FINANCIAL EDUCATION FOR YOUNG PEOPLEFINANCIAL EDUCATION FOR YOUNG PEOPLE

Speaker:Centre:Date:

V V ConferenceConference ““FinancialFinancial EducationEducation forfor Young Young PeoplePeople””

AimAim ofof thethe conferenceconference,, sponsoredsponsored byby UnicajaUnicaja withinwithin thethe frameworkframework ofof thethe projectproject EdufinetEdufinet::

To bring the economic and financial world closer to youngpeople.

By taking financial education to their own day-to-day lifey g y yand by adapting it to their special priorities and

needs.

V V ConferenceConference ““FinancialFinancial EducationEducation forfor Young Young PeoplePeople””

AimAim ofof thethe conferenceconference,, sponsoredsponsored byby UnicajaUnicaja withinwithin thethe frameworkframework ofof thethe projectproject EdufinetEdufinet::

To bring the economic and financial world closer toyoung peopleyoung people.

By taking financial education to their own day-to-daylife and by adapting it to their special priorities and

needs.

IV IV FinancialFinancial OlympicsOlympics“V “V ConferenceConference FinancialFinancial EducationEducation forfor Young Young PeoplePeople””

++

IV IV FinancialFinancial OlympicsOlympics Rules at Edufinextwebsite

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AimAim: : PracticalPractical use of use of thethe contentscontents of of

website

ParticipantsParticipants:: Students of the centres attending the conference “Financial Education for

Young People”, organized in teams of 2 to 10 members.

HowHow doesdoes itit workwork?? Teams will do a project to explain in an original, educational andcreative way one of the following financial products:

••DepositsDeposits ••PensionPension plansplans••FixedFixed incomeincome productsproducts••VariableVariable incomeincome productsproducts••InvestmentInvestment fundsfunds

••InsurancesInsurances••PersonalPersonal loansloans andand mortgagesmortgages••CardsCards ((debitdebit,, creditcredit,, revolvingrevolving,, prepaymentprepayment oror virtualvirtual cardscards))

IV IV FinancialFinancial OlympicsOlympics

HowHow toto dodo thethe projectproject?? InIn oneone ofof thethe formatsformats acceptedaccepted inin thethe contestcontest::

••ComicComic:: maxmax.. 1010 pagespages ((pdfpdf))••VideoVideo:: maxmax.. 55 minutesminutes..

••Posters/Posters/boardsboards:: maxmax.. 1010 ((pdfpdf))..

••PodcastPodcast:: maxmax..55 minutesminutes ((formatformat mpmp33 oror mpmp44))..

••PowerpointPowerpoint presentationpresentation:: maxmax.. 1010 slidesslides..

••EssayEssay:: maxmax..1010..000000 characterscharacters ((includingincluding spacesspaces))..

ContestContest resultsresults::ContestContest resultsresults::

•• FromFrom 1818//44//1414 toto 55//55//1414:: TheThe TechnicalTechnical CommitteeCommittee willwill choosechoose thethe 1010 toptop projectsprojects

Draw of 1 USA grantbetween the member

of these teams•• FromFrom 2121//1010//1313 toto 77//33//1414:: RegistrationRegistration termterm

1st prize 2nd prize 3rd prize

T h

pp p jp j

•• FromFrom 55//55//1414 toto 1818//55//1414:: AA “popular“popular juryjury”” willwill votevote throughthrough thethe spacespace enabledenabled onon EdufinextEdufinext

Teacher

Students

Classroom

FinancialFinancial EducationEducation ComicComic

INDEXINDEX

Financial EducationFinancial Education

EdufinetEdufinet

Family BudgetFamily Budget

Economic and Financial IndicatorsEconomic and Financial Indicators

Financial System and Main ProductsFinancial System and Main Products

Practical ExercisesPractical Exercises

INDEXINDEX

Financial EducationFinancial Education

EdufinetEdufinet

Family BudgetFamily Budget

Economic and Financial IndicatorsEconomic and Financial Indicators

Financial System and Main ProductsFinancial System and Main Products

Practical ExercisesPractical Exercises

Concept of Concept of FinancialFinancial EducationEducationIt is a process developping in three stages:

1) K l d d d t di f fi1) Knowledge and understanding of finances

Improvement of the knowledge on financial products, concepts and risks.

