youth, young people are presented with an opportunity to obtain sustainable livelihoods, stimulate entrepreneurial activity, and enhance their level of employability. An example of an organization working to integrate the different ECE Modules is Aflatoun. Based in the Netherlands, Aflatoun works in over 80 countries through a global network of education providers that are expanding access to Child Social and Financial Education (CSFE). The Aflatoun learning materials are based on 5 core elements:
Personal Understanding and Exploration Rights and Responsibilities Saving and Spending Planning and Budgeting 54 Social and Financial Enterprise
Another organization working to integrate FE and LE is Junior Achievement (JA) Worldwide. JA Worldwide focuses on youth economic development by combining FE with the real life experience of establishing and running a business. JA Worldwide’s volunteer-delivered programs for teenagers foster work readiness, entrepreneurship, and 55 financial literacy skills. Similarly, the Network for Teaching Entrepreneurship (NFTE) is another leading organization in this field. NFTE works to provide practical FE alongside an opportunity to
2.6.1 Social / Life-Skills Education (Empowerment and Children’s Rights) Children and youth are considered empowered when they can exercise age-appropriate influences over their lives, resources, and society. SE contributes to empowerment by helping young people to understand the many opportunities that may improve their lives and further engage them in the world. UNICEF defines life-skills as a “large group of psycho-social and interpersonal skills which can help people make informed decisions, communicate effectively, and develop coping and self-management skills that may help them 57 lead a healthy and productive life.” UNICEF refers to lifeskills education as “an interactive process of teaching and learning which enables learners to acquire knowledge and to develop attitudes and skills which support the adoption 58 of healthy behaviors.” Life-skills education is intended to provide social contextualization for financial and entrepreneurial education developed for children. “Life skills” are an important complement to the concrete skills needed by children and youth to earn a livelihood. In addition to providing a social anchor for financial and entrepreneurship training, SE also stimulates creativity among young people by encouraging innovation. By integrating life-skills education with conventional educational curricula, children are better equipped to both understand citizenship and interact effectively in their community. SE is particularly relevant to thematic topics such as health and nutrition, sexual health, human rights, conflict resolution, and environmental sustainability. UNICEF has listed a number of life-skills that contribute to the holistic development of young people, such as interpersonal communication, advocacy, decision making, negotiation, cooperation, stress management, and critical 59 thinking. Partners in the Child and Youth Finance Network have made a conscious effort to ensure that UNICEF’s specific learning outcomes, as well as the overall thematic sections of cognitive, personal, and interpersonal skills, are incorporated into the ECE Learning Framework.
NFTE 2012 UNICEF 2011 Definitions 58 UNICEF 2011 Definitions 59 UNICEF 2011 Life Skills Education 57
Aflatoun 2012 JA Worldwide 2011
2.6.2 Financial Education (Money Management and Savings) In accordance with the OECD PISA Financial Literacy Framework, financial literacy should provide children with a better understanding and knowledge of “financial concepts, and the skills, motivation and confidence to apply such knowledge and understanding in order to make effective decisions across a range of financial contexts, to improve financial wellbeing of individuals and the society; 60 and to enable participation in economic life” The OECD PISA Financial Literacy Framework notes that while program developers cannot expect teenagers to have a sophisticated knowledge of complex financial concepts and sophisticated products, many young people are already aware of a number of financial services and 61 consumer products. According to the OECD, financial literacy skills should include “basic skills in mathematical literacy such as the ability to calculate a percentage or convert from one currency to another, and language skills such as the capacity to read and interpret advertising and contractual texts. Additionally, financial literacy involves skill in managing the emotional and psychological factors 62 that influence financial decision making”. Microfinance Opportunities (MFO) and Freedom from Hunger (FFH) are NGOs that have jointly developed a financial education curriculum. They argue that, “together with opportunities for education, supportive social networks, access to youth-oriented financial products and services, and links to market opportunities, financial education can be a strong catalyst in preparing young people for the social and economic roles they will play as 63 adults”. As in the case with the UNICEF life-skills content, partners in the Child and Youth Finance Network are eager to incorporate the curriculum contributions of organization like the OECD, MFO and FFH. In fact, the Child and Youth Finance Network has adapted the OECD PISA’s financial education thematic categories in the PISA Financial Literacy Framework to its own curriculum.
2.6.3 Livelihoods Education (Entrepreneurship and Workforce Development)
include: technical / vocational skills (carpentry, sewing, computer programming), research skills, interview skills, business management skills, entrepreneurial skills, and 64 skills in managing money”. These skills can bolster their employability when they are ready to seek work. It is important to emphasize that not all children and youth go on to become successful entrepreneurs. The vast majority of children and youth require employability skills that both make it easier to secure a job in the near term and provide financial stability in the long run. According to the ILO, those with outdated or subpar employability skills are “less likely to get a foothold in local labour markets and are more likely to miss out on opportunities in the 65 economic and social mainstream”. LE can help young people to explore career paths hat match their personal interests. At the same time, it can help them build the skills that will best serve them in their chosen career. As a practical application of LE, it is worthwhile to consider the intergration of actual work experiences (in the form of internships or apprenticeships) as part of the educational program. As Miller writes, “programs that combine financial education and life-skills training with the opportunity for internships can reduce the gap between youth and the ‘larger world’ and can also increase the learner’s ability to think critically and develop creative 66 skills.’’ Another essential element of sustainable livelihoods is social entrepreneurship. Social enterprises are driven by mission-related social impacts rather than by wealth creation. Children exposed to livelihood education are far more likely to undertake social entrepreneurship projects and thus positively influence their communities and possible the larger world. Children can learn how to become inspired and successful social entrepreneurs aiming at solving important problems relating to issues (e.g. HIV/AIDS, environmental protection, gender based violence and discrimination, conflict mediation, lack of clean drinking water, lack of safe spaces for children and food security). Economic Citizenship Education seeks to inculcate children and youth with the skills needed to become inspired and empowered social entrepreneurs within their communities.
The third Module of ECE involves increasing the entrepreneurial and employability skills of children and youth so they can achieve sustainable livelihoods within their communities. According to UNICEF, livelihood skills can assist children with “income generation and may 60
OECD PISA 2012b OECD PISA 2012b 62 OECD PISA 2012b 63 Microfinance Opportunities 2009 61
UNICEF 2011 ILO, 2006 66 Miller 1990 in Harley et al 2010 65
2.7 Evolution of the CYFI Educational Learning The CYFI ELF was developed by the CYFI Education Working Group, a network of international experts representing NGOs, multilaterals, and youth-serving organizations. These working group members graciously contributed their expertise to the different Modules that comprise the CYFI Education Learning Framework for Economic Citizenship Education (ECE). After the inaugural meeting of the ECE Working Group in October 2010, a first draft of the Child and Youth Finance Learning Framework was developed and working group members were invited to provide input on its structure and content. At the second ECE Working Group meeting in March 2011, the Learning Framework was elaborated on to provide a more detailed description of the essential attitudes, skills, and behaviors at various levels of complexity in the development of children and youth. The levels of the framework were originally designed with the following age ranges in mind:
innovative ways to expand Economic Citizenship Education in various educational and cultural settings. Partners in the CYFI network are committed to promoting educational programming involving an integrated approach to combining the three Economic Citizenship Education Modules. The CYFI ELF provides the foundations for the CYFI Curriculum Assessment Tool and represents a benchmark for education providers and policy makers when mapping their educational curricula content. CYFI developed the CYFI Curriculum Assessment Tool to determine the extent to which CYFI partners’ curricula cover the CYFI ELF Modules. This assessment tool will also allow educational program developers and policy makers, wishing to align their curricula with the CYFI ELF, the opportunity to link with other organizations that have developed relevant pedagogical materials.
