1. Commonwealth Secretariat’s Financial Literacy Initiatives Lessons for Youth Enterprise Education

2. The Adult Test

3. Definitions. (UK) - Financial capability means being able to: manage your money keep track of your finances plan ahead make informed decisions about financial products and stay up to date on financial matters.

4. Focus Couple years ago: Financial Inclusion- Microfinance, business enterprise development. Today: greater degree of focus on financial literacy- see G20 Query: Has this focus filtered in business programmes- hand and glove exercise. Why hasn’t Financial Literacy programmes featured more at the national and other level.

5. True or False In general, youths have a basic understanding of financial terms?

6. Survey Says....

7. True or False There are sufficient resources available to help youths learn about personal financial management. UK, Canada, Australia, USA, Questions: Dissemination, Adaptability to Culture/Language, Levels, Access, Knowledge of, Confidence to act on?

8. True or False Youths know about the benefits of saving and are keen to have their own bank account. Would love to have a bank account

9. Survey Says Still cannot differentiate on which prospects provide the best benefits- 45%: saving with a neighbourhood scheme was better than saving in a bank; 49% of the youths indicated that they saved at home. 25%- never thought of opening a savings account, 20% -did not have enough money to open an account; 10% either did not know how to open an account or were afraid of going to the banks. Banks: could not be trusted, stole or deducted money from your savings or charged money for making late payments

10. Culture and Changing Norms Caribbean: Hollywood Culture, Values Culture Pacific: No longer working land, dependence on remittances, ignorance of migrants, Village commitments, Traditions Africa: Culture: Western Culture, Funerals, Weddings Loans 2 out of every 3 adults save 3 out of every 4 saved at home, with friends, family or local pools. 1 in every 5 adults had a bank account 3 in every 4 adults had never been banked

11. Recommendations Work on getting financial literacy programmes into national curricula Develop partnerships with NGOs and private sector Set aside dedicated funding for programmes. Explain products in plain simple language Define the major financial terms used Provide examples of how transaction works Identify both the benefits and drawbacks Alert to hidden and overall costs Partner for development of materials and dissemination of information. Partner to develop strategies which motivate savings Focus strongly on strategies for reaching and aiding rural communities

12. Evaluation Measurement Issues Quantitative vs. Qualitative? Short Term of Long term? Demand? Interest? Benefits to economy in general.