2) Competences: use of knowledge for one’s own benefit

Development of skills that allow people to be more aware of what theysubscribe

3) Informed choices: financial responsibility

Decision making aimed to improve one’s own financial welfare

TheThe importanceimportance of of FinancialFinancial EducationEducation

Pilot project for Financial Educationin 3rd year of ESO

• 75 countriesld d

• Assessment of knowledge in FE

• 15‐years‐old students

TheThe importanceimportance of of FinancialFinancial EducationEducation

1) Large amount of financial products

2) Complexity of financial products

3) Consumers have a lack of information and advice

Difficulty in making financial decisions

The importance of Financial Education for young people

Financial Education is not “for grown-ups only”

Now we are users of In the future, we will be users of

LoansCards

Loans

Current accounts

DepositsSavings books Cards

Benefits of Financial Education for young people• Understanding the value of money• Planning of budget and savings and investment needs• Training for an independent life• Training for an independent life• Knowledge of financial products and services

INDEXINDEX

Financial EducationFinancial Education

EdufinetEdufinet

Family BudgetFamily Budget

Economic and Financial IndicatorsEconomic and Financial Indicators

Financial System and Main ProductsFinancial System and Main Products

Practical ExercisesPractical Exercises

EdufinetEdufinet ProjectProject

Exercise of CSR

The transfer of knowledgerelated to the financial system

The improvement of th fi i l lit

To contribute to:

related to the financial system the financial literacy

PROMOTION OF:TransparencySecurity

In In thethe financialfinancialrelationshipsrelationships ofof thethe citizenscitizensSecurity

Responsibilityrelationshipsrelationships of of thethe citizenscitizens

AimsAims

Elaboration of a Manual

• Internet • Simple

• Clear

• Financial System

• Financial products

Introductoryvision

• Book • ObjectiveFinancial productsand services

Information for makingpersonal decisions

ToTo increaseincrease financialfinancial servicesservices user’suser’spersonal personal autonomyautonomypp yy

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Information onfinancial educationconferences Contents

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INDEXINDEX

Financial EducationFinancial Education

EdufinetEdufinet

Family BudgetFamily Budget

Economic and Financial IndicatorsEconomic and Financial Indicators

Financial System and Main ProductsFinancial System and Main Products

Practical ExercisesPractical Exercises

FamilyFamily BudgetBudget

Document containing:

Family Budget Main items in the family budget

Salaries

•Income (I)  = EarningsPensionsInvestment yield

L

INCOME(I)

LoansTaxesFamily expensesTelecommunications

= Payments

Related to:• A same period of time• A family unit

TelecommunicationsTransportationHome energyClothing and footwearFood

EXPENSES(E)•Expenses (E)

FoodLeisure

InsurancesPension plans

(I)‐(E) =  BUDGETARY BALANCE

If (I)>(E)= SurplusIf (I)=(E)= Balance( ) ( )If (I)<(E)= Deficit

FamilyFamily BudgetBudget: : exampleexample

BudgetBudget 20122012 C/C: accrual BudgetBudget 20132013

20132013INCOME

20122012INCOME

Net salaries 48.500 €Dividends 225 €Deposit interests 15,80 €Tax return (IRPF) 1.500 €

CONet salaries 48.015 €Dividends 225 €Deposit interests 15,80 €Tax return (IRPF) 750 € ( )

Use of current account 1.000 €TOTAL INCOME 51.240,80 €

EXPENSESLoan repayments 18.167 €

Tax return (IRPF) 750 €Use of current account ‐‐‐TOTAL INCOME 49.005,80 €

EXPENSESLoan repayments 18 167 €

C/C: +5.000 €p y

Insurances 1.610 €Taxes (IBI and IVTM) 920 €Pension plan payment 3.000 €Family expenses 35.000 €

Loan repayments 18.167 €Insurances 1.610 €Taxes (IBI and IVTM) 920 €Pension plan payment ‐‐‐F il 23 309 € TOTAL EXPENSES 58.697 €

BALANCE (INCOME‐EXPENSES) ‐7.456 €

Family expenses 23.309 €TOTAL EXPENSES 44.006 €BALANCE (INCOME‐EXPENSES) 5.000 €

2014

INDEXINDEX

Financial EducationFinancial Education

EdufinetEdufinet

Family BudgetFamily Budget

Economic and Financial IndicatorsEconomic and Financial Indicators

Financial System and Main ProductsFinancial System and Main Products

Practical ExercisesPractical Exercises

EconomicEconomic and and FinancialFinancial IndicatorsIndicators

Economic Indicators Financial Indicators

•Gross Domestic Product (GDP) •Profitability

•Inflation

•Labour Market

•Debt level

•Solvency

•Exchange rate

EconomicEconomic IndicatorsIndicators

GDPDefinitionGDP:Value of the productive activity

In a given period of time

I t hiIn a country or geographic zone

Residents (nationals and foreigners).