5 years and under 6 -9 years 10-14 years 15+ years
However, the working group members believed that, given the dissimilar levels of formal and non-formal education throughout the world, it was more appropriate to categorize the various layers of the framework as levels of complexity rather than using strict age parameters. Nevertheless, the age ranges have been retained as a reference, rather than as strict conditions imposed on education providers and policy makers. The CYFI Education Learning Framework was launched after a month long public consultation process leading up to the First Child and Youth Finance International Summit held in Amsterdam, The Netherlands in April 2012. The CYFI ELF is an organic document which continues to evolve as new educationalists and policy makers join the CYFI network. At the most recent Education Working Group meeting, held jointly with the CYFI Academics Working Group in St. Louis Missouri in February 2013, working group members endorsed the CYFI ELF. An action plan was developed to coordinate efforts in assessing curriculum content, promoting best practices in teaching and profiling
CYFI Financial Education (OECD)
Resources and Use Level 1: 0-5 years
Value of money, saving and sharing
Planning and Budgeting Prices and purchases of things they want
Level 2: 6 to 9 years
Recognize monetary symbols
Needs and wants, savings plan
Level 3: 10-14 years
Differant denominations, be an informed consumer Financial negotiations, purchasing power
Budget for expenses, short vs. long term planning Calculate spending capacity, financial goals
Level 4: 15+ years
Risk and Reward
Consequences of carelessness, saving special items The necessessity of saving, rewards of sharing Risks and rewards of various financial products Risk of default impact of interest rates, illicit activity
Money in the community, understand belongings Choices on banks and financial services Where to seek financial info, effects of advertising Aware of financial crimes, evaluate FSPs, mobile banking
Source: CYFI, OECD Financial Literacy Framework 2012
CYFI Social/Lifeskills Education (UNICEF, UNESCO)
Level 1: 0-5 years Level 2: 6 to 9 years Level 3: 10-14 years Level 4: 15+ years
Cognitive Skills Identify emotions, understands consequences Basic childrenâ€˜s rights, respect diversity Seeks information for independant though Articulate rights, social justice, community outlook
Personal Skills Care for precious items, basic health and safety Can follow a daily plan, accepts responsibilities Appreciation for lifelong learning, anger management Initiative in the pursuit of goals, time management
Interpersonal Skills Express fellings, understands compassion Respect for rules/ guidelines, listening skills Express opinions, planning and teamwork Relationship building, leadership, negotiation
Source: CYFI, UNICEF Lifeskills Definitions 2011
CYFI Livelihoods Education
Level 1 & 2 12 years and under Level 3: 12-15 years Level 4 15+ years
Express career interests, understand professions Assess skills and interests in related vocations Career goals, wages and salaries, networking
Identify entrepreneurs in community, achieve goals Identify opportunities, develop action plans Entrepreneur or employee, capital needs, marketing
Securing Employment Initiative in perfoming tasks, problem solving
Self-discipline, personal hygiene, paths to employment Requisite skills, preparing CVs, cope with change
Persererence attention to detail, communication Customer service, management skills
Teamwork, following advice, avoid hazards
EXPANDING ECONOMIC CITIZENSHIP EDUCATION AROUND THE WORLD
Expanding Economic Citizenship Education Around the World This section examines how partners and stakeholders in the Child and Youth Finance Network can expand the reach of Economic Citizenship Education (ECE) to children and youth both at the global and at the national level. Partners of the Child and Youth Finance Movement place a great emphasis on pedagogical materials that address the educational modules of the CYFI Educational Learning Framework (ELF) for ECE. The CYFI Education Working Group has drafted an action plan for activities that promote and strengthen the impact of ECE. Institutions that are interested can use the ELF as a guide for the implementation of ECE programming. CYFI Partners recognize that NGOs and education providers are the primary candidates for ECE implementation. Collaboration among stakeholders on the delivery of these programs is encouraged. Financial service providers are encouraged to partner with NGOs to deliver ECE programming. There are many innovative and noteworthy approaches to increasing the financial capability and literacy of children and youth. From the work of the largest international Financial Services Providers, to the efforts of small local non-profits, children and youth across the world are benefiting from exposure to financial, life-skills, and entrepreneurship education. As more organizations, governments, and donor agencies embrace the concept of financial literacy and economic empowerment for children and youth, streamlining efforts becomes even more important. By coordinating their efforts, partners in the CYFI network can help ensure more comprehensive outreach to young people. It is precisely this – the power of collaboration – which drives the Child and Youth Finance Movement. Partners in the Movement seek to expand the reach of ECE, thereby providing young people around the world an opportunity to develop self-confidence and livelihoods skills. Partners
in the CYFI network share knowledge and best practices to minimize redundancies, maximize resources, and encourage innovation in the fields of financial education (FE), social education (SE), and livelihoods education (LE). Partners to the Movement can only achieve the shared goals of reaching 100 million children and youth in 100 countries with financial inclusion and financial education through effective collaboration.
3.1 Stakeholders in the Promotion of Economic Citizenship Education All stakeholders in the CYFI network have the ability to further Economic Citizenship Education. The CYFI Network promotes collaborative efforts between various national stakeholders who wish to expand Financial Inclusion and ECE for children and youth. While delivering actual programming to children and youth often rests with NGOs and Education Service Providers, the following are examples of institutions that collaborate on activities and policies on topics related to ECE. CYFI encourages crosssector collaboration so as to maximize the potential outreach of ECE and other Child and Youth Finance activities. National Financial Regulatory Authorities (Central Banks, Ministries of Finance). These play a key role in setting policies to facilitate increased financial literacy and financial inclusion for young people. Education Authorities (Ministries of Education, Curriculum Development Centers). These drive local efforts in the design and rollout of curricula that reflect various ECE Modules. NGOs and Youth Serving Organizations. These play an important role in program delivery, educational content
development, and technical support, and can serve as the closest link to children and youth. Financial Service Providers. These can promote increased access to Child and Youth Friendly Banking Products and link these products to programming that covers components of ECE Bilateral and Multilateral Agencies. These can provide financial and technical support to national Child and Youth Finance Initiatives and promote financial inclusion and ECE on global agendas. Academic institutions. These can assist with the monitoring and evaluation of ECE activities and engage in research to complement these efforts. Schools / Non-Formal Centers (NFCs). These play a key role in providing a physical space and educational infrastructure for ECE. Teachers, Trainers and Teacher’s Unions. As the direct contacts with children and youth, teachers and teachers unions are able to contribute invaluable knowledge and insights as to the real world implications of ECE implementation. Parents and Parent Teachers Associations (PTA): The involvement and buy-in of parents is crucial to the success of ECE efforts. Children and Youth: Children participate in the development of Child and Youth Finance programming and are encouraged to offer input during the various program implementation stages
3.2 Global Level Activities This section highlights activities in which CYFI partners and stakeholders can engage to further ECE at a global level.
3.2.1 Joining the CYFI Education Working Group Since 2010, the CYFI Education Working Group has been at the heart of the CYFI network’s efforts to develop the CYFI ELF and activities promoting ECE. The Education Working Group has attracted many organizations interested in exploring the interrelated components of FE, SE, and LE for young people. Through the contributions of Working Group members, as well as valuable inputs from public consultation, the CYFI Education Manual and Learning Framework was published in April 2012 and has become a cornerstone of the CYFI Movement.
As the CYFI network continues to expand, new opportunities have also emerged to promote high quality FE, LE, and SE standards, build the capacity of students and teachers, reach underserved populations, and capitalize on technological innovations in education and pedagogy. So as to work more effectively with those committed to CYFI goals and objectives, CYFI has clarified the Terms and Conditions of CYFI Education Working Group membership. The following guidelines are intended to provide structure to the Working Group and its members. All working group members should be official CYFI partners 1. Core Working Group Members are expected to devote at least 8 hours per month to working group outputs. Core Working Group Members are encouraged to attend Working Group meetings and other CYFI events and provide timely feedback on Working Group documents. They are expected to assume the various responsibilities detailed by the CYFI Education Task Forces. 2. Core Group Members have the option of leading a CYFI Education Task Forces; these members are part of the CYFI Education Expert Council. Positions on the Expert Council are open to nomination and are reviewed on a yearly basis. CYFI Expert Council Members are expected to attend / lead Working Group events and provide technical support to the CYFI Secretariat when needed. 3. CYFI Partners may also be Education Working Group Reference Members. These Reference Members are expected to devote at least 2 hours a month to providing commentary and timely feedback on circulated documents. Reference Group Members do not attend Working Group events and have limited influence on the Working Group agenda. 4. Individuals from non-CYFI Partner organizations may register as Individual Reference Members. 5. Core Working Group members meet annually at the CYFI Summit, and also coordinate meetings around industry events and CYFI Regional Meetings. The CYFI Expert Council and CYFI Task Forces hold conference calls (or their equivalent) on a quarterly basis or as required to meet timelines for deliverables. 6. Core Working Group members unable to attend Working Group meetings may assign a suitable proxy from their organization. 7. The Education Working Group will endeavor to increase its Core and Reference Membership from Southern Hemisphere countries. At the Feb. 12-13th CYFI Education Meeting in St. Louis, Working Group Members decided on four primary workstreams for the Education Working Group, as well as several outputs for the group’s focus until the end of 2015. These workstreams are described below in Figure 1
Figure 1: CYFI Education Workstreams Work Stream
Summary of Activities
To articulate and communicate a powerful story of ECE to business, government, youth-serving organizations, and the general public
1. 2. 3. 4.
To Build and Capture Evidence of Best-Practice in Conducting Economic Citizenship Education
Strong Foundations of Evidence
5. 6. 7. 8.
2. 3. 4. 5.
Effective Support Tools & Systems
To build and deploy tools that ensure quality and maximize the impact of partner programs
1. 2. 3.
4. 5. 6.
Coordinated Partner Networks
To design, implement, and move forward national strategies, platforms, and initiatives in ECE
1. 2. 3. 4.
Create a business case for FSPs around ECE Create an education case for educational authorities around ECE Create a ‘why economic citizenship?’ case for youth Create a case for why NGOs and Education Authorities should partner with CYFI Build a FAQ / Q&A for common questions Coordinate input for CYFI events Leverage blog network for promotions Create potential speakers database Capture strategies/methodologies to access hard-to-reach youth populations Map/capture different delivery models for stakeholder engagement at the national level Examine different ‘teacher/facilitator/community practitioner training models Incorporate ECE in the post-2015 global agenda for education Analyze approaches to ‘technology enhanced learning’ Conduct periodic review of the CYFI ELF Refine the CYFI curriculum assessment tool Assemble CYFI Consultant Database (i.e., experts in curriculum development, financial product development, and strategic planning) Create taxonomy for SE and LE (link with academics) Develop a ‘pedagogical guide‘ on good practices in facilitating ECE Develop a Learning Delivery Enhancement Tool for teachers / facilitators Coordinate national programs – CYFI priority country focus Engage in and promote Global Money Week events, Mar 15-22 Engage youth in the network Leverage national networks for stakeholder engagement
These workstreams will be further elaborated through inputs from working group members. Members can assume responsibility for certain tasks and deliverables and register for one of the following CYFI Education Task Forces: 1. Curriculum Assessment 2. Stakeholder Engagement 3. Teacher Training 4. Economic Citizenship Education (ECE) in the Post-2015 Global Education Agenda 5. Consultant Database 6. Definitions/ Content 7. Advocacy/ Promotions
3.2.2 Assessing Curricula via the CYFI Curriculum Assessment Tool To gain a better understanding of the various curricula and pedagogical materials used by CYFI network organizations, CYFI has developed a curriculum assessment tool that examines the extent to which curricula cover the 3 Modules of the CYFI ELF. The purpose of this assessment process is to paint a clearer picture of how ECE is offered around the world. In addition to content mapping, the curriculum assessment tool focuses on learning methodology and a reference to where certain aspects of the CYFI ELF are covered by the
educational program under assessment. Through the assessment results, CYFI submits curriculum and pedagogical recommendations to organizations that seek to develop specific components of their own curriculum. This provides partners in the CYFI network with a platform to promote their educational programming and potentially open up new markets for their learning materials.
