1 30. April 2009, Conference on Financial Education, Vilnius Financial education of adults in Denmark Carsten Nielsen Director, FIC (International education Centre)

2 30. April 2009, Conference on Financial Education, Vilnius FIC FIC is a Danish non-profit organization (NGO). FIC is rooted in the Danish Trade Union movement For more information see

3 30. April 2009, Conference on Financial Education, Vilnius Financial education of adults in Denmark Nordea survey April Mainfindings 20% has exhausted monthly salary before next payday 12% has received reminders on non paid bills 17% has made overdraft on their bankaccount 17% of low income households (< DKK) feel out of control of own financial situation 84% feels in good control of private finances

4 30. April 2009, Conference on Financial Education, Vilnius Lifelong Learning Two European main objectives: 1) promoting active citizenship 2) promoting employability

5 30. April 2009, Conference on Financial Education, Vilnius Lifelong Learning - three basic categories of purposeful learning activity. · Formal learning takes place in education and training institutions, leading to recognised diplomas and qualifications. · Non-formal learning takes place alongside the mainstream systems of education and training and does not typically lead to formalised certificates. Non-formal learning may be provided in the workplace and through the activities of civil society organisations and groups (such as in youth organisations, trades unions and political parties). It can also be provided through organisations or services that have been set up to complement formal systems (such as arts, music and sports classes or private tutoring to prepare for examinations). · Informal learning is a natural accompaniment to everyday life. Unlike formal and nonformal learning, informal learning is not necessarily intentional learning, and so may well not be recognised even by individuals themselves as contributing to their knowledge and skills.

6 30. April 2009, Conference on Financial Education, Vilnius Financial education of adults in Denmark Formal learning: Not a specific school subject. Integrated as part of mathematics equal to secondary level.

7 30. April 2009, Conference on Financial Education, Vilnius Financial education of adults in Denmark Non-formal financial learning: –Evening schools –Folk high schools –Private organisations/training providers –Service providers in the financial sector. –Interest groups and trade unions –Internet based offers/courses. None of these assessed commonly utilized.

8 30. April 2009, Conference on Financial Education, Vilnius Financial education of adults in Denmark Informal financial learning Learning by doing Counselling by financial service providers Litterature on the subject Medias Internet

9 30. April 2009, Conference on Financial Education, Vilnius Financial education of adults in Denmark Internet based examples: Mybanker.dk Pengepriser.dk DR.dk (Danish Broadcasting) Skat.dk (Tax information and adminstration) Pensionsinfo.dk (info on your pension funds)

April 2009, Conference on Financial Education, Vilnius Financial education of adults in Denmark Example of training course offered by FIU, AOF and local trade union branches. 6 Modules, one evening each: Payslips and budget Financing of housing Insurance Pensions Inheritance Summary and gender perspective

April 2009, Conference on Financial Education, Vilnius Financial education of adults in Denmark Groups of special concern: Women Immigrants Low educated/low incomers Seniors

April 2009, Conference on Financial Education, Vilnius Financial education of adults in Denmark Experiences gained: Internet has a very increasing importance. Rapidly changing financial conditions. A wide variety of offers in different combinations Financial products are often very complex Independency in advices of financial suppliers