Financial education in schools as a national policy in Peru Mariela Zaldivar Superintendence of Banking, Insurance and Private Pension Funds of Peru April 2016

Financial Inclusion policies framed in Peruvian National Plans Bicentennial plan: Peru towards 2021 National Development Strategic Plan Objetive: To have transparent and efficient Financial Markets, with sound institutions that facilitates financing and investment. Objetive: To develop financial markets through financial inclusion (Diversify economy, competitively and employment axis) NSFI

Peru approach to Financial education National Strategy for Finacial Inclusion Financial Inclusion Financial Education Financial Education Payments Saving Financing Insurance Consumer Protection Vulnerable groups Promote access and responsible use of financial services, that they be trustworthy, efficient, innovative and according to the needs of the diverse segments of the population. Financial Education 1. El Perú busca promover… a través de una NSFI 2. Perú parte de la IF para la EF 3. Asimismo, la IF presenta otras 6 línea de acción aparte de la EF. 4. La línea de acción de EF presenta el objetivo de Improve skills… Financial Education goal: Improve skills and financial capacities of all segments in order to make proper decisions and have better control of their own financial decisions.

Technical Group for Financial Education Co-chairs MoE has legal mandate for education in the country SBS Ministry of Education youths adults elders School students SBS has extensive experience in Financial Education Action Plan Financial Education Component National Plan for Financial Education Financial Education Diagnostic Evaluate quality and pertinence of FE initiatives Develop scalable FE programs … Financial Education in schools El GTT de EF está liderado por dos instituciones del Estado, en línea con su especialización. 68 Ampliar el alcance de la educación financiera hacia todos los niveles educativos 68.1 Incorporar en el currículo escolar de la educación básica aprendizajes referidos a educación financiera bajo un enfoque por competencias 68.2 Elaborar normas técnicas y orientaciones pedagógicas para las instituciones educativas en materia de educación financiera 68.3 Establecer alianzas con instituciones y proveedores de servicios financieros para mejorar los desempeños de los estudiantes en materia de competencias financieras 68.4 Elaborar materiales y recursos impresos y digitales de apoyo para estudiantes y docentes de educación básica que conduzcan a mejorar sus competencias y capacidades financieras

New National Curriculum 2015 Curricular Areas: Kindergarten and Elementary school: Social-Personal High school: History, Geography and Economy He/she acts responsibility with regard to economic and financial resources. Understands the relationship between elements on economic and financial systems. Becomes aware of his/her role on the economic system. Manages the resources responsibility. Consumer Protection Example Elementary school 10-12 years old High school 12-14 years old 14-17 years old Understands the relationship between elements on economic and financial systems Argues that consumer protection laws must be obey during the production and commercialization of goods and services Manages the resources responsibility. Shows through his/her actions that it is important to be an informed consumer Exercises their right and responsibilities as an informed consumer Exercises their right under the law Argumenta que la producción y comercialización de productos y servicios tienen que cumplir con las leyes que protegen al consumidor Curricula Areas: - Kindergarten and elementary school: Personal and Social - High school: History, Geography and Economy COMPETENCIA. Definimos la competencia como un saber actuar en un contexto particular en función de un objetivo o de la solución de un problema. Un actuar pertinente a las características de la situación y a la finalidad de nuestra acción, que selecciona y moviliza una diversidad de saberes propios o de recursos del entorno, a través de procedimientos que satisfagan determinados criterios básicos. CAPACIDADES. Hablamos de «saberes» en un sentido amplio, cuando aludimos a los conocimientos o habilidades de una persona, a facultades de muy diverso rango, para hacer algo en un campo delimitado. Los saberes seleccionados por una persona para actuar de manera competente en una situación, pueden ser de distinta naturaleza. Pueden aludir, por ejemplo, a capacidades de tipo cognitivo, interactivo o manual en general, a una variedad principios, conocimientos o datos, a actitudes y destrezas específicas en diversos campos e incluso a determinadas cualidades personales. 7. INDICADORES. Los indicadores son enunciados que describen señales o manifestaciones en el desempeño del estudiante, que evidencian con claridad al ojo del observador sus progresos y logros respecto de un determinado aprendizaje. Los indicadores describen comportamientos que asocian una acción –que representa una expresión particular de una capacidad específica- con un objeto o situación de referencia y con un resultado o producto de esa acción.

Previous experiences : SBS Teachers training program 2006 SBS – Ministry of Education agreement Objective: Promoting Financial Education on Schools 2007 SBS teachers training program SBS is in charge of convening the teachers. 2009 Financial Education on High Schools curriculum Focus on knowledge. 2015-2016 Impact evaluation Implement pilots with the new curricula. Adjust the program to the new curricula. History of the program The PADOC is a nationwide program that provides to high school teachers training and materials that can be use with their high school students in order to provide to them with basic financial education SBS Training evolution Program structured by SBS functional areas (banking, insurance, pension program, consumer protection). Program aim to meet (adult) consumer needs. What they will need to know when they grow up. Program developed under a competence-based curriculum perspective.

SBS Teachers training program M&E Monitoring “Tableau” Impact evaluation (2014-2015) The program improves the financial knowledge in 23.8% with 99% of significance.

Bringing the New Curriculum to life Process to implement a pilot New competence and capacities Formulate student’s goals and indicators for evaluation purposes Create tools for classroom implementation Training the trainers: how to train under a competence-based curriculum Training teachers: how to use the tools, technical knowledge Classroom implementation Evaluation of the implementation Feedback: Goals and indicators adjustments; Improve tools and program Pilot “Finanzas en mi colegio” (finance in my school) The Ministry of education, the bank association and the SBS are working together on a pilot to bring the new financial education curriculum to schools. They will start this process with high school’s last three years on a sample of schools. SBS and the bank association are in charge of the tools and teacher’s training with the Ministry assistance. The Ministry is in charge of calling the teachers and evaluating the implementation The Ministry of education, the Bank Association and the SBS are working together on a pilot to bring the new financial education curriculum to high schools. They will start this process with high school’s last three years on a sample of schools. The IBD will evaluate the program. Teachers training program for elementary schools The SBS in collaboration with the Ministry of Education will develop a new pilot to bring the new financial education curriculum to elementary schools.

Thank you for your attention Mariela Zaldivar Superintendence of Banking, Insurance and Private Pension Funds of Peru mzaldivar@sbs.gob.pe