Currently, the CYFI Secretariat performs the curriculum assessment as a service to partner organizations. Eventually this curriculum assessment process will involve an initial self-assessment by the CYFI Partner that is checked by the CYFI Secretariat and then verified by a third party from the CYFI Education Working Group. The Curriculum Assessment process is described in Figure 2 below:
Figure 2 – CYFI Curriculum Assessment Process
Method and Medium
(What is being taught)
(How it is being taught)
Step 1: Assesses the educational program’s learning content by mapping it against the 220 learning outcomes of the CYFI ELF. Other aspects of the CYFI Partner’s curricula are also analyzed, including languages, countries of operation, and target audience. At the end of step 1, the extent to which the assessed program covers the 3 ELF modules (FE, SE, and LE) is displayed in a bar graph with respect to the CYFI ELF’s 4 levels of complexity. Step 2: Based on feedback from the St. Louis CYFI Education Working Group Meeting, the learning methodology used in various curricula will also be assessed. Standardizing the assessment process requires 8 categories of learning activities. These learning activities are presented in a pie chart that indicates the percentage of the educational program addressing each type of educational activity offered.
Step 3 - Quality Assurance (How well it is being taught)
Step 3: Requires a quality assessment of how the educational program is implemented. The quality assurance methodology will be developed by the CYFI Curriculum Assessment Taskforce over the course of 2013 and 2014. CYFI has received several national curricula from Education Authorities in the CYFI network that seek assessment. These national curricula will be mapped against the CYFI ELF to determine the extent to which they cover the 3 CYFI ELF Modules. For more information on the CYFI Curriculum Assessment process, please consult the CYFI Sample Curriculum 67 Assessment for Economic Citizenship Education
Economic Citizenship Education Curriculum Assessment – Sample Curriculum 2012, www.childfinanceinternational.org/index.php?option=_mtree&task=at t_download&link_id=1525&cf_id=200
Figure 3. Categorization of the designed learning activities No.
Categorization of learning activities
Music, drama, drawing, painting…
Discussion, interviews, debates, negotiation…
Physical activity, Board games, Online games…
Research and case studies
Online research, reading, self-study time…
Parents, guardians, guest speakers…
Field trips to banks, museums, marketplaces…
Drafting budgets, business plans, activity plans…
Lectures and Presentation
Lecturing, video presentations…
3.2.3 Joining the CYFI Consultant Database As a multi-stakeholder platform combining financial regulators, policymakers, education providers and designers, children’s rights organizations and academics, one of the CYFI network’s greatest resources is the collective wisdom and expertise of its Partner organizations. Occasionally, some organizations request assistance in the development, implementation, and dissemination of integrated FE, SE, and LE programs from the CYFI Secretariat. Other Partners request information from the CYFI Secretariat about developing safe financial products for children and youth. The Secretariat mobilizes a wide array of intellectual and professional expertise from within the network to provide appropriate solutions, recommendations, and assistance to those in need. At the St. Louis Meeting, Education Working Group members supported the development of a “network of experts”, comprised of CYFI Partners,that could respond to industry related consultancy services requests. This Consultant Database would provide an opportunity for partners in the movement to offer their expertise and services to others. Areas of expertise include the following:
The objectives of this consultant database are as follows: To build a comprehensive database of industry experts operating in the CYFI network: specifying their locations, experience, languages spoken, and areas of expertise; To enable the CYFI Secretariat to respond to requests from partners by recommending appropriate consultants according to the nature of the request; To increase the value proposition of CYFI partnership by offering Partners the opportunity to both provide and receive technical assistance and to pursue new business opportunities within the sector; To strengthen the effectiveness of the CYFI Movement by providing appropriate technical assistance to our Partners, enabling them to enhance the quality of their products and services and to contribute to the Movement to the best of their abilities. CYFI requests that all core working group members sign up for the Consultant Database Task Force, which will further enhance the CYFI Consultant Database over the course of 2013.
1. Development of national strategies for governments interested in providing a national platform for Financial Inclusion and Education for children and youth; 2. Design, delivery and evaluation of Child and Youth Friendly financial products from financial service providers; 3. Guidelines and recommendations on curriculum development for organizations involved in FE, SE, and LE for children and youth.
3.3 Guidelines for Implementation of Economic Citizenship Education at the National level. Institutions who wish to implement Economic Citizenship Education at the national level are encouraged to form partnerships with organizations already involved in the expansion of ECE. Activities that expand the reach of ECE through local distribution channels are recommended. In so doing, institutions will join key stakeholders (and particularly governmental authorities) who are working to facilitate activities that expand the reach of ECE. Step 1: Preparation and planning Integral to preparation and planning is the development of an operational model. This operational model is the implementation framework the institution follows in rolling out ECE programs. The model depends on whether the organization will be running informal education schools or non-formal education centers, and the modality in which ECE programs are offered. This operational model should reach as many children as possible in a cost effective, culturally sensitive manner. ECE programs can have national level impacts once scaled, as effectively achieving scale for ECE programs means implementing an operational model that accesses the formal education system. Since every child and youth is important, ECE programs are also delivered through nonformal education centers to reach children who do not attend school. This non formal education is frequently coordinated by civil society organizations forming a national Economic Citizenship Education association. Case Study: The National Financial Education Program in El Salvador There are 1.2 billion 15-24 year-olds in the world and the majority of these young people live in low-income countries. In El Salvador, its 2 million youth comprise almost 40% of the total population. As a result, El Salvador has a clear need for education that develops financial capability, builds recognition of basic rights and responsibilities and provides skills for sustainable livelihoods for young people in the country. In response, the Central Reserve Bank of El Salvador and the Superintendent of the Financial System and Deposit Insurance Institute have launched an interagency educational effort centered on the creation of a National
Financial Education Program (NFEP). The initiative was launched on August 27th, 2008, and has received the full support of the Salvadorian Government. In September 2009, Salvadorian financial regulators and the Consumer Protection Agency signed a cooperative agreement aimed at creating a coordinated and interactive information exchange. Since June 2011, the NFEP has worked to develop specific outreach efforts for children and youth, and now reaches approximately 650 children and young people between the ages of 11 and 18, each month. To date, the NFEP has provided education to more than 22,500 Salvadorians, of which nearly 20,000 are children and youth. The NFEP reaches 14 municipalities throughout the country, and trains an average 4,500 young people every year. In 2013, the NFEP expects to reach more than 6,500 children and youth: 1,500 through special events, 3,000 through college fairs and other campus events, and an estimated 2,000 through training in primary and secondary schools. Step 2: Developing Pedagogical material and training teachers and trainers Institutions may wish to develop new pedagogical material or update existing material for ECE. To guide this process, the institution is encouraged use the CYFI ELF (as outlined previously in section 2.9) Institutions may use the pedagogical materials and curricula of CYFI Partners that meet the CYFI ELF standards. The CYFI Network developed a Curriculum Assessment Tool which maps CYFI Partner curricula against the CYFI ELF and determines the extent to which the Partner’s educational program corresponds to the CYFI ELF Modules. CYFI links organizations which have developed relevant curricula so they can collaborate on future educational programming initiatives. Institutions should determine the financial education levels and financial behaviors of the young people they wish to serve. Even a small sample can inform the organization as to the financial and educational needs of their target group. This information will allow the institution to use the findings to determine curriculum content, delivery methods and media, and the length of study for the educational program. Specialized teacher training is essential to the success of any ECE program. The training aims to produce teachers capable of providing ECE directly to children. CYFI recommends that (I)NGOs work closely with governmental institutions to develop and share pedagogical materials for use in national training institutes and programs, including methodologies for the implementation of ECE teacher training programs.
Case Study: Malawi Introduces Financial Education in the National Curriculum Like most African countries, financial literacy in Malawi is very low. A considerably high percentage of Malawians, and especially the less privileged, lack knowledge about the financial services and products offered by financial institutions. Faced with this reality, a National Working Committee on financial education was set up to oversee the development and coordination of a National Financial Literacy Strategy. This committee coordinates a Working Group on financial education for children and the youth. The Working Committee is chaired by the Reserve Bank of Malawi, and its members include representatives from the Ministry of Education, the Malawi Institute of Education, the Consumer Association of Malawi, the Malawi Microfinance Network, and the Malawian Stock Exchange. Since its establishment, the Working Committee has engaged in the development of educational material that addresses youth financial illiteracy and the integration of financial education into the national education curriculum. The Working Committee successfully developed a national financial literacy and education curricula and has integrated it into the following national curriculum disciplines: life skills, mathematics, and social and development studies. Learners are expected to demonstrate the knowledge, skills, attitudes, and values needed for socio-economic and occupational development in society after participating in the financial education program. Students are also expected to demonstrate practical understanding of sustainability and environmentalism by addressing climate change, disaster risk management, and proper use of resources for the positive development of Malawi, Africa, and the world. Malawi´s financial literacy and education curriculum is expected to be rolled out in basic, primary, and secondary schools across the country over the coming years. Step 3: Direct outreach to children and youth All organizations are invited to share curriculum development and training methodologies with the CYFI Secretariat, thereby contributing to the global body of theory and knowledge that benefits and grows the Movement. a) Launch Economic Citizenship Education programs in schools Institutions can initiate ECE programming in schools or non-formal learning environments. The establishment of ECE programs should ideally be coordinated with organizations at the provincial or national level to maximize impact.
