The OECD-Russia Technical Assistance Project on Financial Education in the Commonwealth and Independent States (CIS) was launched in Moscow on 29 June 2017. The project will provide policy and practical support for strengthening the financial literacy of citizens with a view to promoting their financial well-being. The six participating countries are Armenia, Azerbaijan, Belarus, Kazakhstan, the Kyrgyz Republic and Tajikistan. Find out more about the project at http://www.oecd.org/finance/financial-education-CIS.htm

1. FINANCIAL EDUCATION IN
THE COMMONWEALTH AND
INDEPENDENT STATES (CIS)
LAUNCH OF THE OECD/INFE
TECHNICAL ASSISTANCE PROJECT
Moscow, 29 June 2017
With sponsorship from and in co-operation with the
Ministry of Finance of the Russian Federation

2. A. Relevance of financial literacy policies
B. An introduction to the OECD/INFE
C. The programme to support financial
literacy in Eurasia
D. OECD/INFE tools on financial education
and literacy
E. A draft timeline
F. Country-specific action plans

3. A. RELEVANCE OF FINANCIAL
LITERACY POLICIES

4. Financial empowerment and education
can benefit all stakeholders
Enabling tools are needed to avoid negative spill overs
Individuals and SMEs
may face exclusion, over
indebtedness, fraud &
mis-selling (reducing
trust)
The financial industry
can miss market
opportunities if people
avoid interacting with
financial services
Governments may find
that the remedy to poor
financial decisions is
more costly than
prevention
There have been many changes to the financial landscape
More inclusive in some
ways, but there is room
for improvement
People face
uncertain futures and
more individual
responsibility
Technology has an
increasing role

5. Low knowledge of key
financial concepts
Understanding the basic
concept of compound
interest
Recognising the benefit of
risk diversification
Difficulty in several areas
of financial behaviours
Low use of formal
financial services
Insufficient planning
ahead for both
unexpected life events
and retirement
Use of, and reliance on
(often high-cost) credit
Groups at risk
and in need
young
elderly population
women
low income
Migrants
MSME
What the evidence shows: financial literacy is low
globally (OECD/INFE 2015/6 surveys, OECD PISA, 2012,15)

6. On average, 56% of adults across 30 participating countries
achieved the minimum target score of at least 5 out of 7
Many adults are currently unable to reach the
minimum target score on financial knowledge
38%
45% 55%
56%
62%
0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
SouthAfrica
Malaysia
BritishVirginIslands
Belarus
Thailand
Albania
RussianFederation
Croatia
Jordan
UnitedKingdom
Brazil
CzechRepublic
Poland
Georgia
Average,allcountries
Turkey
France
Hungary
Belgium
Lithuania
Portugal
Canada
Average,OECDcountries
NewZealand
Netherlands
Austria
Latvia
Norway
Finland
Estonia
Korea
HongKong(China)

7. B. INTRODUCTION TO THE
OECD/INFE

8. INFE created in
2008
115 economies
approx 250 public
authorities
A technical
committee
An advisory board
Outreach to other
communities through
INFE Research
Committee
Partnerships with
NGOS and
private sector
Global and regional
policy platforms and
roundtables
Asia
Latin America
Eurasia (CIS)
OECD/International Network on Financial Education (INFE)
Project on Financial Education
Work started in 2002. Serviced by 2 OECD Committees
→ International Gateway for financial education
For more : www.financial-education.org

9. •A process by which individuals
through information, instruction
and/or objective advice :
• Improve their understanding of
financial products and concepts
• Develop the skills and confidence
• Become more aware of financial risks
and opportunities
• Make informed choices,
to know where to go for help, and take
other effective actions
• To improve financial wellbeing
Financial education
(OECD, 2005; G20, 2012)
• A combination of
awareness, knowledge,
skill, attitude and
behaviour necessary to
make sound financial
decisions and ultimately
achieve individual
financial well-being
Financial literacy
(OECD; G20, 2012)
What do we mean by financial education and
financial literacy?

