building financial literacy skills through entrepreneurship · curriculum development, pilot...
TRANSCRIPT
Building Financial Literacy Skills
through Entrepreneurship
Richard Bernhard
Kenan Institute Asia
OECD Conference
Bali, Indonesia
21-22 October 2008
Agenda• Financial literacy situation
for Thai youth
• Challenges in instilling financial literacy in youth
• Rationale for financial literacy and entrepreneurship
• Money Wise Program overview
• Program results
• Recommendations
Financial Literacy Situation for Thai Youth
• No financial literacy (FL) topics in standard curriculum
• Various FL programs outside curriculum
• Moderate knowledge of FL in Bangkok and limited knowledge outside Bangkok
• Consumer credit has been easily obtained
• Consumerism promoted as engine of growth
• High levels of credit card debt beginning after high school
• Living-for-today attitude still prevails
Challenges to Financial Literacy Education
• Competing education needs including math, science and English focused on entrance exams
• Difficulty integrating FL topics into other subjects in standard curriculum
• Limited knowledge of teachers in FL and economic basics - math skills generally poor
• Non-formal FL education difficult to scale and maintain quality
• Thai’s culture is not driven in result-oriented and independent manner like the West
• Non-school hours available limited
• FL not considered an urgent need
Rationale for teaching financial literacy
through entrepreneurship• 97% of all businesses in Thailand are SMEs, most small
entrepreneurial ventures
• Entrepreneurs often use the personal resources for personal and business expenses
• Entrepreneurship is an interesting and practical vehicle for teaching FL
• Some realization that building entrepreneurship skills can help address youth development and poverty reduction issues
• No FL or entrepreneurship skills building within Thai’s formal and informal education
• Basic personal financial and firm level financial management have many of the some concepts: building assets, setting goals, overcoming financial obstacles, communicating about money, budgeting, credit, role of financial institutions, ethical behavior
• Entrepreneurship builds additional knowledge including start-up and operational costs, revenue sources, capital requirements and financing, developing a cash flow statement, accounting, etc.
Money Wise Young Entrepreneur Program
• Covers all topics of basic personal financial management
• Integrates REAL Entrepreneurship & Youth Leadership Components
• Simplified to fit different youth group (formal vs. informal education)
• Activity-based learning to equip participants with money management, business plan development and presentation skills
• Primary target focus are youth who: oExpect to work for a firm, self-employed, entrepreneurs
oUrban or rural
Financial Literacy Youth Target Groups Primary Education
University Levels (undergraduate/graduate levels
Community Colleges
Vocational Education
Community Level/Public
Secondary Education
Higher Education
Youth Groups
Higher
Secondary
Money Wise Young Entrepreneur
Financial Literacy
FocusCurriculum
Target
beneficiariesApproach
Institution-
alization
1. Entrepreneurship
2. Leadership & Citizenship
1. Money Wise
2. REAL
1. Primary:
Secondary
Students
2. Secondary:
College mentors,
teachers,
private volunteers
1. Interactive
Workshops
2.Coaching
3.Biz Plan
4.Seed grants
5.M&E
1. MOE Schools
2. Student Clubs
Money Wise Partners
K.I.Asia
Youth Clubs
College students
Schools (principals &teachers)
Private Sector
- Financial Support
- Employee volunteers- Project management
- Curriculum development
- Coaching
- Monitoring and evaluation
- Support club setting
- Advise on implementation - Coaching and
advising
- Organizing students ,
planning events, etc.
- Managing resources
- System for replication
Program Development Cycle
Develop Implement Replicate
OCCMoney Wise
Curriculum
Development,
Pilot Testing &
Fine Tuning
Training,
Business Plan
implementation
Lesson Learned,
Project Model
Fine-tuning
Institutionalizing
within
curriculum,
Students Club,
Youth Club
Developing a Financial Literacy Model Through Entrepreneurship
Training and Mentoring
Trainers and Mentors Teachers and
College students
TraineesHigh School Students
Master TrainersK.I.Asia & private
volunteers
Project’s Activities & Learning Levels
Skills or
Behavior Change
Awareness Knowledge Motivation
Training Business Plan Contest Using knowledge
in real life
Continued support and mentoring
Peer network – student clubsResources
Follow-up and evaluation
Money Wise Young Entrepreneurship
Program Results
• Adapted and piloted new FL, entrepreneurship
curriculum
• 165 high school students and 18 teachers in 9
schools trained
• 5 Young entrepreneur clubs established
• 100 students member of through clubs
• 5 business plans competitions completed and
implemented
• 37 private sector and college mentors participated
• 85% student satisfaction rates
Recommendations and Conclusions
• Work to build FL into curriculum in schools & identify more flexible non-formal approach
• Youth ownership in programs important
• Teach FL through practical vehicles that provide real-world skills such as entrepreneurship
• Interactive, activity based-learning best
• Continuous mentoring after the training
• Tap private sector expertise
• Include tangible incentives such as competitions
• Identify structure for sustaining programming such as school clubs
• Obtain vital prinicipal, teacher and parent support
• Make programming fun!
Thank you
Richard Bernhard
Associate Executive Director
Kenan Institute Asia
Queen Sirikit National Convention Center
2nd Fl, Zone D, Room 201/2
60 New Ratchadapisek Road,
Klongtoey, Bangkok 10110 THAILAND
Tel. 662-229-3131; Fax. 662-229-3130
www.kiasia.org