b) Coordinate events for the Global Money Week CYFI is working with multilateral institutions and national authorities around the world to establish March 16th as International Child and Youth Finance Day, and March 15th - March 21st as Global Money Week. During this week, national awareness and outreach campaigns are held; school participation in these activities is vital. Schools can conduct special activities related to Child and Youth Finance. Examples include: School trips to banks / central banks Visits to schools by bankers, ministers, and / or policymakers Special campaigns for collective savings, either in school or at banks Highlighting outstanding financial or social enterprises by children and youth Coordinating events jointly planned by schools, featuring games and activities related to ECE All partners in the CYFI network are encouraged to actively participate in Global Money Week to help raise awareness of the importance of financial inclusion and education for children and youth worldwide. Case Study: Moldova – Civil Society unites with National Authorities to promote social and financial education In 2013, Moldova launched a financial education and inclusion working group with a specific focus on promoting the rights of children and youth in the country. The group integrates stakeholders such as the Ministry of Education, the National Bank, the Institute of Educational Sciences, the National Commission of Financial Markets, the Indigo Centre, and the Moldovan Communities and Families NGO. The working group is committed to the objectives of the Child and Youth Finance Movement, including integrating financial education into the Moldovan national curriculum. Additionally, to achieve a significantly more inclusive threshold for access to basic youth savings accounts, plans were made to facilitate mobile banking. As part of Moldova’s Global Money Week celebrations, stakeholders combined their efforts and reached 9,500 children and youth with basic financial education. Since 2012, elements of financial and social education, based on the Aflatoun curriculum, have been available via the Ministry of Education as an optional subject for secondary school students. To ensure that ECE is available to all Moldovans, however, such economic education will become part of the existing (and mandatory) “Civic Education” class. This revision takes place within the coming year. Prior to its introduction in 2012, as an optional subject, Moldova’s plans for economic education were piloted in 18 residential educational institutions for children with
learning disabilities and in social services. Based on the outcome of the pilots, the Ministry of Education’s plan for 2013 includes a significant number of program extensions: Strengthening partnerships across sectors at the national level (and especially with the financial sector); Expanding the program to additional general schools; Expanding the program to preschool education; Expanding financial literacy for youth with disabilities; Expanding out-of-school social opportunities for the children through the development of Aflatoun activity clubs in non-formal settings.
3.4 Economic Citizenship Education for Financial Service Providers (FSPs) The Child and Youth Finance Movement is built on the belief that ECE and financial inclusion must go hand in hand for children and youth to become fully financially capable. ECE and financial inclusion are seen as necessary counterparts to ensure that children and youth receive the necessary knowledge and skills to become empowered economic citizens. CYFI stresses the importance of safe delivery of both financial education and financial services to children and youth. CYFI encourages collaboration between Financial Service Providers and NGOs / education service providers with expertise in ECE. For more information on the advantages and disadvantages of the internal, parallel, and linked approaches to financial and non-financial service delivery, please consult Christopher Dunford’s seminal article, Building Better Lives . Step 1: Integrate Economic Citizenship Education into long-term CSR policy Financial Services Providers committed to offering Economic Citizenship Education are encouraged to include Economic Citizenship Education in their Corporate Social Responsibility policy. Setting ECE as part of the CSR policy agenda creates a focused and sustained commitment to the initiative and ensures that ECE is not regarded by the general public as an ad-hoc, publicity-generating activity. Sustained effort will help develop the child finance field and ensure that children receive impactful, uninterrupted Economic Citizenship Education.
and with whom FSPs can collaborate. CYFI is available to facilitate linkages between CYFI Network FSPs and NGOs having curriculum resources matching the profile of what a FSP is looking for (language, subject matter, demographic target group, etc) Step 3: Partner with local NGOs CYFI recommends partnerships between the FSP and an NGO / education service provider with knowledge of and experience in delivering ECE programs to children and youth. Such partnerships ensure that the strengths of both institutions, and indeed both sectors, are maximized, and that efforts are not duplicated. Partnering further removes any risk of perceived exploitation by the FSP that might result from direction interaction with the children and youth in the delivery of education programming. Case Study: Paraguay - Private Sector and Civil Society come together to advance financial inclusion and education for children and youth Financiera El Comercio (FeC) is a financial institution which focuses on providing financial access to small entrepreneurs in Paraguay. As part of a joint effort with Aflatoun and Plan International (PI), all have taken a leading role in the development of financial education and inclusion initiatives for children and youth in the country. FeC has been a key stakeholder in coordinating efforts towards implementing a national Paraguayan plan for financial education by working to involve the national Ministry of Education and Culture and the Central Bank of Paraguay. Since2009, FeC and the Ministry of Education and Culture of Paraguay have been working on a cooperative agreement that outlines a plan to implement a pilot project in the Guaira Department. Together, these institutions have reached 30 public schools and more than 2,000 children to date. The cooperative agreement was recently extended to 2015, with the aim of reaching 8,000 children and youth, 70 schools, 30 curriculum development experts and more than 500 facilitators. The content of this pilot program, which consists of financial and social education components, was guided by Aflatoun and implemented by PI. The goal of this project is to integrate, with the support of the Paraguayan Ministry of Education and Culture, Aflatoun’s financial education and inclusion curriculum into Paraguay’s existing national curriculum.
Step 2: Choose a curriculum or program FSPs may wish to develop new pedagogical material or update existing material to capture the holistic element of Economic Citizenship Education. To guide this process, the FSP is encouraged to choose from existing curricula which adhere to the CYFI ELF. Within the CYFI network are organizations which developed and tested such curricula
As part of their corporate social responsibility strategy, FeC, and Plan international have also launched a weekly newsletter dedicated to children and youth that presents social and financial education in a fun manner in collaboration with Paraguay’s national newspaper, Diario ABC Color. This newsletter has a circulation of over 40,000 copies a week, and therefore represents a valuable new
resource for the promotion and support of financial education and inclusion for children and youth in Paraguay. Step 4: Ensure that children are engaged in the different stages the implementation process Working with children and youth on ECE, particularly in collaboration with NGOs, provides FSPs with the opportunity to understand the needs of young clients. Because of the relationship fostered between FSPs and young clients, FSPs become better equipped to design financial products that meet young people’s unique needs. At all times, the best interests of children and youth must remain at the forefront.
3.5 Taking the Child and Youth Finance Movement Forward As the Child and Youth Finance Movement evolves, it will eventually reach a tipping point. The tipping point will start a cascade effect in which the impact, reach, and scope of the CYFI network will achieve critical mass, effecting a systemic global change. This global change will ensure that
financial inclusion and ECE will be far more accessible to children and youth. To achieve this global change, all CYFI network Partners must coordinate their efforts and streamline their activities to maximize global outreach. By further developing and expanding the reach of CYFI ELFbased curricula and evaluating the impact of this educational programming on the lives of children and youth in a uniform, transparent manner, organizations contribute to building the body of knowledge and enhance the Theory of Change for the Child and Youth Finance Movement. The global experiences, outputs and data shared by the CYFI Secretariat are used to assess the impact of the Movement and provide a powerful tool for advocacy, policy reform, and program design. This data is collected and used in the CYFI Annual Report and profiled on the CYFI Website. Organizations contributing to this process are key drivers in verifying the Movement’s Theory of Change, building momentum for the Movement’s Network’s goals and furthering advocacy efforts for increased financial inclusion and ECE. CYFI invites all educational program developers and policy makers with an interest in financial inclusion and child and youth education to engage with the CYFI network to help redefine the future of finance. You can find more information about CYFI Partnership at www.childfinance.org
Glossary Note: Unless otherwise indicated, terms contained in this glossary derive from the CYFI Secretariat in conjunction with the CYFI Academics Working Group
Term Banking Product
Definition Any product offered by a Financial Service Provider
An individual under the age of 18, or under the age of majority as prescribed by national law (UNCRC, http://www2.ohchr.org/ english/law/crc.htm)
Child and Youth Finance International (CYFI)
The legal organization responsible for coordinating the Child and Youth Finance Network and the Partners within the CYFI network
CYFI Secretariat (CYFI)
The organizing entity of Child and Youth Finance International (CYFI) which reports to the CYFI Supervisory Board and coordinates activities within the CYFI Network. The acronym CYFI can signify both the legal organization CYFI as well as the CYFI Secretariat
CYFI Supervisory Board
The supervisory Board of CYFI, responsible for CYFIâ€™s strategic direction and supervisory management
Child and Youth Finance Activities
All actions, projects and programs relating to the promotion and implementation of undertakings to further financial access and education for children and youth as described in the CYFI strategy
CYFI Annual Summit & Award Ceremony
The annual meeting of CYFI Partners and stakeholders. The purpose of this summit is to strengthen relations, disseminate best practices and share innovations, coordinate activities between partners and stakeholders within the CYFI Network
Child and Youth Finance Movement (the Movement)
An international, inclusive, multi-stakeholder movement comprising CYFI Partners and stakeholders supporting: the creation and strengthening of systems, structures and policies which provide children with choices; informs them of their rights; instills values in them; empowers them to make sound financial decisions, build their assets and invest in their own futures
Child and Youth Finance Movement Theory of Change
The theoretical base upon which the Child and Youth Finance Movement stands and which outlines how the various interventions of the Child and Youth Finance Network lead to the Movementâ€™s desired outcomes
The multi-stakeholder group of CYFI Partners, comprised by practitioners, policy makers, and researchers and their respective organizations and networks who
contribute to, and further the efforts of, the Child and Youth Finance Movement Child and Youth Friendly Banking
A system of financial services that promotes the creation and provision of financial products and services which are designed to promote safe financial access and financial capability for all children and youth under the age of majority.