Data

•Quarter‐on‐quarter variation rate: variation (in %) in a quarter compared to the previous one.•Year‐on‐year variation rate: variation (in %) in a year compared to the previous one.Calculation of GDP

P d t ( t ) i i d d i k dProduct (sectors): primary sector + industry and energy + construction + market and non market services + others

Income: Salaries + Gross Operationg Surplus + Taxes

Expenditure: Consumption + Investment + Changes in stock + Exports - Imports

EconomicEconomic IndicatorsIndicatorsInflation

Definition

•Persistent increase in the general price le el of an•Persistent increase in the general price level of aneconomy.•Several inflation indicators, the CPICPI being the mostused.

Example of calculation of CPI*

Amounts acquired in the base yearPrice (base year) Price

Per item Total Per item Total150 loaves of bread 1,50 € 225 € 1,30 € 195 €100 cups of coffee 2,40 € 240 € 2,40 € 240 €12 hair cuts 20,00 € 240 € 22,00 € 264 €1 coat 145,00 € 145 € 176,00 € 176 €Total cost of basket ‐‐‐ 850 € ‐‐‐ 875 €Price index ‐‐‐ 100 ‐‐‐ 102,9Inflation rate ‐‐‐ ‐‐‐ ‐‐‐ 2,90%Inflation rate 2,90%*Source: European Central Bank

EconomicEconomic IndicatorsIndicatorsLabour Market

TOTAL POPULATION

WORKING‐AGE POPULATION

NON WORKING‐AGE POPULATIONS (<16 

YEARS OLD)

LABOUR FORCE

POPULATION NOT IN THE 

LABOUR FORCE

EMPLOYED UNEMPLOYEDEMPLOYED POPULATION

UNEMPLOYED PEOPLE

EMPLOYEESSEEKING THEIR 

FIRST JOB

RETIRED PEOPLE

STUDENTS

SELF‐EMPLOYED

FIRST JOB

HAVE WORKED BEFORE

OTHER GROUPS

EconomicEconomic IndicatorsIndicators

Exchange rateDefinition

Exchange rate:Exchange rate:The exchange rate is the price of a currency interms of another currency.

Example

A good has a price of 300 dollars in the USA and of310 euros in Spain The exchange rate euro/dollar310 euros in Spain. The exchange rate euro/dollaris 1.35. How much does the USA good cost ineuros?

Cost of the good in the USA =300 $1,35 $/€

= 222 €

FinancialFinancial IndicatorsIndicators

Balance (2012)Balance (2012) ProfitProfit and and LossLoss ((2012) 2012) 

Sales 15.946,14 13.945,05Cost of goods (6 416 83) (5 600 34)Cost of goods (6.416,83) (5.600,34)GROSS MARGIN 9.529,32 8.344,71Operating costs (5.604,78) (5.026,61)Other net profits and losses (11,578) (379,11)

Current assets 6.692 4.298Non current assets 6.198 2.648TOTAL ASSETS 12.890 6.946C li bili i 3 485 1 617 OPERATIVE RESULT (EBITDA) 3.912,96 2.938,99

Depreciation and Amortisation (796,11) (427,71)EBIT (Earnings before interest and t ) 3 116 84 2 511 28

Current liabilities 3.485 1.617Non currentliabilities 923 269EQUITY 8.482 5.060 tax) 3.116,84 2.511,28

Financial results 14,13 61,30RESULTS BEFORE TAX 3.130,97 2.572,58Tax on earnings (763,96) (625,46)

EQUITY 8.482 5.060TOTAL LIABILITIES + EQUITY 12.890 6.946*Figures in million euros Tax on earnings (763,96) (625,46)

NET RESULT OF THE YEAR 2.367,01 1.947,12*Figures in million eurosSource: annual report Inditex and H&M, 2012

Source: annual report Inditex and H&M, 2012

FinancialFinancial IndicatorsIndicators

WhichWhich oneone isis thethe mostmost profitableprofitable??

