1. USAID Financial Sector Transformation Project
Multi-Stakeholder Approach
to Financial Education: Ukraine’s Experience
India-OECD Global Symposium on Financial Education
Natalia Lozytska
Financial Literacy and Communications Director,
USAID Financial Sector Transformation Project
November 8, 2017
New-Delhi, India

2. Ukraine: Facts and Figures
Country Profile
Ukrainian Financial Consumer Profile
Population
42.5 mln
GDP
93.26 bn USD
Income per capita
2,186 USD
SIM-Cards coverage
>100%
Unbanked
50%
Mobile (smart) phone users
30%
20%
Low Trust in Financial Institutions
35%
Low Level of Financial Literacy
67%
Have Either 0 or 1 Payment Card
73%
Loan Adverse
Source: Worldbank.org
70%
Pay in Cash
Source: USAID Surveys

3. Strategic Considerations
Low financial literacy, low trust and poor financial habits
No acknowledgement of the problem
No institutional framework
Unwelcoming eco-system
Limited resources
Obstacles
Reverse
the ‘Vicious’ Cycle Through:
Financial education
Public dialogue
Effective consumer protection regime
Best practices in financial services
Initial Steps
Developed Financial Literacy Course for high school
Started building partnerships
Introduced Consumer Protection legislation

4. Evolution of Financial Awareness: Milestones and Benchmarks
- Second Financial Literacy Survey
- Financial Awareness Days in the regions
- Financial Empowerment training Program
Ukrainian Financial Sector
Development Strategy
to 2020
2017
Ministry of Education includes Financial Literacy Course into the list of elective courses
2015
Return of the USAID project with financial education component
2016
2012
2010
- Roll-out of Financial Literacy Course countrywide for high school
- Creation of Financial Literacy courses for primary and middle school
- Growth of Women’s Business and Leadership Program
First National Financial Literacy Survey
2011
Introduction of Financial Literacy Course for high school

5. Financial Literacy Course for High School Students
Financial Education
Financial Literacy Course for High School Students
Roll-Out of Course Countrywide
27095
21000
CURRICULUM:
Full academic year program (2 semesters)
4 blocks:
- Introduction to Personal Finance,
- Savings and Investment,
- Borrowing, and
- Insurance and Personal Budgeting
30 lessons
18000
14000
3500
500
1004
860
651
450 86 13
Supported by interactive games and activities:
Young Investors Competition
“Save!” Video Contest
National Tournament on Financial Literacy

6. Financial Education
Financial Literacy Courses for Primary and Middle School Students
Primary School
middle School
2nd grade: “Financial ABCs”
3nd grade: “Financial Arithmetic”
4nd grade: “Financial Behavior”
5nd grade: “Family Finances”
6nd grade: “Financially Literate Consumer”
7nd grade: “Financial Culture”
8nd grade: “Applied Finance”
9 nd grade: “Economics & Finance”
15 000
Students enrolled
from September 2017

7. Teaching financial and entrepreneurial skills to women
Financial Education
Growth of Women’s Business and Leadership Program (Go Women)
Program Goal
Teaching financial and entrepreneurial skills to women
Trained 52 trainers under the Program
Prepared 15 women organizations able to conduct trainings in 12 regions of Ukraine
Over 5,700 female participants of the training campaign (including 4,300 participants trained on financial literacy and 1,450 – on entrepreneurship)

8. of consultation delivered
Financial Education
Securing Future Through Financial Empowerment Program
Program Goal
Equip vulnerable groups with knowledge, skills and confidence to make sound financial decisions in everyday life
370
hours
of consultation delivered
2017 Results
2400
participants trained
120
trainings conducted
Program coverage –
11 oblasts of Ukraine
Target audience:
Internally displaced persons (IDPs),
Conflict-affected people and
Pensioners
Program Partner

9. Targeted Financial Education Materials
For Children and Youth
Consumer Lending Guide for Borrowers
Family Budget
For Bank Depositors
Financial Awareness Toolkit

10. Highlights of 2017 International Consumer Protection Conference
Nationwide Celebration of Global Money Week
National Financial Literacy Program development
Financial Ombudsman
Draft Law presented
September – December 2017
March 2018
June 2017
September 2017
December 2017 – February 2018
March 2017
Law on Consumer Lending came into force
Financial Awareness Days in
4 major cities
Financial Literacy subject included in New Ukrainian School Concept
Financial Inclusion Forum

11. Financial Awareness Programs
Financial Education
Financial Awareness Programs
Financial Awareness Days in the Regions 2017
Global Money Week Celebration Nationwide

12. Develop National Financial Education Program
Next Steps
Develop National Financial Education Program
Continue to build support among stakeholders
Focus on consumer protection and trust issues
Support financial inclusion through digital finance
Ministry of Education
and Science of Ukraine
Banking
University

13. Thank you!
USAID Financial Sector Transformation Project