Child and Youth Friendly Banking Product Certificate
The certificate awarded to financial institutions for banking products offered to children and youth which meet the required Child and Youth Friendly Banking Product standards
Child and Youth Friendly Banking Product
Savings and current accounts which meet a set of minimum standards as defined by the CYFI Regulation and Inclusion Working Group. These standards ensure that banking products remain inclusive and appropriate, and are designed in the best interest of the child Economic and civic engagement to promote: reduction in poverty, sustainable livelihoods, sustainable economic and financial well-being and rights for self and others
Economic Citizenship Education
CYFI Education Learning Framework (ELF)
An education curriculum combining the three modules of financial education, social education, and livelihoods education for children and youth as defined in the CYFI Education Learning Framework The structured set of desired learning outcomes and competences in economic citizenship education as defined by the CYFI Education working Group
Increasing an individualâ€™s confidence and ability to take charge of their lives, claim their rights and build empathy with others
A means of safely accumulating, controlling and acquiring assets.
CYFI adopts the OECD definition: â€œthe process by which individuals improve their understanding of financial products and concepts; and through information, instruction and/or objective advice develop the skills and confidence to become more aware of Financial risks and opportunities, to make informed choices, to know where to go for help, and to take other effective actions to improve their financial well-being and protection.â€? (OECD (2005). Recommendation on Principles and Good Practices for Financial Education and Awareness, http://www.oecd.org/dataoecd/7/17/35108560.pdf)
The ability to use one's technical and business skills to take advantage of market opportunities to deliver products and services that generate a sufficient financial return
Combining the knowledge, skills, attitudes, and behaviors that increase financial literacy with access to financial products and services providing individuals
with the opportunity to act in their best interest
Access to financial products and services which are affordable, usable, secure and reliable.
A deposit-holding institution with a license from the relevant national financial regulatory authority and providing financial services for its clients or members.
CYFI adopts the OECD Definition of financial literacy: “financial concepts, and the skills, motivation and confidence to apply such knowledge and understanding in order to make effective decisions across a range of financial contexts, to improve financial wellbeing of individuals and the society; and to enable participation in economic life,” OECD (2012). PISA 2012 Financial Literacy Framework, http://www.pisa. oecd.org/dataoecd/8/43/46962580.pdf
Services offered by FSPs complementary to, and comprising, Banking Products
Financial Service Provider (FSP)
Organization providing financial products, including deposits. This includes Financial Institutions as well as non-regulated organizations offering financial services
Global Money Week
A week dedicated to the promotion and awareness of financial inclusion and economic citizenship education for children and youth around the globe, coordinated by CYFI Activities and structures to catalyze national, regional, and global collaboration advancing the objectives of the Child and Youth Finance Movement
Programs aimed at developing employability skills and entrepreneurial behavior
CYFI adapts the UNICEF definition of Livelihood Skills: “Capabilities, resources and opportunities to pursue individual and household economic goals. Livelihood skills relate to income generation and may include technical / vocational skills, job seeking skills, business management skills, entrepreneurial skills and money management skills.” (UNICEF (2011) Life skills Definition of Terms. http://www. unicef.org/lifeskills/index_7308.html)
Minimum standards for Child and Youth Friendly Banking Products
The standards a banking product must meet to be awarded a Child and Youth Friendly Banking Product Certificate. The standards were developed by the CYFI Regulation and Inclusion Working Group
Programs aimed at increasing knowledge of human rights, encouraging self-reflection and self-awareness and instilling respect for oneself and others
The ability to recognize social, human rights, political or environmental needs and to use one's technical and business skills to create effective solutions, that address these issues in a sustainable manner
The ability to make informed financial decisions that benefit the individual and community.
CYFI Working Groups
Groups of experts from across linked sectors contributing to the strategic focus of the global Child and Youth Finance Movement
Anyone between the ages of 10 and 24 (United Nations, http:// www.un.org/esa/socdev/unyin/qanda.htm)
An individual between the ages of 15 and 24 (United Nations, http://www.un.org/esa/socdev/unyin/qanda.htm)
Annex A: Bibliography Ahammed, I. (2009). A Case Study on Financial Services for Street Children Washington, DC: Making Cents International and Padakhep. Aflatoun (2012). Child Social and Financial Education – Five Core Elements. http://www.aflatoun.org/ programme/programme-selected/five-core-elements Bernheim, B. D., Garrett, D. M., & Maki, D. M. ( 2001). “Education and saving: The long-term effects of high school financial curriculum mandates”. Journal of Public Economics Volume 80, Issue 3, , 435-465 . Beverly, S. G., & Burkhalter, E. K. (2005). “Improving the financial literacy and practices of youths”. Children & Schools, 27(2) , 121-124. Borden, L., Lee, S., Serido, J., & Collins, D. (2008). “Changing college students’ financial knowledge, attitudes and behavior through seminar participation”. Journal of Family and Economic Issues, 29(1) , 23–40. Bourdilion, Michael with Deborah Levison, Ben White, and Wiliam E. Myers (2010), A Place for work in children’s lives? Plan Canada and the Canadian International Development Agency (CIDA). http://plancanada. ca/downloads/A%20place%20for%20work%20in%20children%27s%20lives.pdf Carver, R.L. (1997). ‘Theoretical underpinnings of service learning’, Theory into Practice 36(3), Community Service Learning: 143–49 Center for Financial Inclusion (2008). Financial Inclusion Glossary. Retrieved August 10, 2010, from The Center for Financial Inclusion: http://www.centerforfinancialinclusion.org/glossary Center for Social Development (2013). Conceptual Development of the CYFI Model of Children and Youth as Economic Citizens. (a) Center for Social Development (2013). Research Evidence on the CYFI Model of Children and Youth as Economic Citizens.(b) Child and Youth Finance Expert’s Meeting. (2010, June 6-9). Retrieved July 26, 2010, from http://Child and Youth Financeinternational.org/wp-content/uploads/2010/05/ Child and Youth Finance-meeting-overview.pdf Child and Youth Finance International (2012). Financial Capability for Children and Youth - A Review of Research, http://childfinanceinternational.org/images/White_paper_2012.pdf Child and Youth Finance International (2011) Initial Findings From Survey with Financial Regulators Child and Youth Finance International (2012). Obtaining the ChildFriendly Product Certificate – A Guide, http:// childfinanceinternational.org/images/Certification_Document.pdf Child and Youth Finance International (2012). The Child and Youth Friendly Banking Product Certification Guide, from http://www.childfinanceinternational.org/index.php/component/mtree/kb/cyfi-publications/cyfi-certificationguide?Itemid= Committee on the Rights of the Child (2001), The Aims of Education, General Comment No. 1, University of Minnesota Human Rights Library. http://www1.umn.edu/humanarts/crc/comment1.htm CRIN (2012). Child Rights Education for Professionals: http://www.crin.org/resources/infoDetail. asp?ID=27257&flag=report CRIN Human Rights-Based Approaches to Programming http://www.crin.org/hrbap/index.asp?action=theme. subtheme&subtheme=6
Dees, Gregory (1998). The Meaning of Social Entrepreneurship, Kaufmann Center for Entrepreneurial Leadership, October 31, 1998. Dewey, John (1897). My Pedagogic Creed, http://en.wikisource.org/wiki/My_Pedagogic_Creed Dewey, John (1916). Democracy and Education. The MacMillan Press. http://www.ilt.columbia.edu/ publications/dewey.html Dunford, Chris (2001). “Building better lives: Sustainable integration of microfinance and education in child survival, reproductive health, and HIV/AIDS prevention for the poorest entrepreneurs,” Journal of Microfinance, 3 (2): 1–25 http://marriottschool.byu.edu/esrreview/view_archive.cfm?id=45&issue=fall01 Erulkar, Annabel, and Erica Chong. “Evaluation of a Savings & Micro-Credit Program for Vulnerable Young Women in Nairobi.” Population Council(2005): n. pag. Web. 5 Aug 2011. <http://www.popcouncil.org/pdfs/ TRY_Evaluation.pdf>. Glassman, M. (2001) Dewey and Vygotsky. “Society, experience and inquiry in educational practice”,Educational Researcher Volume 30, No.4, pp. 3-14. Global Financial Education Program. (2003). Global Financial Education Program. Retrieved July 27, 2010, from Global Financial Education Program: http://www.globalfinancialed.org/ Grody, A., Grody, D., K. E., & Sutliff, J. (2008). A financial literacy and financial services program for elementary school grades: Results of a pilot study. Retrieved July 15, 2010, from Social Science Research Network: http://ssrn. com/abstract=1132388 G20 (2011). G20 High Level Principles on Financial Consumer Protection, http://www.oecd.org/ dataoecd/58/26/48892010.pdf Hanon, Aoife (2011). Human Rights in Perspective: Children’s Socio-Economic Rights, Democracy and the Courts. Hart Publishing September 