10. Financial education is one part of a multi-dimensional
approach to financial empowerment
Financial
Education
Financial
Consumer
Protection
Financial
Inclusion
G20 (2010) Principles
for Innovative Financial
Inclusion
G20 (2011) High-Level
Principles on Financial
Consumer Protection
developed by the OECD
OECD/INFE(2012)
High-Level Principles on
National Strategies for
Financial Education

11. C. THE CIS PROJECT:
OBJECTIVES AND
WORK STREAMS

12. Dedicated technical assistance to design, implement and review
evidence-based financial education strategies and policies in
Eurasia
Six countries will be covered : Armenia, Azerbaijan, Belarus,
Kazakhstan, Kyrgyz Republic and Tajikistan
The Ministry of Finance of the Russian Federation is financially
supporting these activities as a follow–up to its G20 Presidency
and the Russian Trust Fund on Financial Literacy and Education
The project is an integral part of the OECD/INFE programme on
financial literacy and education focusing on implementation and
impact assessment issues
The CIS project : Framework and objectives

13. 1
• Collecting and analysing data using the OECD/INFE
toolkit
2
• Building and supporting effective national strategies
using the OECD/INFE principles and policy handbook
3
• Addressing youth’s needs for financial literacy
4
• Addressing migrants and their families needs
The project includes four work streams

14. D. THE OECD/INFE
FINANCIAL EDUCATION
POLICY AND PRACTICAL TOOLS TO
SUPPORT THIS PROJECT

15. Survey instrument to capture
financial literacy…
• …a combination of awareness,
knowledge, skill, attitude and
behaviour necessary to make
sound financial decisions and
ultimately achieve individual
financial well-being
…in a representative sample of
adults, and available in a Toolkit
• Questionnaire (core) and optional
questions
• Methodological notes; Interviewer
briefings
G20 Leaders welcomed and
supported its use in 2013
and G20 Report in 2017
It was updated in 2015
to include new areas
1. Data collection: OECD / INFE tool to measure
financial literacy and financial inclusion

16. 2.1. Building effective
National Strategies (NS) for Financial Education
2012
High-level Principles
endorsed by
G20 Leaders
and supported by APEC
Ministers of Finance
2013
Publication on NS
status in G20
economies
welcomed by G20
Leaders
2015
Policy handbook on the
implementation of NS
16
Guidelines on private
and not-for-profit
stakeholders in financial
education

17. Specific
target
groups and
areas
Data
collection
to assess
needs
Impact
evaluation
Role of stake-
holders
Core
competencies
framework(s)
2.2. Various areas of work, consistent with
OECD/INFE work on national strategies
Women
Young
people /
schools
Financial
inclusion
MSMEs
Long-term
savings and
investments

18. Fact-finding stock take of
programme evaluation
amongst INFE members and
a Framework for evaluation
INFE High-level
Principles on the
Evaluation of Financial
Education Programmes
Two OECD/INFE
Guides to evaluation
18
2.3. Supporting materials: OECD/INFE research and
tools on evaluation
5 Principles
• Evaluate new progs
• Budget for evaluation
• Design the evaluation in
accordance with the
objectives and type of
programme
• Use external evaluators
if possible
• Report what worked,
and what didn’t work

19. 3. Addressing youth’s needs:
OECD/INFE policy and practical tools
PUBLICATION
&LEAFLET2014
Rationale for
financial education in
schools
Comparative report
Guidelines on
financial education in
schools
Learning Framework
2005 - OECD
Recommendation:
“Financial
education should
start at school”
Supported by the
Russian Trust
fund on financial
literacy and
education
G20 core competency on financial literacy for youth
provides a benchmarks of what young people age 15-18 y-old should
know, be able to do and are willing to do in a financial context
PISA Financial literacy
results, 2012
Next exercises 2015, 18

20. Core
competencies
on financial
literacy for
adults called for
by G20 Leaders
in 2013 and
delivered in
2016
Report and
checklist on
financial
education for
migrants and
their families
delivered to
G20 in 2015
Report and
guidance on
women and girls
financial
literacy
endorsed by
G20 leaders in
2013
4. Tools to support financial education for target
audiences, including migrants and their families

21. E. PROJECT ACTIVITIES AND
INDICATIVE TIMELINES

22. The survey will be based
on the (2015) edition of
OECD/INFE toolkit
reviewed and adapted to
take into account the
specificities of the countries
and populations
participating in the
exercise.
Work stream 1:
Collecting and analysing evidence
NOW:
• Meet relevant
stakeholders
• discuss
challenges
and initiatives
• Approve
country
Action Plans
Q2 2017
• Revise
survey
instrument
and guide for
interviewers
Q3/4 2017-2018
• Dedicated
workshop in
September
2017 in Minsk
• Implement
survey
2018/19
• Analyse survey results to
refine the national
strategy
• Comparative report on
Eurasia
• Regional database on
financial literacy and
inclusion

