GLT and the OECD

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WHY DOES GLOBAL THINKING FOUNDATION TAKE PART TO THE OECD MEETINGS?

Global Thinking Foundation regularly takes part to the meetings that OECD and its departments organize, including the OECD/INFE sessions as the only Italian Foundation with the “Affiliate Member” status.
Our participation to the OECD meetings, as well as to OECD/INFE sessions, represent a crucial moment for the Foundation in order to share points of view and updates regarding trends, analysis and guidelines, especially if they are related to our mission. In addition, the broad presence of CSOs promotes a fruitful sharing of best practices and a critical analysis of local issues and needs, thereby letting us enhance insights and improve the formulations of the projects that we carry out in the Italian area.

INFE/OCSE Global Financial Literacy Survey 2021

19/01/2021 OECD/ INFE Webinar – Financial Resilience and Financial Literacy: Opportunities and challenges of digital delivery

SPEAKERS

Flore-Anne Messy, Head of the OECD Consumer Finance, Insurance and Pensions Division, will open the webinar.
Patrick Jenkins, Deputy Editor of the Financial Times, will moderate the event.
– Keynotes will be delivered by Prof. Annamaria Lusardi (GFLEC) on millennials’ engagement with online financial education resources; and Magda Bianco (Bank of Italy) on digital financial literacy as a G20 priority.

LANDSCAPE

  • Digital financial services
    º Offer great opportunities for greater financial inclusion but may also pose new risks and challenges for consumers and regulators, including risks of financial exclusion for some groups
  • Digital delivery
    º Is increasingly supporting financial education outcomes, with opportunities for greater reach and effective delivery, but also challenges related to digital exclusion
    º COVID-19 has accelerated these trends
  • However, PISA data reveal disparities in access and use of digital financial services
    º Girls vs Boys
    º Socioeconomically disadvantaged students vs advantaged
    º Low-financial literacy students vs high financial literacy
  • Since 2017, the OECD supported governments in strengthening digital financial inclusion, digital financial literacy and financial consumer protection in the digital age, especially for specific target groups like young people and the elderly

➔ NEW OECD REPORT + New work stream and G20 Italian Presidency on Supporting financial resilience and transformation through digital financial literacy

  • Digital Delivery of Financial Education: Design and Practice
  • Use of appropriate digital tools to support learning
  • Impact of COVID-19 – the need to switch to digital tools
  • How governments and public authorities worldwide are using digital tools to advance financial literacy
  • 70 case studies received from more than 40 OECD members
  • Scope of the analysis: focus on digital tools that support and encourage positive financial behaviors, such as website with financial education resources, tools and calculators, social media, online trainings, quizzes and games, mobiles apps and any innovative use of technology applied to financial education

Digital delivery is chosen to meet complementary objectives:

  • Improve access to information
  • Improve access to training
  • Developing skills and confidence

Understanding use and measuring impact

  • Monitoring
    º Almost all digital financial education initiatives include automatic monitoring: access to and interactions with websites, number of downloads for apps etc. + information collected during registration processes
  • Evaluation
    º Qualitative – through feedback from users, or through focus groups in the pre-launch phase
    º Quantitative only by a few members

➔ Digital financial literacy as a G20 priority. Magda Bianco – Banca d’Italia

  • Digital financial services received an enormous push during the pandemic crisis
    º Increase of digital payments – from 49% in 2019 to 54% in 2020 in EU
    º Decrease in digital lending
  • Opportunities or new gaps in inclusion and resilience?
  • Fintech-driven digital financial inclusion index – increase in all continents, the most exponential one in Africa and subsequently in Asia and Pacific
  • Italian G20 priorities:
    º Close gaps in financial inclusion
    º Exploit pandemic as an opportunity to increase transformative resilience
    º Inclusive supervision and consumer protection
    º Digital financial literacy for households and MSMEs

INFE/OCSE Financial Education in Italy, 2021

18/01/2021 RESOLUTION ON FINANCIAL LITERACY IN ITALY
Thematic notes of the interventions:

> Pier Paolo Beretta – Undersecretary of the Ministry of Economy and Finance

  • Levels of financial literacy in Italy is still low, especially compared to other OECD countries
  • Difference in levels including gender
  • Measures on youth and gender equality should be kept in mind
  • Adequate levels of financial knowledge are necessary for social and economic development
  • Direct correlation between financial knowledge and resilience
  • COVID emergency puts us to the test – we are all more exposed to the consequences, especially the economic and financial ones
  • COVID has had a very strong impact on Italian poverty
    º 105% increase in new people requesting assistance
    º Increase in inequalities
    º Increase in personal savings – accumulation that exceeds the norm which if it were to prolong presents a risk

= Financial education should be treated like our health

 

> Prof. Annamaria Lusardi – director of the Ministerial Committee for the planning and coordination of financial education activities

  • Social initiatives have shown us the power of schools that transform young people into financial champions
  • Experimenting with new projects
  • Monitor the objectives and results achieved
  • ESG issues are even more important today
  • We need to talk about equity for social development
  • The pandemic is changing the world around us but is underlining the importance of financial literacy

= Similarity of the effects between a disease and low levels of financial knowledge, because it affects the poorest and most exposed

 

> Chiara Monticone – Senior Analyst OECD

  • National strategies for financial literacy
    º Data, analysis, mapping
    º Coordination and governance
    º Independence, skills, personal capacity, resources and possibly executive powers
    º Appropriate and sustainable resources
    º Role of public, private and non-profit entities
    º Monitoring and evaluation of the strategy with respect to the set objectives
  • Financial literacy and the various sectors of the financial landscape
  • Effective implementation of financial literacy programs
    º Competence guidelines
    º Capacity of recipients
    º Start on a small scale
    º Sensitive moments
    º Enrich financial knowledge but above all encourage changes in behavior and attitudes
    º Take into account the psychological biases and real behavior of people
    º Evaluate the impact and effectiveness
  • Start of a new process
    º Political commitment of implementation

= The costs of inaction and ignorance are very high

Read the PDF ↴

Raccomandazione OCSE Finlit
Digital delivery of financial education design and practice

INFE/OCSE Global Financial Literacy Survey 2020

The results of the Global Financial Literacy Survey have been presented on the 25th of June by OECD, outlining a terrible performance of Italy in terms of financial literacy. In fact, with just 11.1 points in the Financial Literacy Score, Italy reaches the last place in the ranking, below OECD countries’ average (13 points), as well as the 26 states that have participated to the survey’s average (12.7).

The poor financial knowledge is the most negatively affecting feature to the absolute result: with 3.9 points out of 7, Italian adults’ score is the worst among the Central Europe’s countries, second only to Romania.
Finally, another negative domestic primacy concerns (unfortunately) the gender gap in the overall score: Italian women, with Colombians, had collected the worst results among all the participants.

With the engagement to fill the gender gap and the digital divide, Global Thinking Foundation works everyday to enhance resilience, well-being and financial inclusion to prevent economic abuse and the Foundation will participate for the third year to the Financial Education’s Month, organized by the Italian Programming and Coordinating Financial Education’s Activities Committee.

Click here to check out the Report (English version)

Third Survey – 2020 starts uphill for EDUFIN in Italy

On May 7, 2020, the 2018 results of the third survey of the Program for International Students Assessment (PISA) on the level of financial education of 15-year-old male and female students from the 20 participating countries were presented in Paris.
Observing the PISA 2018 ranking, Estonia ranks first, Indonesia closes the ranking and Italy is below the OECD average (505 points) with 476 points, worsening the performance of the previous cycle of 2015. Furthermore, as many as 20% of Italian students do not reach the necessary level, which presupposes understanding the importance of a simple personal budget.

In all countries, a strong correlation is evident between the results in financial literacy and those in mathematics and reading. Still, also, in this case, Italy is an exception, where the performance in financial literacy is 15 points lower than that in mathematics and reading.
The 2018 photography does not show sizeable overall gender gaps: only 2% of boys performed better than girls, but there is another Italian exception, with an average of males 15 points higher than that of females.

Distance learning and at home, and multidisciplinary choice
Student performance does not necessarily have a positive connection with the country’s GDP or with the ability to access basic financial products. It, therefore, becomes essential to analyze other aspects such as the inclusion of business education in school curricula and other behavioural and attitudinal issues related to money. In this sense, Italy is in the penultimate position for children’s exposure to learning financial notions at school.

According to OECD experts, to fill these gaps, national governments should adopt a multidisciplinary approach to create national financial education strategies that support young people. It will be crucial paying attention to socio-economic and gender divergences, which provide safe access to financial services, exploiting the training potential that digitalization offers above all in this emergency context and which preserve the construction of good habits at family and school level.

 

Gender differences in mathematics and science assessment

1) Gender gap in math skills assessment.
In OECD countries, the average score in math skills is 5 points higher for boys. In Italy, this difference is even higher: 16 points. This gender gap in math skills seems to be more evident in medium-high score groups than in lower score groups.

2) Gender gap in science skills assessment.
For the first time compared to past cycles, in which sciences have been the main assessment area, the gender gap in scientific literacy has changed its course: the international average scores 2 points higher for girls.
In 2018, Italy-related results show that there aren’t statistical differences in boys and girls scores (470 vs 466). Analysing the different study programs, we can see a remarkable gender gap in high schools, where boys score, in average, 25 points more than girls. This gender gap is even more meaningful, although more moderate, in technical institutes. Instead, in the other study programs, the scores of boys and girls, in average, are not statistically dissimilar.

 
 
 
 
 

OECD/INFE Meetings – 2019

10th-11th October 2019, Rio de Janeiro, at the “Symposium on financial education and the annual meeting of the OECD/CVM Centre on financial education and literacy, in America and in the Caribbean”
The Symposium has seen speakers from different corners of the world bring to the audience attention their respective domestic experiences in the financial education field. One element was common in all the experiences shared: digital technologies are increasingly integrated into the financial industry and their impacts are steadily harder. Furthermore, it has been discussed about the new generations and the PISA 2015 results that allow us to compare the financial literacy level of 15-years-old boys and girls students from all over the world. These data increase our awareness of the urgent need for financial education to create a well-functioning ecosystem, where financial education is the water, which is fundamental for life.

 
 
 

OECD Gender Initiative – 2019

The initiative aims to analyze the barriers that limit gender equality in education areas, in the labor world and in entrepreneurship, in order to monitor the progress that governments made and to provide best practices based on analytical and reliable data.

March 2019, at the conference cycle “March on Gender Toward Digital Inclusion”.

There are multiple ways in which the digital revolution can positively impact social inclusion, especially in gender equality matters.

In this direction, we have discussed women’s entrepreneurship, digital innovation and access to the credit for women in developing countries, and the ways to stem the digital gender gap.

5th-6th-February 2020, “High-Level Conference on Ending Violence Against Women”.

The attention was focused on domestic partner violence and, more specifically, on how to deal with the main implications of this phenomenon. For starters, the barriers in accessing justice and creating survivor-centered justice pathways, going through the analysis of harmful masculinity, in which are rooted the manifestations of this kind of violence. Not forgetting the lack of comparable data in order to measure the phenomenon, which are fundamental for structuring effective policies.

OUR PARTICIPATION AT THE OECD GENDER EVENTS

OUR PARTICIPATION AT THE OECD GENDER EVENTS

OUR PARTICIPATION AT THE OECD GENDER EVENTS

OUR PARTICIPATION AT THE OECD GENDER EVENTS

OUR PARTICIPATION AT THE OECD GENDER EVENTS

OECD Annual Fourm – 2019

The OECD Forum has been created in 2000 to discuss the key economic and social challenges on the international agenda. This event represents a unique opportunity to engage policy-shapers and influencers from across all sectors of society to discuss the initiative and to create solutions through sharing experiences and contributing to critical thinking on global policy trends.

The 20th OECD Forum has been focused on the analysis of the changes that our society is going through, due to global trends and resulting challenges. How will the labor market be reshaped in the foreseeable future as a result of mega-trendschange?

A very impactful trend is digitalization that is raging in all areas of life. Indeed, we are witnessing a real digital revolution.

According to OECD’s data, in the labor market scenario, 14% of professions will risk total automation, and 32% will be involved into a radical reorganization.

OUR PARTICIPATION AT THE OECD ANNUAL FORUM

OUR PARTICIPATION AT THE OECD ANNUAL FORUM

OUR PARTICIPATION AT THE OECD ANNUAL FORUM

OUR PARTICIPATION AT THE OECD ANNUAL FORUM

OUR PARTICIPATION AT THE OECD ANNUAL FORUM