2011. http://www.hartpub.co.uk/books/details.asp?isbn=9781841137698 Harley, Jennifer Gurbin, Adil Sadoq, Khadija Saodi, Leah Ketterberg and Jennifer Denomy (2010). “YouthInvest: A case study of savings behaviour as an indicator of change through experiential learning”. Enterprise Development and Microfinance, Vol 21, No. 4, pp. 292-306 Hathaway, I and S. Khatiwada (2008). “Do Financial Education Programs Work?” Federal Reserve Bank of Cleveland Working Paper No. 08-03. http://www.clevelandfed.org/research/workpaper/2008/wp0803.pdf Hirschland, M. (2009). Youth Savings Accounts: A financial services perspective. Washington, DC: USAID Office of Microenterprise Development. http://www.microlinks.org/ev_en.php?ID=43511_201&ID2=DO_TOPIC Hogarth, J. (2006, November 29-30). Financial education and economic development. Retrieved July 15, 2010, from OECD: http://www.oecd.org/ dataoecd/20/50/37742200.pdf Holden, Karen, Charles Kalish, Laura Scheinholtz, Deanna Dietrich and Beatriz Novak (2009). Financial Literacy Programs Targeted in Pre-School Children: Development and Evaluation, Credit Union National Association, http:// www.cunapfi.org/.../168_CUNA_Report_PHASE_ONE_FINAL_4-27-9.pdf ILO (2006) Salzano, Carmela; Bahri, Sonia; Haftendorn, Klaus. Towards an entrepreneurial culture for the twenty-first century: stimulating entrepreneurial spirit through entrepreneurship education in secondary schools. Jappelli, Tullio (2009) “Economic Literacy: An International Comparison,” CSEF Working Papers 238, Centre for Studies in Economics and Finance (CSEF), University of Naples, Italy
Johnson, E., & Sherraden, M. (2007). “From financial literacy to financial capability among youth” Journal of Sociology and Social Welfare , 34 (3), 119–146. Retrieved August 2010, 2010, from The Fedderal Reserve Bank of San Francisco: http://www.frbsf.org/community/research/assets/Financialcapability.pdf Jumpstart Coalition. (2009 ). The Financial Literacy of Young American Adults: Results of the 2008 National Jump$tart Coalition Survey of High School Seniors and College Students. . Washington, D.C. Junior Achievement Worldwide (2011). JA Worldwide Fact Sheet. http://www.jaworldwide.org/files/JA_Worldwide_ Fact_Sheet_2011.pdf Kolb. D. A. and Fry, R. (1975) “Toward an applied theory of experiential learning”. in C. Cooper (ed.) Theories of Group Process, London: John Wiley Lucey, T. A. (2007). “The art of relating moral education to financial education: An equity imperative”. Social Studies Research and Practice, 2 (3), 486–500. Lucey, T and Gianngelo, D (2006). “Short Changed: The importance of facilitating equitable financial education in urban society”. Education and Urban Society, 38 (3), pp. 268-287 Lusardi, A., Mitchell O.S and Curto, V (2010). “Financial Literacy among the young”. The Journal of Consumer Affairs, Vol 44, No. 2, pp. 358-380 Mandell, L. (2009). Starting Younger: Evidence Supporting the Effectiveness of Personal Financial Education for Pre-High School Students. University of Washington and the Aspen Institute . Mandell, L. (2009). Two Cheers for School-based Financial Education. Washington, D.C.: Aspen Institute Initiative on Financial Security. McCormick, M. H. (2009). “The Effectiveness of Youth Financial Education: A Review of the Literature”. Journal of Financial Counseling and Planning Volume 20, Issue 1 , 70-83. Miller, W (1990). “Internships, the liberal arts, and participant observation”, Teaching Sociology, No.18, pp. 78-82 Mirriam-Webster’s Online Dictionary. (n.d.). Retrieved July 15, 2010, from http://www.merriam-webster.com/ dictionary/financial Meyer, J., Zimmerman, J. M., & Boshara, R. (2008, July). Child Savings Accounts: Global Trends in Design and Practice. Global Asset Projet: http://www.community-wealth.org/_pdfs/articles-publications/individuals/paper-meyer-et-al.pdf Mundrake, G.A., & Brown, B.J. (2001). A case for personal financial education. Business Education Forum, 56(1), 22-25. Network for Teaching Entrepreneurship (NFTE) (2012). Classroom Program Description. http://www.nfte.com/ what/classroom-programs Ng, S. (1983). Children’s Ideas About the Bank and Shop Profit: Developmental Stages and the Influence of Cognitive Contrasts and Conflict. Journal of Economic Psychology , 209-21. Nudge Blog, (2011) The Behavioral Backdrop to Financial Incentives, http://nudges.org/2011/03/16/the-behavioralbackdrop-to-financial-incentives/ OECD (2005a). Improving Financial Literacy, http://www.oecd.org/document/2/0,3746, en_2649_15251491_35802524_1_1_1_1,00.html OECD (2005b). Recommendation on Principles and Good Practices for Financial Education and Awareness, http:// www.oecd.org/dataoecd/7/17/35108560.pdf
OECD (2011a). Improving Financial Education Efficiency, Can behavioral economics be used to make Financial education more effective, Joanne Yoong Ed., http://www.oecd-ilibrary.org/finance-and-investment/improving-financial-educationefficiency/can-behavioural-economics-be-used-to-make-financial-education-more-effective_9789264108219-6-en OECD (2011b). Can Economic Psychology and Behavioural Economics help Improve Financial Education, Vera Rita de Mello Ferreira Ed. http://www.oecd-ilibrary.org/finance-and-investment/improving-financial-education-efficiency/caneconomic-psychology-and-behavioural-economics-help-improve-financial-education_9789264108219-7-en OECD (2012a). Guidelines on Financial Education at School and Guidance on Learning Framework. Forthcoming OECD (2012b). PISA 2012 Financial Literacy Framework, http://www.pisa.oecd.org/dataoecd/8/43/46962580.pdf OECD/INFE (2012). High Level Principles for the Evaluation of Financial Education Programs, http://www.oecd.org/ dataoecd/38/63/49373959.pdf OHCHR (1966) International Covenant on Economic, Social and Cultural Rights http://www2.ohchr.org/english/ law/cescr.htm#art10 Parrish, L., & Servon, L. (2006). Policy options to improve financial education: Equipping families for their financial futures. Retrieved July 15, 2010, from New America Foundation: http://www.newamerica.net/files/ nafmigration/Doc_File_3135_1.pdf Pathak, Payal, Jamke Holmes and Jamie Zimmerman (2011), Accelerating Financial Capability among Youth: Nudging new Thinking. New America Foundation – Global Assets Project. http://newamerica.net/publications/ policy/accelerating_financial_capability_among_youth Peters, J. (2010). Start Saving Sooner? The Case for Child Accounts. University of Washington- Michael G. Foster School of Business Department of Finance. Rabbior, Gary (2010). Canadian Foundation for Financial Education. Learning Framework for the Building Futures Project: Province of Manitoba, Canada, www.cfee.org Rollins, Jack et al. (2009). Portfolios of the Poor. 1st. Princeton, NJ: Princeton University Press, Print. Save the Children (2005). Child Rights Programming: How to apply rights based approaches to programming. 2nd Edition. http://images.savethechildren.it/f/download/Policies/ch/child-rights-handbook.pdf Save the Children, UN Global Compact and UNICEF (2012). Children’s Rights and Business Principles. http://www.unicef.org/csr/css/PRINCIPLES_23_02_12_FINAL_FOR_PRINTER.pdf Sebstad, Jennifer (2011) “Girls and their Money”, Microfinance Opportunities http://microfinanceopportunities.org/ wpcontent/uploads/2011/08/Nike-Report-2011.pdf Sen, Amartya (2005). “Human rights and Capabilities”, Journal of Human Development Vol 6, No.2. http://www/ unicef.org/socialpolicy/files/Human_Rights_and_Capabilities.pdf Sherraden, M. (1991). Assets and the Poor: A New American Welfare Policy . New York : M.E. Sharpe, Inc. Sherraden, Margaret (2010). Financial Capability: What is it and how can it be created? University of Missouri – St .Louis: Center for Social Development. http://csd.wustl.edu/publications/documents/WP10-17.pdf Soman, Dilip (2010), “Using Psychology to Enhance Household Savings,” in J. Klayman (ed.), Capitalism and Poverty, forthcoming. http://www.rotman.utoronto.ca/dilip%20soman/using%20psychology%20-%20savings.pdf Somon, Dilip (2011). Nudging or Educating? Presentation at the OECD-FCAC Financial Literacy Conference in Toronto, Canada. http://www.fcac-acfc.gc.ca/conference/PDFs/Dilip.pdf
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Annex B: Economic Citizenship Education Learning Framework: Financial Education Component Annex B: Child and Youth Finance Education Learning Framework FINANCIAL EDUCATION LEVELS
MONEY and USE
PLANNING and BUDGETING
RISK and REWARD
Focuses on a broad spectrum
Income and wealth planning
Relates to the character and
of personal financial topics
and management over the
understanding of the
features of the financial and
such as everyday payments,
short and long term.
potential for financial gains or
economic world. It covers
spending, value for money,
losses across a range of
knowing the rights and
bank cards, cheques, bank
financial contexts, and the
responsibilities of consumers
accounts and currencies.
ability to identify
in the financial marketplace
opportunities for achieving
and within the general
rewards and benefits as well
financial environment, and
as ways of managing,
the main implications of
balancing and covering risks.
financial contracts. It also
Two risks are important:
includes a basic
financial losses an individual
understanding of the
may have to face (loss of
economic environment and
income, catastrophic events),
realities within which
and risk inherent to financial
financial decisions are made.
products 1.1 Understand the concept
1.1 Understand the difference
1.1 Practice the habit of
1.1 Understand how people
and the value of money.
between spending, saving,
saving special things.
use money in their
borrowing, and sharing
money. 1.2 Be able to collect and
1.2 Understand the different
1.2 Understand the
1.2 Recognize that some
save things that they find
ways in which they can
consequences of being
people have more money
careless with our possessions.
and possessions than others.