ROA Net profit / Total assets 18,36% 28,03%

ROE Net profit / Total equity 27,91% 38,48%

WhichWhich oneone isis moremore indebtedindebted??WhichWhich oneone isis more more indebtedindebted??

Leverage Liabilities / Total Assets 34,20% 27,15%

WhichWhich oneone isis thethe mostmost solvablesolvable??

Solvency Net equity / Total assets 65,80% 72,85%

INDEXINDEX

Financial EducationFinancial Education

EdufinetEdufinet

Family BudgetFamily Budget

Economic and Financial IndicatorsEconomic and Financial Indicators

Financial System and Main ProductsFinancial System and Main Products

Practical ExercisesPractical Exercises

Role of Role of thethe financialfinancial systemsystem

DIFFERENCESDIFFERENCES

-Term-Amount-Risk

BORROWERS OFPROVIDERS OF FINANCIAL BORROWERS OF FINANCIAL RESOURCES

PROVIDERS OF FINANCIAL RESOURCES

FINANCIAL SYSTEM

ASYMMETRICALASYMMETRICAL INFORMATION

Role of Role of thethe financialfinancial systemsystem

DecisionDecision MakingMaking

WhatWhat isis thethe needneed toto covercover??

Obtain savings Obtain credit Risk coverage Other financialservices

Savingsproducts

Loans Insurances Payments/Guarantees/Othersproducts Guarantees/Others

‐Profitability

‐Risk‐Interest rate

‐Fees and commissions

‐Premiums

‐Coverages

‐Service/costratio

‐Liquidity ‐Term

TaxationTaxation

Variables Variables toto considerconsider in in savingssavings productsproducts

PROFITABILITYPROFITABILITY

What is the yield obtained by the invested capital?

TERMTERM

For what period?

RISKRISK

What are the risks?

LIQUIDITYLIQUIDITY

What are the risks?•Solvency of the institution receiving our money

•Invested capital

•Interest to be received•Interest to be received

Can I use the invested money at any time?

MainMain featuresfeatures of of DepositsDeposits

CurrentCurrent Bank statement

•Service fees

•Money + - DepositDepositat at sightsight SavingsSavings

accountaccount

accountaccount Cheque book

Savings book

No cheque book

Maintenancefee

Managementfee

DepositorDepositor CustodianCustodian(Deposit institution) Li

quity

rofit

abili

ty

•Funds custody

Pr

FixedFixed--termterm

d itd it

Earlycancellation

i i•Funds custody•Movement statements•Interest•Services•Funds availability

- + depositdeposit(IPF)(IPF)

commission

Concept of LoanConcept of Loan

LOAN CYCLE

Loan amount

Term

Potential tax benefits

Total redemption of thecapitalInitial capital

commissionsTaxes and arrangement fees

Repayment installments = Capital + interest

Operation setting

TipsTips toto considerconsider whenwhen applyingapplying forfor a loana loan

What do we want to finance with that loan?

LOAN WITH PERSONAL GUARANTEE

MORTGAGE LOANWhat do I have toconsider?

Usually fixed interest rate Personal rate > mortgage

AmountUsually < 60.000€ Not > 80% of the property value

Usually, variable interest rateI d d

Interest rate

Usually, fixed interest rate • Index used• Differential• Review date

Commissions and fees(Taxes)

Opening, study, cancellation commissions

Opening and cancellation commission, notary, valuation, …

APR Real cost of the operation

TermShort and medium term(≤ 10 years)

Long  term(> 20 years)

APR  Real cost of the operation

( y ) ( y )

MeansMeans of of paymentpayment

Concept

Payment instrument replacing coins and notes: cards, transfers, commercialdocuments (bill of exchange, cheque, drafts).

Usual mean of payment: cards

DebitDebit Direct debit to the account.DebitDebit

CreditCredit

Direct debit to the account.

Credit approved to be used.

CardsCards PrepaymentPrepayment Use limited to the preloaded amount.

VirtualVirtual Request for a virtual card for each online purchase.