23. NOW
• Fact-finding
missions
• Consultation
with key
stakeholders
• Approve
country
Action Plans
2017
• A report mapping
initiatives on financial
education in each
country
• A regional workshop
on 19-20 September
in Minsk
3-4 Q 2018
• A regional
workshop and
INFE peer review
• A report and
guidance to
refine, review the
NS and its key
components
2019
• Follow up on
the NS
implementation
and evaluation
• Design of
action plans/
specific
initiatives
Work stream 2: Building/supporting effective national
strategies (NS) adapted to countries’ circumstances
Building on OECD/INFE
work and consultation
with stakeholders, it
aims to support the
design, implementation
and review of national
strategies for financial
education

24. 2017
• collect information: needs
of young people,
education systems,
possibilities for extra-
curricular
• meet with relevant
authorities including
ministry of education
2018
• A regional workshop in
Q1-2 (possibly in Armenia)
• detailed policy handbook
based on core
competencies including
specific countries’
recommendations
• Pilot in 1 country
2019
• Review of implementation
of recommendations in
countries
• Results of the pilot
• A regional workshop
(possibly in the Kirghiz
Republic/Kazakhstan)
Work stream 3:
Addressing youth’s financial literacy needs
This work stream will
involve country and
regional
activities/implementation
with a view to supporting
the implementation of
effective financial literacy
programmes for young
people in and out of schools

25. 2017
• Data collection using
desk research and fact-
finding mission in
countries
Q1/2 2018
• A dedicated workshop
(possibly in Tajikistan)
2018/9
• Report and
recommendations on
ways to improve
financial literacy and
wellbeing of migrants
and their families in
Eurasia
• Review of
implementation with
competent authorities
Work stream 4: Addressing Migrants and
their families’ financial literacy needs
Building on the
OECD/INFE report and
checklist, this work
stream will seek to
address the particular
needs of migrants and
their families for financial
literacy and protection
through dedicated
research and activities.

26. 29 June 2017
Moscow, Russia
High-level
roundtable
19-20 Sept 2017
Minsk, Belarus
High-level
conference with
key stakeholders
in CIS (back to
back with
technical
workshop on NS
and
2018
Technical workshops 1/2H
(schools, migrants)
Conference/Workshops in
Moscow 4/5 October
(NS and measurement)
2019
High-level
conference and
technical
workshop
(youth) to
disseminate
the results and
explore future
regional
Events to support the
development and dissemination of the project

27. F. COUNTRY-SPECIFIC
ACTION PLANS

28. Suggested project contributions to financial literacy
Project
component
Armenia
Deliverable Timeline
1) Collect
evidence on
financial
literacy
2) National
Strategy for
Financial
Education
Survey to assess adults‘ financial literacy
• Data collection using OECD /INFE toolkit
• Questionnaire adapted to local context / booster samples
Use of survey findings for policymaking
• Inform NSFE and FL initiatives, analysis at local level, regional DB
Two regional workshops
• Measurement of financial literacy (Minsk 19-20 Sep. 2017)
• Presentation of survey results (Moscow, Oct. 2018)
2017 (H2)
2018 - 2019 (H1)
2017 (H2) - 2018 (H2)
Roadmap to support assessment/revision of NSFE
• In cooperation with Central Bank of Armenia
Two regional workshops on NSFE development/implementation
• Minsk (19-20 Sep. 2017), Moscow (4-5 October 2018)
2017 (H2) - 2019 (H1)
3) Financial
literacy in
schools/
youth
Policy handbook on financial education in schools/youth
• Core competencies, ToT, pedagogical tools
Pilot programme on FL in selected schools and impact assessment
• Depending on interest and feasibility
Two regional workshops on integrating FE in schools
• 2018 (H1 – possibly in Armenia) and 2019 (H1)
2017 (H2) – 2019 (H1)
2017 (H2) - 2018 (H1)
2018 (H1) – 2019 (H1)
4) Financial
literacy for
migrants
Regional report on migrants’ FL needs
• Including Armenian case
Pilot programme on FL for migrants
• Depending on interest and feasibility
One regional workshop on FE for migrants and their families
• 2018 (H1)
2018 (H1) – 2019 (H1)
2018 (H1)
2017 (H2) – 2019 (H1)
2017 (H2) – 2019 (H1)