1.3 Understand where they Level 1 (5 years
1.3 Know and compare the
1.3 Understand the benefits
1.3 Able to differentiate
get money from and what
prices of things that they want
between what belongs to
they need it for.
them, what belongs to others
and what belongs to the
Outcomes 1.4 Appreciate the
1.4 Understand that choices
1.4 Understand the benefits
1.4 Understand where certain
importance of sharing
need to be made regarding
items are sold in their
resources with others.
things that they can use now
and things they want to use, or acquire, later. 1.5 Understand the things
1.5 How to count their money,
1.5 Demonstrate appreciation
1.5 Be able and willing to
that they can buy and the
to buy an item they want and
when receiving money or
speak with their family about
things they will need their
count the change that they
parents or caregivers to buy.
2.1 Understand the relative
2.1 Appreciate the value of
2.1 Understand the concept
2.1 Understand that
value of their possessions
resources and uses them
of living within one’s means.
individuals have choices in
and use them responsibly.
2.2 Understand how prices
2.2 Understand the
2.2 Understand how to save
2.2 Be able to recognize and
reflect value of goods in the
importance of savings and
for something and why saving
identify different financial
establishing a savings plan.
may be necessary.
institutions in their
how they use their money.
community and what products and services they provide. Level 2 (6-9 years old)
2.3 Be able to use numeracy
2.3 Understand the difference
2.3 Appreciate the
2.3 Understand basic
skills in a practical way with
between needs and wants.
importance of keeping money
and other resources safe.
money. 2.4 See the importance of
2.4 Be able to classify
2.4 Understand how people
2.4 Understand the different
giving/donating money to
can experience difficulties if
roles of money.
others in need.
they do not have any savings.
2.5 Be able to recognize basic
2.5 Understand the challenges
2.5 Appreciate the rewards of
2.5 Understand why people
symbols and terminology as
of saving money.
sharing/giving resources to
work to earn money.
they relate to money and
banks. 3.1 Be able to recognize the
3.1 Be able to format a
3.1 Be able to identify
3.1 Understand the different
value of money and the value
personal budget with
different financial products
factors that can influence
of different denominations.
and recognize the risks and
their spending decisions.
rewards of each: credit, savings, insurance, etc.
3.2 Understand the
3.2 Understand how
3.2 Appreciate how families
3.2 Understand that
importance of being an
budgeting can help in making
and communities cope or
countries have different
better spending and savings
prepare themselves against
types, quantities, and quality
3.3 Be able to evaluate the
3.3 Understand why you
3.3 Understand the positive
3.3 Understand that the
results of a financial decision.
might decide to buy one
and negative consequences of
production and delivery of
product over another.
products and services has to
Level 3 (10-14 years old)
abide by regulations and laws
Outcomes 3.4 Understand how one's
3.4 Recognize that families’
3.4 Understand the rewards
3.4 Know where to get good
resources and spending
household budgets change as
of financial responsibility and
information in helping with
decisions can affect their
circumstances change and a
the risks of financial illiteracy.
lifestyle and vice versa.
budget should be reviewed from time to time.
3.5 Know how money can be
3.5 Understand that every
3.5 Understand the effects of
3.5 Understand how
used to help others.
money decision we make
their spending decisions on
advertising tries to influence
involves a trade-off – giving up
others and the environment.
how we spend money.
something to gain something else – that will have an impact over the short and long term.
4.1 Be able to conduct
4.1 Know how to manage
4.1 Know the risks of
4.1 Be aware of financial
financial negotiations with
debt and budgets effectively
crimes such as identity theft,
frauds, and scams and know
how to take appropriate
4.2 Understand factors that
4.2 Know how to calculate
4.2 Understand the impact of
4.2 Be able to identify which
affect the purchasing power
their spending capacity
interest rates, exchange rates,
financial service providers are
market volatility, taxes and
trustworthy and which
inflation on financial
products and services are
protected through regulation
or consumer protection laws
Level 4 (15 & above) Learning Outcomes
4.3 Be able to file complaints
4.3 Be able to compare
4.3 Understand ways to
4.3 Be able to recognize
about particular products
income to necessary costs of
redesign budgets to address
factors leading to conditions
of poverty and income
circumstances, or problems.
4.4 Understand how to
4.4 Understand when it would
4.4 Be able to distinguish
4.4 Be able to perform basic
calculate "after purchase"
be appropriate to borrow or
investments with different
financial tasks through
costs into the price of a
levels of risk
internet or mobile banking
4.5 Discover ways to live an
4.5 Be able to consider
4.5 Understand the risks of
4.5 Understand how
economically and ecologically
financial goals over the short,
indulging in gambling or illicit
medium, and long term and
activity to try and get more
revenues to provide public
recognize how they may
goods and services and why
change over time
taxes are paid.
Note: CYFI has adapted the OECDâ€™s overall financial education thematic categories in the PISA Financial Literacy Framework and changed the headings to resources and use, planning and budgeting, risk and reward and financial landscape. In addition, the learning outcomes described in Level 1 through 4 of the Child and Youth Finance Education Learning Framework for Financial Education reflect a reinterpretation of the PISA Framework, based on the contributions of CYFI Network members
Annex C: Economic Citizenship Education Learning Framework: Social / Life Skills Education Component Annex C: Child and Youth Finance Education Learning Framework SOCIAL/LIFE SKILLS EDUCATION LEVELS
Cognitive skills refer to the range of
Personal skills refer to the range of
Interpersonal skills refer to the range of
competencies a person uses to obtain,
competencies required to organize, plan,
competencies required for people to
analyze and use information gained
and accomplish personal affairs,
interact effectively with others, both
through thought, experience, and the
circumstances and ambitions.
directly and within institutions, through
senses to build knowledge and guide
communication, listening, teamwork, and
decisions and actions.
1.1 Be able to identify attitudes and
1.1 Demonstrate awareness of one's
1.1 Communicate verbally and non-
emotions of peers.
own emotions and the emotions of
verbally to express feelings and react to
others and can describe basic emotions.
1.2 Understand and can explain
1.2 Possess appropriate self-esteem and
1.2 Contribute actively verbally and by
consequences of actions for self and
can act with confidence.
actions with others in group settings.
others. Level 1(5
1.3 Understand and can explain how
1.3 Formulate and express ideas about
1.3 Can describe the importance of
he/she is unique and special
self and setting, including interests and
showing compassion for people who are
sick and/or in difficulty and act/react
Learning Outcomes 1.4 Develop interests in songs, poems,
1.4 Be able to identify and take care of
1.4 Seek help when needed and provide
stories, physical activities, etc.
help when asked, appropriate to personal skill sets.
1.5 Acquire initial facility with and interest
1.5 Describe and employ the tenets of
1.5 Can explain the effects that one's
in numbers and letters/words for fun and
basic health and safety.
behavior has on others and articulate
appropriate positive alternatives.
2.1 Recognize similarities and differences
2.1 Recognize how own actions /
2.1 Can describe the causes and
amongst peers and appreciates diversity.
emotions can and do impact others and
consequences of personal conflicts and
manage these in a positive way.
propose and undertake reasonable actions to resolve these.
Level 2 (6-9 years old)
2.2 Can describe basic children's rights and
2.2 Adhere to a daily (and longer term)
2.2 Develop and employ active listening
responsibilities and communicate and act
plan, including elements defined by self
skills, including asking questions to validate
to ‘defend’ these for her/himself.
or by a trusted other person – e.g., a
and expand understanding and relevant
parent, teacher or older sibling.
2.3 Be able to identify, comprehend and
2.3 Express emotions positively, orally, in
2.3 Demonstrates respect for other
process relevant information acquired
writing, in actions, pictorially or via other
people's needs, able to anticipate and
through different means – reading,
means, as appropriate to the
react to these positively.
listening, observation, experience – and to
use this as appropriate.
2.4 Recognize risks & vulnerabilities as well
2.4 Develop and deploy a positive
2.4 Can describe their rights and
as protective factors and opportunities.
attitude towards chores at home or at
responsibilities towards others in the
community and employ these for personal benefit and the benefit of others.
2.5 Understand and can describe the
2.5 Express short and medium-term
2.5 Develop, demonstrate and defend a
effects of stereotyping, stigma &
desires and aspirations clearly and
respect for rules and guidelines and can
discrimination related to gender, class,
articulate reasonable strategies to
propose modifications to these that are
appropriate to particular settings and circumstances.
3.1 Develop an understanding of the type
3.1 Develop an interest in social clubs or
3.1 Demonstrate appropriate assertiveness
of person they want to become and
community initiatives and participate
and clarity when expressing opinions to
identify and take concrete actions –
actively in at least one initiative.
influence the thinking and actions of
learning, experiences, and interactions –
others, including peers, older youth, and
towards this goal.
3.2 Can describe how external factors
3.2 Develop and employ personal skills –
3.2 Develop and use ability to identify and
(community, school, ethnicity and religion)
e.g., anger management,
resist inappropriate peer or social
can influence the formation of social
communication (verbal, written, other),
values and act to use these and to
negotiation, reflection… – to achieve
influence them in turn.
personal needs and desires with other persons, groups and institutions.
3.3 Seek and acquire information via many
3.3 Can explain the importance of new
3.3 Demonstrate, advocate for and
means – reading, observation, experience
skills and new experiences and identify
promote actively inclusion and non-
– and analyze and use this strategically for
and employ strategies to accomplish
discrimination within their community,
personal and social purposes.
displaying respect for cultural differences.
