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Financial Education & Media

Summing-up Eight-Year Experience of Polish Economic And Financial Education Programs in Mass Media

Marcin Polak, Think Point Poland Former Head of Economic Education of the Polish Central Bank (2002-2007)

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  No National Financial Education Strategy and still no political motivation in the public administration to do that;

  Some public institutions developing financial education programs (the most intense the National Bank of Poland – the central bank & some: the stock exchange, the financial supervision authority);

  Several private companies from the financial sector involved in nationwide or local FE programs (mainly banks);

  No mandatory financial education program at schools (no learning framework). No serious FE programs for adults.

  Many FE initiatives in the non-profit sector/schools.

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National Bank of Poland – the central bank of Poland, independent (from Government) public institution - in the years 2002-2009 spent itself from its own resources an amount of c.a. 43 Million Euro (163 Million PLN) on supporting economic and financial education in Poland, including broad and diverse activities in the mass media (both information and edutainment approach).

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  NBP: Variety of programs designed and implemented (>15 models of delivering knowledge):

  for youth: specially designed (voluntary) programs for schools, essay competitions, training, seminars, economic games, multimedia animation series, comic books, YouTube style movies;

  for adults:   via mass media – edutainment

programs (television movies, series/soaps and documentaries; radio soaps; eduvertisements), inserts, publications;

  via professional training of various interest groups important for implementing educational strategy – journalists, teachers, priests(!),

  for internet users (both youth & adults) (NBPortal.pl – probably the largest economic and financial education website worldwide).

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Financial Edutainment Programs:   „Gold for the Bold – Poles & Money” was a 120

minutes long dynamic television show on Sunday evening in the TVN television (Feb.06). Range: 8 M. viewers; 102.000 tested their knowledge on money online. [FGI: increase of knowledge 5,62% after; fortnight: 2,96%; youth 10,11%]

  Poles Own Wallet Portrait: 3,5 week educational TV campaign on personal finance education – 6 ninety-sec. ‘eduvertisements’; published 266 times in four channels of the TVN television (Dec.06/Jan.07). Range: 10,5 M. [FGI: increase of knowledge 13,9% after; fortnight: 11,8%; youth 18,6%, fortnight: 19,8%]

  What? Internet Movies. Education through 60 short (max. 3min.) movies disseminated in Internet (viral marketing). Range: 4,5 M UU. [FGI: increase of knowledge 17,5% after; fortnight: 21,8%; youth 15,3%, fortnight: 17,4%]

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  Many, but uncoordinated FinEd programs nationwide help in most cases to solve local problems, but no global, national;

  Therefore we need national financial education strategy; policy & coordination is needed;   We need serious budgets; FinEd is a serious social investment; go won’t go far with 1000

USD in the pocket;   We need money not only to educate people, but for the marketing of the education too.

That might constitute up to 20% of the budget; we must not ignore it – this is a tool to create motivation, show opportunity and demand for more education;

  Teaching/learning in 20th Century schemes is not working; explore new methods of education popular in the target groups (youtube & podcast education, e-learning, edutainment);

  If we approach global problems, we need effective channels of communication/education: mass media; from the Polish experience: it was confirmed they are important allies for FinEd of the society – especially in financial edutainment;

  Media should be partners in most FinEd programs – that usually offers global range of programs;

  The role of evaluation is to support the FinEd policy; first of all its results should help to develop programs and make them more effective;

  … Engage (people) and they will understand!

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 Leadership (Decision-Maker)

Mr. Leszek Balcerowicz The Governor of the

National Bank of Poland (2002-2007) Economist, Deputy Prime Minister,

author of economic reforms that transformed Polish economy

into the market economy, True supporter of the economic

education in the central bank.

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 To develop a nationwide system of financial education

ACTION FROM THE TOP (financial resources) (Government, Central Bank, Financial Supervision, Consumer Protection Agency)

effective financial education is somewhere here! = CREATE PARTNERSHIPS

GRASSROOT ACTION (projects, contents) (non governmental organizations, schools, universities, companies)

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 Repeating (single shots do not work)

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Ebbinghaus curve – how we forget in the learning process (= 1/2 of the material in first 2 hours)

mem

ory

days

But if we repeat, the message is still remembered.

http://en.wikipedia.org/wiki/Forgetting_curve

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 Tell me and I will forget it. Show me and I will forget it. Engage me and I will remember it. Confucius

Apply means of communication, tools and methods that not only are appropriate for a specific target group. Mix this methods and tools in a single action, support interactivity, motivate your target group to engage in the action, repeat, evaluate, modify, combine, expand...

+ MARKETING, MARKETING, MARKETING!!! + Thinking in long time perspective.

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