29. Suggested project contributions to financial literacy
Project
component
Azerbaijan
Deliverable Timeline
1) Collect
evidence on
financial
literacy
2) National
Strategy for
Financial
Education
Survey to assess adults‘ financial literacy
• Data collection using OECD /INFE toolkit
• Questionnaire adapted to local context / booster samples
Use of survey findings for policymaking
• Inform NSFE and FL initiatives, analysis at local level, regional DB
Two regional workshops
• Measurement of financial literacy (Minsk 19-20 Sep. 2017)
• Presentation of survey results (Moscow, October 2018)
2017 (H2)
2018 - 2019 (H1)
2017 (H2) - 2018 (H2)
Roadmap to support implementation of NSFE by CBAR
• Developing effective coordination mechanism with stakeholders
Two regional workshops on NSFE development/implementation
• Minsk (19-20 Sep. 2017), Moscow (October 2018)
2017 (H2) - 2019 (H1)
3) Financial
literacy in
schools/
youth
Policy handbook on financial education in schools/youth
• Core competencies, ToT, pedagogical tools
Two regional workshops on integrating FE in schools
• 2018 (H1) and 2019 (H1)
2017 (H2) – 2019 (H1)
2017 (H2) - 2018 (H1)
2018 (H1) – 2019 (H1)
4) Financial
literacy for
migrants
Regional report on migrants’ FL needs
• Including Azeri case
One regional workshop on FE for migrants and their families
• 2018 (H1)
2018 (H1) – 2019 (H1)
2018 (H1)

30. Suggested project contributions to financial literacy
Project
component
Belarus
Deliverable Timeline
1) Collect
evidence on
financial
literacy
2) National
Strategy for
Financial
Education
Survey to assess adults‘ financial literacy
• Data collection using OECD /INFE toolkit
• Questionnaire adapted to local context / booster samples
Use of survey findings for policymaking
• Inform NSFE and FL initiatives, analysis at local level, regional DB
Two regional workshops
• Measurement of financial literacy (Minsk 19-20 Sep. 2017)
• Presentation of survey results (Moscow, October 2018)
2017 (H2)
2018 - 2019 (H1)
2017 (H2) - 2018 (H2)
Roadmap to support assessment/revision of NSFE1
• In cooperation with National Bank of Belarus
Two regional workshops on NSFE development/implementation
• Minsk (19-20 Sep. 2017), Moscow (October 2018)
2017 (H2) - 2019 (H1)
3) Financial
literacy in
schools/
youth
Policy handbook on financial education in schools/youth
• Core competencies, ToT, pedagogical tools
Pilot programme on FL in selected schools and impact assessment
• Depending on interest and feasibility
Two regional workshops on integrating FE in schools
• 2018 (H1) and 2019 (H1)
2017 (H2) – 2019 (H1)
2017 (H2) - 2018 (H1)
2018 (H1) – 2019 (H1)
4) Financial
literacy for
migrants
Regional report on migrants’ FL needs
• Including Belarusian case
One regional workshop on FE for migrants and their families
• 2018 (H1)
2018 (H1) – 2019 (H1)
2018 (H1)
1. Joint Action Plan on Enhancing Financial Literacy of the Population of the Republic of Belarus for 2013-2018
2017 (H2) – 2019 (H1)