3.4 Can explain what types of personal
3.4 Can analyze and explain his/her place
3.4 Develop and employ effective
information should and should not be
in the wider community and in the world
cooperation and teamwork skills to
disclosed to others and behaves following
and articulate and deploy strategies to
elaborate, plan, accomplish and assess
better her/his situation there in.
joint tasks with other persons, groups
and/or institutions. 3.5 Use cognitive abilities – reading,
3.5 Explain and appreciate their physical
3.5 Take an active role in
observation, analysis, learning, etc. – to
and psychological transformations
mediating/resolving conflicts peacefully.
make independent decisions and to plan
(puberty) and obtain information and
and take independent actions.
advocate for self to manage these both emotionally and practically.
4.1 Display advanced analytical skills
4.1 Cope effectively with personal and
4.1 Establish and maintain healthy and
through demonstrating the ability to
social loss, abuse and trauma,
rewarding relationships with peers and
articulate and summarize diverse
communicating and taking positive
family members, for both personal and
action alone and with others.
4.2 Appreciate the conceptual and
4.2 Develop and employ effective
4.2 Recognize bullying & harassment in the
operational dimensions of human rights
strategies for managing stress.
community and acts to prevent it.
Level 4 (15 & above) Learning Outcomes
and humanitarian norms for personal and social development and use cognitive abilities to promote and apply these.
4.3 Demonstrate an awareness and
4.3 Develop and employ effective
4.3 Demonstrate skills in building and
appreciation of different local and global
strategies for maintaining optimism and
participating in social networks and
phenomena (gender equality, religious and
cultivating a sense of initiative.
institutions and uses these for personal,
cultural diversity, environmental
professional and social benefit.
stewardship, etc.), employing cognitive abilities to learn about these, to react in a positive, respectful manner and to influence the related reactions and actions of others. 4.4 Formulate ideas on how their
4.4 Exhibit a sense of passion for
4.4 Deploy positive leadership and
community, country and the world can be
pursuing specific goals or interests â€“
improved and employ cognitive skills to
personal, social and professional â€“ and
plan and act towards this end, alone and
plans and takes appropriate action to be
able to attain these
4.5 Can explain the importance of, and
4.5 Exhibit effective time management
4.5 Develop and employ effective public
articulate and employ strategies for,
speaking skills, able to convince, mobilize
balancing monetary and non-monetary goals and priorities.
and entertain others, as appropriate.
Annex D: Economic Citizenship Education Learning Framework: Livelihoods Education Component Annex D: Child and Youth Finance Education Learning Framework LIVELIHOODS EDUCATION
MARKET ORIENTED CAREER COUNSELING
ENTREPRENEURSHIP (Social and Financial)
Market Oriented Career
Financial Entrepreneurship: The
Employment: Working for
knowledge and ability to mobilize
income. Decent work provides
refers to the work
informing young people of
and use one's technical and
for income, safe and dignified
strategies, habits and
realistic work opportunities
business skills and behaviors to
working conditions and the
behaviors which are
based on labor market
take advantage of market
opportunity for development
required to function and
opportunities in an effort to
without causing harm to
thrive in the workplace. It
produce and/or deliver products
others or the environment.
includes the knowledge
1. Helping youth to assess
and services that generate a
Securing Employment refers
and ability to know one’s
their personal aptitudes
sufficient financial return and,
rights and work safely in
and aspirations to best
perhaps, employment for others.
1.The ability to seek out
their work environment.
target their entry into the
Social Entrepreneurship: The
appropriate skills training,
knowledge and ability to recognize
mentorships and guidance
2. Equipping them with the
social, political or environmental
services to allow one to
techniques, strategies and
needs and to use one's technical
achieve one’s employment
behaviors required to
and business skills, behaviors and
goals, develop their
ascertain and to pursue the
networks to take initiative by
marketability and explore and
best opportunities for
creating or adapting and adopting
secure options for lifestyle and
employment that suit their
innovative solutions that meet
income generating activities;
aptitudes and aspirations;
these needs while at the same time
generating sufficient social and
2. The skills and behaviors
3. Helping them identify
financial capital to sustain and, as
necessary to look for and
and participate in training
relevant, expand operations.
acquire a job.
1.1. Demonstrate a
1.1. Be able to identify businesses
1.1. Take initiative in asking to
1.1. Be able to work as a
personal interest in certain
and entrepreneurs in one’s
perform tasks or activities.
part of a team on a given
community and describe goods and
and other programs or paths that will prepare them best for finding a suitable job.
services that they provide. 1.2. Understand why
1.2. Be able to identify a goal, and
1.2. Understand why people
1.2. Be able to take advice
people go into certain
make a plan towards it.
choose to work.
and make adjustments in
Level 1 and 2
professions or take certain
order to perform a basic
(12 years and
task safely and effectively.
under) 1.3. Be able to express
1.3. Develop a sense of leadership
1.3. Demonstrate a sense of
1.3. Seek help or
what they like to do and
to motivate others and an
information to do the task
what they feel they are
understanding of the importance of
well and, even, better.
good at. Also able to
democratic leadership in a group.
express what they are not interested in.
1.4. Be able to express
1.4. Understand and be willing to
1.4. Demonstrate an ability to
1.4. Pay attention and use
what they would like to be
take risks and show initiative in
solve simple problems.
strategies to listen
in the future.
carefully and with understanding.
1.5. Be able to associate
1.5. Be able to make the best use
1.5. Be able to provide
1.5. Understand risks or
personal effort with
out of their existing resources.
examples of how their family
hazards involved with
personal rewards and/or
can benefit from the goods
performing certain tasks
and services available in their
and how to avoid them.
community. 3.1. Identify and consider a
3.1 Be able to act on an
3.1 Develop and practice
3.1 Demonstrate the
variety of occupations that
opportunity when they see it – in
general workplace attributes
qualities required for
provide an opportunity to
their class, school, home,
such as self-discipline, good
succeeding and evolving in
earn money and reflect on
community - and have an
personal hygiene, ability to
the value they bring to
understanding of how these
work in teams, basic
one’s self, one’s family and
initiatives can meet social and
communication skills, etc.
detail, discipline, rigor,
economic needs in the community.
results-focus, customer service, etc.
3.2. Knowledge about the
3.2 Can describe the role
3.2 Knowledge of the
3.2 Perform with
skills and competencies
entrepreneurs play in the economy
pathways to employment and
dedication and success in
required to succeed in
and in society and able to recognize
basic plans to gather the skills
current domain of activity
work and where to acquire
successful social and financial
and knowledge required for a
– education, training, and
entrepreneurs at the local, national
desired or anticipated domain
and international level.
3.3. Ability to assess
3.3 Be able to develop an action
3.3 Can explain the purpose of
3.3 Knowledge about the
Level 3 (12-15
personal attitudes and
plan for an economic endeavor or
a résumé/CV, application
conditions of work for
aspirations in relation to
for social activities.
letter, application form and
various occupations and
workers’ rights regarding
work and determine what work opportunities match
safety and hazardous
their individual values.
conditions. Identify safe and unsafe health and safety practices.
3.4. Able to recognize the
3.4 Describe the reasons why
3.4 Can explain how someone
3.4 Be able to manage
risks and rewards of
businesses may succeed or fail and
they know got their current
responsibilities and time
entrepreneurship vs. wage
be able to identify key actions
while following directions
employment in sustaining
necessary for entrepreneurship
3.5. Knowledge of career
3.5 Demonstrate the basic skills
3.5 Can describe several
3.5 Distinguish between
guidance services and
and behaviors of entrepreneurship
different ways to learn of job
different levels of work
willingness to use these.
– risk, initiative, organization,
opportunities and how to
quality and able to
confidence, communication, and
analyze these opportunities or
contribute to work quality.
4.1 Set career goals and
4.1 Be able to develop an analysis
4.1 Can identify and list actual
4.1 Understand, possess
develops a career plan,
and business plan for an enterprise
opportunities that exist for
and exhibit the skills,
taking steps (including
to capitalize on a social or financial
work – as an employee or self-
knowledge and attitudes/
Level 4 (15+
employed – at the local,
behaviors required of a
pursue career options that
national, regional and global
match personal strengths
vocation or job.
and accept guidance
4.2 Describe how they can
4.2 Able to identify, assess and
4.2 Possess the basic
4.2 Use listening skills and
improve their ability to
choose to take risks and to manage
problem solving strategies
these as unexpected changes or
to provide effective
required for the available jobs or know how to proceed to obtain and develop needed skills. 4.3 Understand how
4.3 Explain how to market oneâ€™s
4.3 Possess the knowledge,
4.3 Demonstrate an ability
people get paid for work â€“
products or services effectively.
behaviors and techniques
to manage responsibilities
e.g. wages, salaries,
required to assess the
contracts, gross vs. net pay,
employment environment and
types of deductions, etc.
to interact therein to identify and cultivate best employment opportunities.
4.4 Understand the
4.4 Apply the basic skills and
4.4 Possess the skills (including
4.4 Take steps to improve
behaviors of entrepreneurship -
developing a CV, preparing a
quality and job
employment income and
risk, initiative, organization,
cover letter and application
earning money as an
confidence, communication, and
form) required to seek and
entrepreneur (profit) and
collaboration to their business
acquire (formal) employment.
articulates a preference
based on personal aspirations, aptitudes and preferences. 4.5 Be able to develop and
4.5 Can describe the need for
4.5 Be able to cope with
4.5 Take steps to prevent
utilize a professional
capital and other requirements
accidents and maintain
network to assist with
necessary to launch and conduct a
good mental and physical
career guidance and
business and can explain how they
health of themselves and
searching for employment
can gain and manage these, as
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This document provides a rationale for why integrated financial, social and livelihoods education is necessary. It also explains why it is e...
Published on May 15, 2013
This document provides a rationale for why integrated financial, social and livelihoods education is necessary. It also explains why it is e...