MeansMeans of of paymentpaymentFRONTFRONT

Issuer institution’s logo Nationalnetwork

•Euro 6000•4B

Security chip

network

1234 5678 9012 3456

•Servired

PAN 16 digits (unique)

Validity date•Visa•Mastercard

1234  5678  9012  3456

Name of the card holder

Month/YearInternational brand

PAN 16 digits (unique)

BACK Name of the card holderBACK

Magnetic band

Signature CVV Code for e‐commerceoperations (3 digits)

Contact details of the issuer institution

INDEXINDEX

Financial EducationFinancial Education

EdufinetEdufinet

Family BudgetFamily Budget

Economic and Financial IndicatorsEconomic and Financial Indicators

Financial System and Main ProductsFinancial System and Main Products

Practical ExercisesPractical Exercises

ExerciseExercise 11

1.1. AA termterm depositdeposit forfor 11 yearyear,, forfor 1010..000000 €€ receivesreceives anan interestinterest ofof 33..5050%%,, withwith monthlymonthlyinterestinterest paymentpayment.. WhatWhat isis thethe amountamount ofof interestinterest toto receivereceive eacheach monthmonth??

8787 5050 €€a.a. 8787,,5050 €€..b.b. 350350 €€..c.c. 2929,,1717€€..dd 175175 €€d.d. 175175 €€..

ExerciseExercise 11

C*R*T360 =

10.000*3,5%*30360

ExerciseExercise 11

1.1. AA termterm depositdeposit forfor 11 yearyear,, forfor 1010..000000 €€ receivesreceives anan interestinterest ofof 33..5050%%,, withwith monthlymonthlyinterestinterest paymentpayment.. WhatWhat isis thethe amountamount ofof interestinterest toto receivereceive eacheach monthmonth??

a.a. 8787,,5050 €€..b.b. 350350 €€..cc 2929 1717 €€c.c. 2929,,1717 €€..d.d. 175175 €€..

ExerciseExercise 22

2.2. AA currentcurrent accountaccount isis heldheld byby 33 holdersholders withwith individualindividual signaturesignature.. ToTo useuse thethe accountaccount::

ThTh i ti t ff thth thth h ldh ld ii i di da.a. TheThe signaturesignature ofof thethe threethree holdersholders isis requiredrequired..b.b. TheThe threethree holdersholders mustmust actact jointlyjointlyc.c. TheThe signaturesignature ofof anyany ofof thethe threethree holdersholders isis enoughenough..dd TheThe signaturesignature ofof atat leastleast twotwo ofof thethe threethree holdersholders isis requiredrequiredd.d. TheThe signaturesignature ofof atat leastleast twotwo ofof thethe threethree holdersholders isis requiredrequired..

ExerciseExercise 22

ExerciseExercise 22

2.2. AA currentcurrent accountaccount isis heldheld byby 33 holdersholders withwith individualindividual signaturesignature.. ToTo useuse thethe accountaccount::

ThTh i ti t ff thth thth h ldh ld ii i di da.a. TheThe signaturesignature ofof thethe threethree holdersholders isis requiredrequired..b.b. TheThe threethree holdersholders mustmust actact jointlyjointlyc.c. TheThe signaturesignature ofof anyany ofof thethe threethree holdersholders isis enoughenough..dd TheThe signaturesignature ofof atat leastleast twotwo ofof thethe threethree holdersholders isis requiredrequiredd.d. TheThe signaturesignature ofof atat leastleast twotwo ofof thethe threethree holdersholders isis requiredrequired..

ExerciseExercise 33

33.. AA personperson getsgets aa mortgagemortgage loanloan forfor 300300..000000 €€,, withwith anan interestinterest raterate ofof 44..55%%,, toto beberepaidrepaid inin 2525 yearsyears withwith monthlymonthly constantconstant repaymentsrepayments ((alwaysalways thethe samesame amountamount)).. TheThe

thlthl tt tt bb idid illill bbmonthlymonthly repaymentrepayment toto bebe paidpaid willwill bebe::

a.a. 11..667667,,5050 €€..bb 11 125125 0000 €€b.b. 11..125125,,0000 €€..c.c. 11..725725,,3030 €€..d.d. 11..532532,,2020 €€..