31. Suggested project contributions to financial literacy
Project
component
Kazakhstan
Deliverable Timeline
1) Collect
evidence on
financial
literacy
2) National
Strategy for
Financial
Education
Survey to assess adults‘ financial literacy
• Data collection using OECD /INFE toolkit
• Questionnaire adapted to local context / booster samples
Use of survey findings for policymaking
• Inform NSFE and FL initiatives, analysis at local level, regional DB
Two regional workshops
• Measurement of financial literacy (Minsk 19-20 Sep. 2017)
• Presentation of survey results (Moscow, October 2018)
2017 (H2)
2018 - 2019 (H1)
2017 (H2) - 2018 (H2)
Roadmap to support implementation and evaluation of NSFE1
• Including recommendations for NSFE from 2019 onwards
Two regional workshops on NSFE development/implementation
• Minsk (19-20 Sep. 2017), Moscow (October, 2018)
2017 (H2) - 2019 (H1)
3) Financial
literacy in
schools/
youth
Policy handbook on financial education in schools/youth
• Core competencies, ToT, pedagogical tools
Two regional workshops on integrating FE in schools
• 2018 (H1) and 2019 (possibly in Kazakhstan)
2017 (H2) – 2019 (H1)
2017 (H2) - 2018 (H1)
2018 (H1) – 2019 (H1)
4) Financial
literacy for
migrants
Regional report on migrants’ FL needs
• Including Kazakh case
One regional workshop on FE for migrants and their families
• 2018 (H1)
2018 (H1) – 2019 (H1)
2018 (H1)
1. National programme for improving the financial literacy of the population 2016-2018

32. Suggested project contributions to financial literacy
Project
component Deliverable Timeline
1) Collect
evidence on
financial
literacy
2) National
Strategy for
Financial
Education
Survey to assess adults‘ financial literacy
• Data collection using OECD /INFE toolkit
• Questionnaire adapted to local context / booster samples
Use of survey findings for policymaking
• Inform NSFE and FL initiatives, analysis at local level, regional DB
Two regional workshops
• Measurement of financial literacy (Minsk 19-20 Sep. 2017)
• Presentation of survey results (Moscow, October 2018)
2017 (H2)
2018 - 2019 (H1)
2017 (H2) - 2018 (H2)
Roadmap to support assessment and revision of NSFE
• In cooperation with National Bank of the Kyrgyz Republic
Two regional workshops on NSFE development/implementation
• Minsk (19-20 Sep. 2017), Moscow (October, 2018)
2017 (H2) - 2019 (H1)
3) Financial
literacy in
schools/
youth
Policy handbook on financial education in schools/youth
• Core competencies, ToT, pedagogical tools
Two regional workshops on integrating FE in schools
• 2018 (H1) and 2019 (possibly in Kyrgyz Republic)
2017 (H2) – 2019 (H1)
2017 (H2) - 2018 (H1)
2018 (H1) – 2019 (H1)
4) Financial
literacy for
migrants
Regional report on migrants’ FL needs
• Including Kyrgyz case
One regional workshop on FE for migrants and their families
• 2018 (H1)
2018 (H1) – 2019 (H1)
2018 (H1)
Kyrgyz Republic

33. Suggested project contributions to financial literacy
Project
component Deliverable Timeline
1) Collect
evidence on
financial
literacy
2) National
Strategy for
Financial
Education
Survey to assess adults‘ financial literacy
• Data collection using OECD /INFE toolkit
• Questionnaire adapted to local context / booster samples
Use of survey findings for policymaking
• Inform NSFE and FL initiatives, analysis at local level, regional DB
Two regional workshops
• Measurement of financial literacy (Minsk 19-20 Sep. 2017)
• Presentation of survey results (Moscow, October 2018)
2017 (H2)
2018 - 2019 (H1)
2017 (H2) - 2018 (H2)
Roadmap to support design of NSFE
• Assess needs, governance, objectives, targets
Two regional workshops on NSFE development/implementation
• Minsk (19-20 Sep. 2017), Moscow (October 2018)
2017 (H2) - 2019 (H1)
3) Financial
literacy in
schools/
youth
Policy handbook on financial education in schools/youth
• Core competencies, ToT, pedagogical tools
Two regional workshops on integrating FE in schools
• 2018 (H1) and 2019 (H1)
2017 (H2) – 2019 (H1)
2017 (H2) - 2018 (H1)
2018 (H1) – 2019 (H1)
4) Financial
literacy for
migrants
Regional report on migrants’ FL needs
• Including Tajik case
One regional workshop on FE for migrants and their families
• 2018 (H1), possibly in Tajikistan
2018 (H1) – 2019 (H1)
2018 (H1)
Tajikistan

34. 34
THANK YOU!
www.oecd.org/finance/financial-education-CIS.htm
www.oecd.org/finance/financial-education
www.financial-education.org
Contact details:
Flore-Anne.MESSY@oecd.org
Adele.ATKINSON@oecd.org
Kiril.KOSSEV@oecd.org
SecretariatCIS@oecd.org