ExerciseExercise 33

*1‐ 1+

4,5%12

(           )‐(25*12)300.000= a *  12

4,5%12

ExerciseExercise 33

ExerciseExercise 33

1800

Loan Loan repaymentrepayment tabletable

1400

1600

1000

1200

600

800

200

400

0

1 21 41 61 81 101 121 141 161 181 201 221 241 261 281 301

InterestInterest RedeemedRedeemed capitalcapitalpp

ExerciseExercise 33

33.. AA personperson getsgets aa mortgagemortgage loanloan forfor 300300..000000 €€,, withwith anan interestinterest raterate ofof 44..55%%,, toto beberepaidrepaid inin 2525 yearsyears withwith monthlymonthly constantconstant repaymentsrepayments ((alwaysalways thethe samesame amountamount)).. TheThe

thlthl tt tt bb idid illill bbmonthlymonthly repaymentrepayment toto bebe paidpaid willwill bebe::

a.a. 11..667667,,5050 €€..bb 11 125125 0000 €€b.b. 11..125125,,0000 €€..c.c. 11..725725,,3030 €€..d.d. 11..532532,,2020 €€..

ExerciseExercise 44

4 Whi h f th f ll i t b t th f tb ll l b i i ht4. Which one of the following sentences about these football clubs is right,according to the details below?

R l M d id Cl b d Fú b l Fú b l Cl b B lReal Madrid Club de Fútbol Fútbol Club BarcelonaROA 4,32% 6,46%Leverage 63,41% 97,53%Solvency 36 58% 2 47%

a.a. BarcelonaBarcelona hashas aa betterbetter positionposition inin thethe threethree presentedpresented indicatorsindicators..bb RealReal MadridMadrid isis thethe mostmost indebtedindebted

Solvency 36,58% 2,47%

b.b. RealReal MadridMadrid isis thethe mostmost indebtedindebted..c.c. BarcelonaBarcelona isis thethe mostmost profitableprofitable..d.d. RealReal MadridMadrid isis thethe lessless solventsolvent..

ExerciseExercise 44

4 Whi h f th f ll i t b t th f tb ll l b i i ht4. Which one of the following sentences about these football clubs is right,according to the details below?

R l M d id Cl b d Fú b l Fú b l Cl b B lReal Madrid Club de Fútbol Fútbol Club BarcelonaROA 4,32% 6,46%Leverage 63,41% 97,53%Solvency 36 58% 2 47%

aa BarcelonaBarcelona hashas aa betterbetter positionposition inin thethe threethree presentedpresented indicatorsindicators

Solvency 36,58% 2,47%

a.a. BarcelonaBarcelona hashas aa betterbetter positionposition inin thethe threethree presentedpresented indicatorsindicators..b.b. RealReal MadridMadrid isis thethe mostmost indebtedindebted..c.c. BarcelonaBarcelona isis thethe mostmost profitableprofitable..d.d. RealReal MadridMadrid isis thethe lessless solventsolvent..d.d. RealReal MadridMadrid isis thethe lessless solventsolvent..

ExerciseExercise 55

5. What is the unemployment rate according to the information below?Thousand people

Total population 8.421,0Working‐age population 6.799,0

Labour force 4.025,0Population not in the labour force 2.774,0

Unemployed people 1.440,4

a. Population not in the labour force/ Working‐age population: 40,8%.

Source: EPA 2º Quarter 2013

Total population source:  local register 2013

a. Population not in the labour force/ Working age population: 40,8%.b. Unemployed people / Working‐age population: 21,19%.c. Unemployed people / Labour force: 35,79%.d. Population not in the labour force / Total population: 32,94%.p / p p ,

ExerciseExercise 55

5. What is the unemployment rate according to the information below?Thousand people

Total population 8.421,0Working‐age population 6.799,0

Labour force 4.025,0Population not in the labour force 2.774,0

Unemployed people 1.440,4Source: EPA 2º Quarter 2013

Total population source:  local register 2013

a. Population not in the labour force/ Working‐age population: 40,8%.b. Unemployed people / Working‐age population: 21,19%.c. Unemployed people / Labour force: 35,79%.p y p p / ,d. Population not in the labour force / Total population: 32,94%.

FINANCIAL EDUCATION FOR YOUNG PEOPLEFINANCIAL EDUCATION FOR YOUNG PEOPLE

Speaker:Centre:Date: