EUROPEAN FINANCIAL EDUCATION PARTNERSHIP PROGRAMME

EUROPEAN FINANCIAL EDUCATION PARTNERSHIP PROGRAMME NATIONAL FINANCIAL EDUCATION NEEDS & GAPS SURVEY REPORT FOR GREECE UNIVERSITY OF PIREAUS April 2011

Table of Contents Preface......3 Acknowledgements...4 Executive Summary (in Greek)......5 Executive Summary (in English).....10 1. The prevailing situation of Financial Education in schools The case of Greece...14 2. The new EFEP Survey 2.1. Methodological remarks...20 2.2. Survey findings.....22 2.2.1 Findings from Schools survey.....22 2.2.2 Findings from Parents survey.... 33 2.2.3 Findings from Financial sector experts survey....39 2.3 Discussion of Survey findings and implied Policy implications....42 3. Implications for EFEP project planning and implementation in Greece......51 ANNEXES I. Survey Questionnaires 1.1 Schools Survey Questionnaire 57 1.2 Parents Questionnaire 74 1.3 Financial Services sector Experts Questionnaire.87 II. Analytical Survey results 2.1 Schools Survey results...99 2.2 Parents Survey results...105 2.3 Financial services sector experts Survey results 109 NATIONAL FINANCIAL EDUCATION NEEDS & GAPS SURVEY REPORT FOR GREECE 2

Preface This Report presents the findings of a needs and gap survey of a group of Greek secondary schools, aiming at identifying pupils needs of economic and financial education. This survey was supplemented by similar ones carried out for parents of schools age children and for financial sector experts who were also requested to present their perceptions of pupils educational needs. These surveys results will guide the institutions participating in the European programme: European Financial Education Partnership EFEP, to design educational interventions expected to impact on secondary education pupils; comprehension of financial matters and, consequently, on their financial behaviour and actions. Πρόλογος Η Έκθεση αυτή παρουσιάζει τα ευρήματα έρευνας για τις «ανάγκες» και τα «κενά» που παρατηρούνται, σε μαθητές δευτεροβάθμιας εκπαίδευσης σε ελληνικά σχολεία, σε γνώσεις για οικονομικά και χρηματοοικονομικά θέματα. Η έρευνα σε σχολεία συμπληρώθηκε από παράλληλες έρευνες μεταξύ γονέων των οποίων τα παιδιά φοιτούν σε σχολεία της συγκεκριμένης εκπαιδευτικής βαθμίδας και επίσης μεταξύ στελεχών του χρηματοπιστωτικού τομέα. Τα αποτελέσματα των ερευνών θα καθοδηγήσουν τους εταίρους του Ευρωπαϊκού Προγράμματος European Financial Education Partnership EFEP, για σχεδιασμό των κατάλληλων εκπαιδευτικών παρεμβάσεων που πιστεύεται οτι θα επιδράσουν θετικά στην ικανότητα των μαθητών να αντιλαμβάνονται καλύτερα μια σειρά από οικονομικές-χρηματοοικονομικές έννοιες και λειτουργίες και, κατά συνέπεια, να συμπεριφέρονται και να λειτουργούν πιο αποδοτικά. NATIONAL FINANCIAL EDUCATION NEEDS & GAPS SURVEY REPORT FOR GREECE 3

Acknowledgments The authors of this Report acknowledge the assistance provided by the respondents to the surveys Questionnaires. In particular they wish to express their appreciation to Ms Ifigenia Schistou and Mr Pantelis Tentes, Board member and President of the Greek Association of Economics Educators in Secondary Schools respectively, for their comments on the Report s drafts and for their help in disseminating its results. Ευχαριστίες Οι συντάκτες της Έκθεσης εκφράζουν τις ευχαριστίες τους για τη βοήθεια που προσέφεραν κατά τη περίοδο της έρευνας. Επίσης ευχαριστούν όλους όσους συμμετείχαν στη σύνταξή της. Ιδιαίτερες ευχαριστίες οφείλονται στην Ιφιγένεια Σχιστού και τον Παντελή Τέντε, μέλος του ΔΣ και Πρόεδρο της Ένωσης Οικονομολόγων Εκπαιδευτικών Δευτεροβάθμιας Εκπαίδευσης αντίστοιχα, για τα σχόλια τους σε σχέδια κειμένων της Έκθεσης και για την συνεργασία τους στην διάχυση των αποτελεσμάτων της. NATIONAL FINANCIAL EDUCATION NEEDS & GAPS SURVEY REPORT FOR GREECE 4

ΕΠΙΤΕΛΙΚΗ ΣΥΝΟΨΗ Στην Έκθεση αυτή αποτυπώνονται τα ευρήματα της έρευνας αναγκών και απαιτήσεων που πραγματοποιήθηκε σε μια ομάδα ελληνικών σχολείων δευτεροβάθμιας εκπαίδευσης, με στόχο τη διερεύνηση των αναγκών των μαθητών για εκπαίδευση σε οικονομικά και χρηματοπιστωτικά θέματα. Η έρευνα στα σχολεία συμπληρώθηκε με δύο παρόμοιες έρευνες που έγιναν σε γονείς παιδιών σχολικής ηλικίας και σε ειδικούς στον τομέα των χρηματοπιστωτικών από τους οποίους ζητήθηκε να παρουσιάσουν τις απόψεις τους σχετικά με τις εκπαιδευτικές ανάγκες των μαθητών. Συνοπτικά, η κατάσταση στο Ελληνικό εκπαιδευτικό σύστημα, αναφορικά με την εκπαίδευση σε οικονομικά και χρηματοπιστωτικά θέματα, είναι η ακόλουθη: Εκπαίδευση σε οικονομικά και χρηματοπιστωτικά θέματα παρέχεται σε ορισμένες βαθμίδες του Ελληνικού συστήματος δευτεροβάθμιας εκπαίδευσης. Παρόλα αυτά, παρατηρούνται πολλές ανεπάρκειες. Συγκεκριμένα, Η εκπαίδευση σε οικονομικά και χρηματοπιστωτικά θέματα παρέχεται κυρίως σε τάξεις του δεύτερου μόνο μισού του προγράμματος σπουδών της δευτεροβάθμιας εκπαίδευσης (σε μαθητές 15 ετών και πάνω). To παρεχόμενο εκπαιδευτικό υλικό βασίζεται, σχεδόν αποκλειστικά, στα Εγκεκριμένα από το Κράτος σχολικά εγχειρίδια και ο χρόνος για αξιοποίηση επιπρόσθετου υλικού ή εφαρμογή καινοτομικών εκπαιδευτικών πρακτικών (π.χ. να προσκαλούνται στην εξωτερικοί εθελοντές προκειμένου να συμβάλλουν στην εκπαιδευτική διαδικασία) είναι περιορισμένος. Oι διδάσκοντες οικονομικών και χρηματοπιστωτικών μαθημάτων δεν είναι πάντα ειδικά εκπαιδευμένοι και οι ευκαιρίες για την επιμόρφωσή τους είναι αρκετά σπάνιες. Συγκρίνοντας Κρατικά με Ιδιωτικά σχολεία διαπιστώνεται ότι η κατάσταση είναι πολύ καλύτερη στα Ιδιωτικά σχολεία NATIONAL FINANCIAL EDUCATION NEEDS & GAPS SURVEY REPORT FOR GREECE 5

καθώς τα τελευταία αξιοποιούν πιο σύγχρονο εκπαιδευτικό υλικό. Οι πιο πρόσφατες πρωτοβουλίες που ελήφθησαν για τη βελτίωση της κατάστασης (π.χ. το ΣΕΝ/ το πρόγραμμα Επιχειρηματικότητας Nέων κ.α.) έχουν αρχίσει να αποδίδουν κάποια αποτελέσματα αλλά παρόλα αυτά αντιμετωπίζουν δυσχέρειες στη εφαρμογή τους οι οποίες σχετίζονται με την αδυναμία υπερπήδησης γραφειοκρατικών διαδικασιών των υπηρεσιών που έχουν επιφορτιστεί με το σχεδιασμό εκπαιδευτικών προγραμμάτων και βαθιά ριζωμένων συντηρητικών απόψεων. Η έρευνά μας στα σχολεία επίσης κατέδειξε ότι σε πολλές περιπτώσεις το εκπαιδευτικό υλικό που αφορά οικονομικά και χρηματοπιστωτικά θέματα δεν παρέχεται με τη μορφή ενός συγκεκριμένου μαθήματος αλλά εμπεριέχεται και σε μια ποικιλία άλλων μαθημάτων, όπως είναι η Επιχειρηματικότητα, τα Οικονομικά, τα Μαθηματικά κ.α. Τα θέματα που διδάσκονται σχετίζονται περισσότερο με θεωρητικά Μακροοικονομικά και Μικροοικονομικά ζητήματα τα οποία θα μπορούσαν να βρεθούν ακόμα και σε εγχειρίδια που παρέχουν στοιχειώδεις οικονομικές γνώσεις. Λίγοι μόνο διδάσκοντες φαίνονται να είναι ικανοποιημένοι με την ποσότητα και/ ή ποιότητα της εξωτερικής βοήθειας που τους διατίθεται (ή πού τους επιτρέπεται να αναζητήσουν και να αξιοποιήσουν). Τα είδη της βοήθειας που οι διδάσκοντες θα δέχονταν να αξιοποιήσουν, είναι κυρίως : Διαδραστικό εκπαιδευτικό υλικό Οδηγοί μαθημάτων Ευκαιρίες για επιμόρφωση Οι προτάσεις των διδασκόντων για μέτρα που μπορεί να οδηγήσουν σε αναβάθμιση της αποτελεσματικότητας της εκπαίδευσης σε οικονομικά και χρηματοπιστωτικά θέματα στα ελληνικά σχολεία, επικεντρώνονται στα παρακάτω : να περιοριστεί δραστικά ο μέχρι τώρα συμβατικός και καθιερωμένος τρόπος λειτουργίας της τάξης, να γίνεται περισσότερη χρήση διαδραστικής εκπαίδευσης, καλοσχεδιασμένου υλικού (πιθανότατα προσαρμόζοντας στις NATIONAL FINANCIAL EDUCATION NEEDS & GAPS SURVEY REPORT FOR GREECE 6

τοπικές συνθήκες υπάρχον υλικό, δοκιμασμένο σε άλλα περιβάλλοντα), και να συνδυάζονται δραστηριότητες μέσα στην τάξη με πραγματικές μελέτες περιπτώσεων και/ή επισκέψεις σε εγκαταστάσεις (π.χ. τράπεζες, σούπερ μάρκετ) όπου η γνώση που οι μαθητές αποκτούν μπορεί να δοκιμαστεί σε πραγματικές συνθήκες. Έχοντας έρθει σε επαφή με διδάσκοντες, με γονείς μαθητών και με ειδικούς του οικονομικού τομέα, οι συγγραφείς της Έκθεσης της έρευνας αυτής, είναι σε θέση να υποστηρίξουν ότι οι όποιες πρωτοβουλίες ληφθούν με στόχο τη βελτίωση της υπάρχουσας κατάστασης θα πρέπει να λάβουν υπόψη τους τα παρακάτω: α) η οικονομική και χρηματοπιστωτική εκπαίδευση στα ελληνικά σχολεία πρέπει να επεκταθεί, να παραδίδεται με πιο συγκεκριμένο και ξεκάθαρο τρόπο και σταδιακά πρέπει να ενσωματωθεί (άμεσα και έμμεσα) σε ολόκληρο το εκπαιδευτικό σύστημα. β)το εκπαιδευτικό υλικό πρέπει να επανασχεδιαστεί και να επικαιροποιηθεί, δίνοντας ιδιαίτερη προσοχή στην προσαρμογή του ανάλογα με τις ιδιαιτερότητες και τις ανάγκες της ηλικίας των μαθητών γ)τα κρατικά εγκεκριμένα εγχειρίδια θα πρέπει να πάψουν να αποτελούν τον μοναδικό τύπο χρησιμοποιούμενου εκπαιδευτικού υλικού δ)θα πρέπει να επιτρέπεται στους διδάσκοντες να κάνουν επιλεκτική χρήση και άλλων τύπων διδακτικών βοηθημάτων, εργαλείων και πρακτικών, τα οποία χρησιμοποιούνται εκτεταμένα και επιτυχημένα από παρόμοια προγράμματα σε διεθνές επίπεδο. ε)τα σχολεία θα πρέπει να γίνουν αρκετά πιο ανοικτά σε επιλεγμένους εξωτερικούς εισηγητές που εθελοντικά μπορούν να προσφέρουν τις εμπειρίες και τη γνώση τους από την αγορά. στ)προγράμματα επιμόρφωσης των διδασκόντων πρέπει να οργανωθούν και να εφαρμοστούν ζ)η διδακτική πρωτοβουλία πρέπει να αναγνωρίζεται και με κάποιο τρόπο να επιβραβεύεται (η διεθνής εμπειρία δείχνει πως αυτό μπορεί να επιτευχθεί χωρίς απαραίτητα να παίρνει τη μορφή παροχής αυξημένων οικονομικών απολαβών). NATIONAL FINANCIAL EDUCATION NEEDS & GAPS SURVEY REPORT FOR GREECE 7

η)η επικοινωνία και ο διάλογος μεταξύ γονέων και δασκάλων πρέπει να ενδυναμωθεί θ)πρέπει να ενθαρρυνθεί περισσότερο ο ανταγωνισμός μεταξύ ιδιωτικών και δημόσιων σχολείων (στο πεδίο της καινοτομίας και της αποτελεσματικότητας). Υπάρχει αναμφισβήτητα έντονη ανάγκη για μια νέα και καινοτομική παρέμβαση για την ενίσχυση της εκπαίδευσης σε οικονομικά και χρηματοπιστωτικά θέματα στο πρόγραμμα σπουδών των ελληνικών σχολείων και για την αναβάθμιση της αποτελεσματικότητας της εκπαίδευσης που παρέχεται μέχρι τώρα. Νέες και καινοτομικές παρεμβάσεις μπορούν, υπό ορισμένες προϋποθέσεις, να εφαρμοστούν, ακόμα και στο υπάρχον πρόγραμμα σπουδών. Παρουσιάσεις πραγματικών περιπτώσεων, προβλημάτων και λύσεων, χρήση μη παραδοσιακών βοηθημάτων και τεχνικών, ενδιαφέρουσες παρουσιάσεις υλικού τοπικού ενδιαφέροντος, ανταλλαγή απόψεων μέσα στην τάξη ανάμεσα σε μαθητές, δασκάλους και εξωτερικούς ειδικούς, φαίνονται να είναι τα κύρια στοιχεία που μέχρι τώρα απουσιάζουν και για το λόγο αυτό, η εισαγωγή τους στα μαθήματα οικονομικών και χρηματοπιστωτικών θεμάτων στα ελληνικά σχολεία θα γίνει ιδιαίτερα αισθητή. Μια εφικτή και πιθανώς αποτελεσματική απάντηση στην ερώτηση για το ποιος θα μπορούσε να αναλάβει το καθήκον της διδασκαλίας ανανεωμένων μαθημάτων οικονομικών και χρηματοπιστωτικών θεμάτων στα σχολεία, θα μπορούσε να είναι, επιλεγμένοι διδάσκοντες, οι οποίοι πρώτα θα πρέπει να περάσουν ένα εντατικό πρόγραμμα Επιμόρφωσης διδασκόντων οικονομικών και χρηματοπιστωτικών θεμάτων. Αναλύοντας συνδυαστικά τα αποτελέσματα των ερευνών που έγιναν στο πλαίσιο του συγκεκριμένου προγράμματος, διαπιστώνεται ότι πέντε (5) μαθήματα οικονομικών και χρηματοπιστωτικών θεμάτων αναδεικνύονται ως βασικές προτεραιότητες για τα ελληνικά σχολεία. Ανεξάρτητα από την έρευνα που επικεντρώνεται σε συγκεκριμένες ομάδες στόχους, οι απόψεις συγκλίνουν στα παρακάτω τρία θέματα προτεραιότητας τα οποία, συνεπώς, πρέπει να ληφθούν υπόψη κατά τη διαδικασία της εφαρμογής του προγράμματος European Financial Education Partnership στην Ελλάδα. Αυτά τα μαθήματα είναι τα παρακάτω: Χρηματοοικονομική αυτοδιαχείριση Ομαδική εργασία και λήψη αποφάσεων NATIONAL FINANCIAL EDUCATION NEEDS & GAPS SURVEY REPORT FOR GREECE 8

Συνετός δανεισμός Δύο ακόμα μαθήματα ( με πιθανούς τίτλους: Πώς λειτουργούν οι αγορές και Μάθε πως οι τράπεζες μπορούν να σε εξυπηρετήσουν ) μπορούν επίσης να προστεθούν στα τρία παραπάνω, σύμφωνα με ερευνητικά ευρήματα που καταδεικνύουν ότι επίσης αποτελούν: πολύ χρήσιμα θέματα για μαθητές των ελληνικών σχολείων. NATIONAL FINANCIAL EDUCATION NEEDS & GAPS SURVEY REPORT FOR GREECE 9

EXECUTIVE SUMMARY This Report presents the findings of a needs and gap survey of a group of Greek secondary schools, aiming at identifying pupils needs in economic and financial education. The schools survey was supplemented by two similar ones carried out for parents of school age children and for financial sector experts who were also requested to present their perceptions of pupils educational needs. The review of the situation in the Greek education system, regarding financial education suggests the following: Economic and Financial Education is provided in some sections of the Greek secondary education system. Several areas of inefficiencies are however noticeable. In particular: It is delivered mainly in classes in the 2 nd only half of secondary schools curriculum (pupils above 15 years old) Teaching material is, almost exclusively, based on State approved textbooks and there is little time for additional material or innovative teaching practices (e.g. inviting external volunteers to contribute in class work). Teachers delivering economic and financial education courses are not always specifically trained and retraining opportunities are rather rare. Comparison between State funded and Private schools definitely suggests that the situation is much better in the latter category, with more modern material being delivered. Initiatives to redress the situation (e.g. The SEN/Junior Achievement Programme and other similar ones) are, in recent years, making their presence felt but are nevertheless facing problems in overcoming bureaucratic procedures and deeply rooted conservative attitudes. Our schools survey has also shown that, in many cases, financial education material is not provided as an explicitly defined course, but instead it is contained in a variety of other related courses, such as Entrepreneurship, Economics, Mathematics and other. The topics usually taught are related to rather theoretical macro-and microeconomic issues which may typically be found even in elementary economics textbooks. NATIONAL FINANCIAL EDUCATION NEEDS & GAPS SURVEY REPORT FOR GREECE 10

Few only teachers seem to be satisfied with the amount and/or the quality of external assistance they get (or are allowed to solicit and use). The types of assistance that teachers would welcome most are: Interactive educational material Courses Guides Retraining opportunities Teachers recommendations of measures that may lead to upgraded financial education effectiveness in Greek schools focus on: drastically deviating from conventional class work and instead rely more on interactive teaching, use of well designed material (probably by adapting existing material tried in other environments, to the conditions prevailing locally), and combining in-class activities with actual case studies and/or visits to establishments (e.g. banks, supermarkets etc.) where pupils knowledge can be put to test. Based on the interaction with schools teachers, pupils parents and also with financial sector experts, the authors of this Survey Report are in a position to argue that initiatives aiming at improving the described situation should consider the following: a) Economic and Financial Education in Greek schools must be extended and delivered in more decisive and explicit manner and must be gradually incorporated (directly or indirectly) in the entire education system. b) Educational material must be redesigned and updated, with due consideration being given to customization for the peculiarities and needs of pupils of various ages. c) Ministry approved textbooks must cease being the only authoritative type of educational material used. d) Teachers should be allowed to selectively use other types of teaching aids, tools and practices, being extensively and successfully used in similar programmes internationally e) Schools should become considerably more open to selected outsiders volunteering to transfer their experiences and knowledge from the market f) Teachers Retraining programmes must be organized and implemented NATIONAL FINANCIAL EDUCATION NEEDS & GAPS SURVEY REPORT FOR GREECE 11

g) Teachers initiative must be recognized and somehow rewarded (international experience suggests that this may be done without necessarily implying increased financial remunerations). h) Communication and Dialogue between Schools and Parents must be strengthened i) More competition between private and publicly funded schools (in terms of innovation and results) must be encouraged. There is definitely a strong need for new and innovative intervention for strengthening the presence of financial education in Greek secondary schools curricula and for upgrading the effectiveness of whatever is already provided. New and innovative interventions may, under certain conditions, find their way, even in the present curriculum structure. Presentation of real world cases, problems and solutions, use of nontraditional teaching aids and techniques, lively presentations of localized material, active in-class discussions between pupils, teachers, and external experts, seem to be the main elements missing so far and, therefore, incorporating them in financial education courses in Greek schools could make a noticeable difference. A feasible and probably effective answer to the question of who could undertake the task of delivering renewed financial education courses in schools could be to rely on selected school teachers, who would first have to undergo an intensive Training of Financial Education Teachers programme. The combined analysis of survey results suggests that five (5) financial education topics/modules emerge as top priorities for Greek schools. Independently of the specific target group surveyed, views converge to the following three priority topics, which, consequently, must be considered for the Greek part of EFEP Programme implementation. These modules are the following: Managing Your Money Team Work and Decision Making Sensible Borrowing, Two more modules (provisional titles: How do markets function and Get to know how Banks can serve you ) may well be added to the NATIONAL FINANCIAL EDUCATION NEEDS & GAPS SURVEY REPORT FOR GREECE 12

above three, following survey findings suggesting that they too constitute: very useful topics for Greek secondary level school pupils. NATIONAL FINANCIAL EDUCATION NEEDS & GAPS SURVEY REPORT FOR GREECE 13

1. The prevailing situation of Financial Education in schools The case of Greece In Greece, provision of financial education, as such, is considered as rather undeveloped and whatever does exist is not widely known to those that could benefit from it. It is, for example, characteristic, that in a Report produced and published by, the authors, in presenting their experiences from information collection from practically all 27 European member countries, and they state that: Only one questionnaire was returned from Greece. A scheme name was not given and most of the fields were left blank so that we could not process this questionnaire. Furthermore, in that same Report, it is argued that during the desk research conducted, only one financial education scheme was identified for Greece that could be considered for the purposes of the survey: Economy: Knowledge with Value which seeks to help students to get a better understanding of their financial needs and learn about their role in the EU. The specific programme is sponsored by CITIBANK which has been is implementing it for several years, through a number of collaborating institutions. The programme is being delivered in public and private elementary schools in Attica and Thessalonica. The aim of its various lessons is to help children understand and familiarize with basic financial concepts and gradually build consumer consciousness. More specifically, the course aims at familiarizing children with certain basic economic concepts that affect their everyday life. Through different versions that vary according to the school class and through NATIONAL FINANCIAL EDUCATION NEEDS & GAPS SURVEY REPORT FOR GREECE 14

educational games and roles-playing, the Programme discusses, among others, the difference between "financial needs" and "financial desires", the "market's functions", the meaning of "commerce", the relation between "advertising & market" and "consumer& business". The same material, together with a number of other modules on Entrepreneurship and the Economy in general, is also offered to secondary level schools (public and private) by another organization (Association of Youth Entrepreneurship SEN), since 2004. Following a period of pilot runs (2004-2007), SEN became formally associated with Junior Achievement Organisation and runs, on a license and in full compliance with JA specifications and rules, economic and financial education programmes. The programme functions with the contribution of a large of highly motivated volunteers, recruited from banks and enterprises. In 2010, the size of this group reached 457 volunteers who are demonstrating continuous interest in staying involved and continue visiting schools and delivering courses. The number of pupils that have participated in SEN programmes nationally, reached in 2010 approximately 5600, having more than doubled since 2004. Evaluations conducted among pupils, teachers and volunteers suggest wide acceptance and satisfactory performance. Despite however evidence of progress, SEN programmes do not run without problems. The most important of these problems relate to red tape in dealing with Schools Administrations, not sufficiently NATIONAL FINANCIAL EDUCATION NEEDS & GAPS SURVEY REPORT FOR GREECE 15

progressive attitude on the part of Authorities that create obstacles and delays to easy access to Public Schools. Teachers attitude is also frequently not helpful, as they do not always recognize the benefits that could result from a more active participation in such a programme, not only for the pupils, but also for their own teaching skills upgrading. The range of SEN programmes, is, as already indicated, quite wide. It is nevertheless recognized that new topics should be considered for incorporation. Two areas worthy of particular mention would be material and courses on new banking products/services (e.g. e-banking) and also courses of a more general character which will help youngsters understand better how the Economy functions, with emphasis on the functioning of the banking sector. This last topic is believed that it will contribute to restating of the financial services sector and its institutions image in young people s eyes and minds. Financial literacy issues are admittedly treated mostly within the framework of consumer protection and are therefore addressed mainly to adults. Another programme which runs successfully for several years now, again by a Consumers rights protection Center (KEPKA), is the DOLCETA Programme. This is a pan-european Programme accessible by consumers in many European countries and in many European languages. Available information seems to suggest that the programme has achieved significant recognition by large numbers of Greek consumers. NATIONAL FINANCIAL EDUCATION NEEDS & GAPS SURVEY REPORT FOR GREECE 16

Adult consumers have also been the target group of another European Commission supported programme which run in 2008 2009 in several European countries under the Coordination of the University of Piraeus (Programme Financial Literacy Stimulation FINALIST www.finalist-project.eu). The programme s products consisted of nine (9) modules on various topics. Most of these modules were translated in four European languages and were delivered to groups of consumers in the project participating countries (Bulgaria, Cyprus, France, Germany and Greece). The general comment usually made in related discussions which also emerged in the context of the present surveys, during contacts and interviews with several stakeholders, is that the Greek education system has been very slow in recognising the need for systematic provision of financial education. Whatever courses exist are in most cases incorporated in courses on economics and management, which are themselves a relatively recent element of official schools curriculum. The specific arguments advanced, by Teachers Associations, whom we met during the survey, are the following: The overall approach favours discussion and analysis of specific technical issues of how the market and the financial sector function, while the importance of pupils acquiring a thorough understanding of basic notions is relatively underestimated. NATIONAL FINANCIAL EDUCATION NEEDS & GAPS SURVEY REPORT FOR GREECE 17

This is attributed to economic and financial education courses being frequently delivered by teachers who have not themselves received formal education on such matters (or rarely having the opportunity or the incentive to go through additional training or retraining). Teaching is almost exclusively based on State approved books and teaching guidelines are exhausted in specifying the pace of teaching progress during the school year ( so many pages must be covered, from day X to day Y ). This obviously reduces teacher s function to a mere administrative procedure and hardly allows consideration of using more innovative material or teaching techniques, let alone inviting external contributors or expose pupils to real world situations or cases. The way in which economic and financial education related courses have been introduced, directly or indirectly, in the official Schools Programme of Studies first in Year 1 of Lyceum Studies, withdrawn in Year 2 and re-introduced in Year 3, just before University entry Exams does not only disrupts continuity, but reinforces the idea that such courses are mainly serving pupils preparation for Higher Education, rather than providing them with useful life skills. NATIONAL FINANCIAL EDUCATION NEEDS & GAPS SURVEY REPORT FOR GREECE 18

1. The prevailing situation of Financial Education in schools The case of Greece Economic and Financial Education is provided in some sections of Greek secondary education system. Several areas of inefficiencies are however noticeable: It is delivered mainly in classes in the 2 nd only half for secondary schools curriculum (pupils above 15 years old) Teaching material is, almost exclusively, based on State approved textbooks and there is little time for additional material or innovative teaching practices (e.g. inviting external volunteers to contribute in class work). Teachers delivering economic and financial education courses are not always specifically trained and retraining opportunities are rather rare. Comparison between State funded and Private schools definitely suggests that the situation is much better in the latter category, with more modern material being delivered. Initiatives to redress the situation (e.g. The SEN/Junior Achievement Programme and other similar ones) are, in recent years, making their presence felt but are nevertheless facing problems in overcoming bureaucratic procedures and deeply rooted conservative attitudes. NATIONAL FINANCIAL EDUCATION NEEDS & GAPS SURVEY REPORT FOR GREECE 19

2. The new EFEP Survey 2.1. Methodological remarks According to the project s Work Plan, the training materials to be prepared for delivery to secondary level schools in all participating countries, would have to be based on findings to be obtained through national financial education needs and gaps surveys of various groups of stakeholders. These groups would primarily consist of: Secondary level schools teachers and Administrators, and Parents of children attending secondary level schools. It was also agreed that a third group also considered to be relevant for providing reliable views (or, at least, perceptions) on financial education needs and gaps of the relevant target group, would be financial services sector experts. The three groups to be surveyed in Greece were approached using three different (but, nevertheless, mutually consistent) Questionnaires. These were drafted by the specific Project Work Package Lead Partner (WP2 University of Piraeus Research Center) and were subsequently discussed and agreed by all EFEP Partners (see Annex I). The questions contained in the respective Questionnaires were, in their majority, common for all national surveys, so that results could be compared and contrasted. The size of the three groups surveyed in Greece, was the following: Teachers/Schools administrators 50 (36%) Parents 33 (27%) Financial services sector experts 30 (27%) (Total number of interviews 113 (100%) NATIONAL FINANCIAL EDUCATION NEEDS & GAPS SURVEY REPORT FOR GREECE 20

2.1. Methodological remarks To identify financial education needs and gaps in Greek secondary schools, a survey was conducted in three types of target groups whose views are considered relevant for the objective set. Customised (but also mutually consistent) Questionnaires were used. A total number of 113 interviews were conducted. These three groups were: Teachers/Schools administrators (36%) Secondary schools pupils parents (27%), and Financial services sector experts (27%) NATIONAL FINANCIAL EDUCATION NEEDS & GAPS SURVEY REPORT FOR GREECE 21

2.2. Survey findings 2.2.1 Findings from Schools survey A total number of 50 secondary schools teachers participated in this part of the Greek financial education needs and gaps survey. Most of the teachers participating in the schools survey (46 out of a total number of 50: 92%) work in publicly funded schools and only few in private schools. This does not reflect any particular survey bias, but, instead, the fact that publicly funded schools in Greece, account for the vast majority of educational institutions at all levels. In most of these cases (38 teachers, or 76%), the response to the question Does your school currently teach or deliver aspects of financial education such as the ability to manage money, the value of money, understanding about saving or debt, or any other activities to develop financial capability such as links to banks or other credit institutions, enterprise etc?, was that some financial education material is actually being delivered to secondary education pupils. For the few cases that this was not so, the main reason was that there is no such provision in the school s curriculum. A much smaller number of teachers but still higher than all other alternative reasons offered as potential answers to the specific question - was that there are no sufficient incentives offered to teachers to develop related initiatives. The absence of explicit provision of financial education in schools curriculum should be qualified by the fact that in many cases such courses are selected for delivery by the teachers among several other elective courses. Teachers frequently prefer to select types of courses whose content is consider to be closer to their specialization and their accumulated expertise for which less preparation effort is required. Financial education, as such, is not necessarily among them! In most cases, financial education material is provided not as an explicitly defined course, but mainly through courses on Business (80%), Entrepreneurship (50%), Home Economics (40%) or Mathematics (30%), and, as such, may still be regarded as incorporated in the school s official curriculum (see Graph A3) NATIONAL FINANCIAL EDUCATION NEEDS & GAPS SURVEY REPORT FOR GREECE 22

GRAPH - QUESTION S/A3 Within which of the following curriculum areas or subjects is financial education taught? Source: Annex 2.1 In addition however to this, it is interesting to note that some other types of schools activities, such as charity activities or pupils bazaars, are also suggested as providing opportunities for, at least, indirect financial education (see Graph A4). NATIONAL FINANCIAL EDUCATION NEEDS & GAPS SURVEY REPORT FOR GREECE 23

GRAPH - QUESTION S/A4 How is financial education taught in your school? Source: Annex 2.1 In the context of financial education, the specific topics which seem to be most frequently taught in secondary schools are related to rather theoretical macro and microeconomic issues, which may typically be found in elementary economic handbooks (e.g. Demand and supply, elasticity of demand and prices determination under various types of market structure, inflation, demand for labour and unemployment, basic functions of money etc.). Teachers surveyed also indicated that not all topics taught seem to be able to attract (and maintain) pupils interest. Variations in the interest shown may be attributed to the fact that some topics are considered to be more closely related to pupils recent and future needs. Needs however are not to be interpreted as necessarily associated with needs directly related to financial or money matters. Instead, financial education courses also allow pupils to better prepare themselves for University entry examinations which they intend to sit for following completion of their secondary school studies. Nevertheless, the attractiveness of the way in which courses are delivered and, to a lesser extent, the attractiveness of the educational material itself, are also important factors in triggering pupils interest and popularity of specific topics/courses. NATIONAL FINANCIAL EDUCATION NEEDS & GAPS SURVEY REPORT FOR GREECE 24

In any case, well designed and sufficiently customized educational material, together with experienced teachers and external assistance (e.g. from visits to enterprises, in-house workshops etc.) are regarded as indispensable for effective financial education. Other contributing factors mentioned by teachers are availability of web based tools, instructions to teachers on effective courses delivery and recognition of teachers contribution (see Graph A8). GRAPH - QUESTION S/A8 What is, in your view, the most important resource in teaching financial education in your school? Source: Annex 2.1 Teachers evaluation of the degree to which these effectiveness conditions are met, was estimated through a series of indicators expressed in terms of their acceptance of a number of statements referring to the quality of effectiveness conditioning factors. As shown on Graph A9, acceptance is, generally speaking considered as rather moderate or even low, since average indicators estimated range from 1.3 to only 2.8, while full acceptance would be implied by indicators closer to 5.(1) (1) Estimation of such indicators is used quite extensively throughout the survey results presentations and discussions in this Report. It is considered to be an intuitively appealing technique for reporting average values of survey participants responses, whenever such responses are provided by selecting among alternative answers scaled top-down to which decreasing coefficients are attached (e.g. Very important or Agree fully coefficient 5, down to Totally unimportant or Disagree completely coefficient 1). Percentages of total number of responses provided (excluding, that is, those who did not answer the specific question) are multiplied by the respective coefficients and added, resulting to a weighted average indicator. NATIONAL FINANCIAL EDUCATION NEEDS & GAPS SURVEY REPORT FOR GREECE 25

GRAPH - QUESTION S/A9 In general, to what extent would you agree with the following statements in relation to the training material used for delivering financial education courses in your school? Source: Annex 2.1 Most severe reservations are associated with external support (quality or volume) and with teachers motivation. Comparatively speaking, teachers experience and pupils motivation are valued higher, without however escaping the widespread dissatisfaction of respondents to the question. When asked whether they are aware of any other sources of financial education material (besides those that they already use), less than half of the respondents (22 teachers) provided affirmative answers. Most of them indicated that they frequently make use of the internet, of economic press and of a number of specialized economic news websites. Sources that they know off are nevertheless believed to be of rather limited usefulness. Significance indicators estimated for a number of types of beneficial effects derived from using such sources, are very low, ranging from 1.9 to only 1.6, against a theoretical maximum indicator of 5 (see Graph B3). The types of benefits which were evaluated relatively highest are: Contribution to pupils learning, and Contribution to the teachers preparation in relation to financial education NATIONAL FINANCIAL EDUCATION NEEDS & GAPS SURVEY REPORT FOR GREECE 26

GRAPH - QUESTION S/B3 In general, how would you rate the resources that you know of, in terms of the following criteria? Source: Annex 2.1 Together however their low appreciation of the usefulness of such external sources of educational material, teachers also expressed grievances concerning the adequacy and the quality of assistance they are getting with regard to how they could best organize their teaching. In particular, few only (a mere 6%) seemed to be satisfied with the assistance they get. When asked to elaborate on their answers, teachers argued that School Advisors (Ministry of Education senior staff) provide nominal only assistance, that training and retraining opportunities are limited, that books approved for use in publicly funded schools are outdated and that schools facilities are inadequate. They accept however that, operating in a Public sector educational system, not accustomed to providing incentives and encouragement for creativity, for innovation development and for experience enhancing activities, definitely results in downgrading their potential effectiveness and overall contribution. This situation could, to some extent, be remedied if more and better assistance is made available to teachers and schools. The types of NATIONAL FINANCIAL EDUCATION NEEDS & GAPS SURVEY REPORT FOR GREECE 27

assistance which, in teachers views, would be most beneficial are (see also relevant Graph D4): Interactive educational material (e.g. special software programmes, on-line material) (68%) Financial education courses Guides (62%). Teachers training and retraining courses (54%) GRAPH - QUESTION S/D4 What sort of help does your school would require to deliver financial education? Source: Annex 2.1 In order to get teachers assessment of the type of economic and financial education courses which could and should, in the context of the EFEP Programme, be further promoted in Greek secondary schools,, teachers were presented with a list (a menu ) of ten (10) titles (each accompanied by a description of its objectives and its content). As explained earlier in the Report section on the methodology used for the needs and gaps analysis, these are the modules already being delivered to school pupils in Scotland in the context of CIOBS Financial Education Programme (FEP). It is considered potentially appropriate and feasible that such material could serve as a basis for customized financial education courses in a national context, provided they are supplemented and localized appropriately. Looking at these FEP modules titles and content, it becomes clear that not all of them relate to, strictly speaking, financial education issues. On the contrary, several of them relate to more NATIONAL FINANCIAL EDUCATION NEEDS & GAPS SURVEY REPORT FOR GREECE 28

general skills considered to be important for upgrading young people s basic skills, competences and employability prospects. In the context of the Greek survey it was considered important to retain them in the menu for evaluation of usefulness and allow respondents to express their views (or perceptions). Through another question however, respondents were requested to also indicate other potentially useful financial education modules. For the list of modules presented to them, teachers were requested to indicate their assessment (from very useful down to rather useless ) of the perceived usefulness of each of these modules for application in Greek secondary schools financial education programmes. The results of this exercise are shown on Graph C2. GRAPH - QUESTION S/C2 Based on your experience and the perception of your school pupils needs for financial education, how useful would you consider each of the following training modules? Source: Annex 2.1 In terms of perceived usefulness indicators, the estimations suggest that these 10 modules may be grouped into three distinct subgroups: First: those for which associated indicators range above 3.5. This subgroup of highly useful modules, contains 3 modules: Team Work & Decision Making (3,92) NATIONAL FINANCIAL EDUCATION NEEDS & GAPS SURVEY REPORT FOR GREECE 29

Sensible Borrowing (3,82) Managing your Money (3,6) Second: 4 modules, for which indicators range from 2.5 to 3.5, These are the following: From CV to Salary (3,25) It s my Business (3,24) Finance at Work (2,8) First Impressions Last (2,5) Finally, the third subgroup of modules that teachers believe (indicators with values below 2.5) to be of doubtful usefulness includes the following 3 modules: Finance for Life (2,33) Wait a Minute! (2,11) Getting the Message (1,58) The composition of the three subgroups is quite interesting! In particular, the importance of modules such as Sensible borrowing and Managing your money considered as directly related to financial education- is confirmed. At the same time however, teachers have very vividly indicated the importance they also attach to pupils being shown how to strengthen their abilities for Team Work and Decision Making that is, life skills conditioning all their activities and impacting on their overall performance in school activities or outside it. As already explained, teachers participating in the survey, were also given the opportunity to suggest additional topics which, in their view and considering peculiarities of the national educational system, would be appropriate for inclusion in a financial education programme to be delivered in Greek schools. Many topics were suggested, but the main theme emerging is that priority should be given to basic knowledge of markets functioning and of certain banking products for which demand, even for young people of this age, is fast increasing (e.g. credit cards). Other teachers recommendations which seem to reflect participants overall appreciation of the importance of financial education for secondary level school pupils, are: (a) that discontinuity in economics NATIONAL FINANCIAL EDUCATION NEEDS & GAPS SURVEY REPORT FOR GREECE 30

teaching between 1 st and 3 rd year of Lyceum is rectified, and (b) that economic and financial education courses should be formally made compulsory for all schools and pupils, rather than being offered as electives, whenever pupils interest and teachers capabilities, experience and motivation allow it. An alternative solution could be, as previous studies had suggested, that such courses could remain as optional, but treated as if they were compulsory, in the sense that adequate resources are diverted to them, including explicit time provision in the formal curriculum, equipment and teachers remuneration. Such reforms however are, in teachers view, hindered by the Ministry of Education not showing sufficient interest and/or not providing the required resources. Finally, teachers also seem to put particular emphasis on how delivery of financial education should be organized. Their preferences is for drastically deviating from conventional class work and instead rely more on interactive teaching, use of well designed material (probably by adapting existing material tried in other environments to the conditions prevailing locally) and combine in-class activities with actual case studies and/or visits to establishments (e.g. banks, supermarkets etc.) where their knowledge can be put to test. NATIONAL FINANCIAL EDUCATION NEEDS & GAPS SURVEY REPORT FOR GREECE 31

2.2.1 Findings from Schools survey In most cases, teachers stated that some financial education is being delivered to secondary schools pupils, but there is not sufficient room in schools curricula and no incentives are offered for developing initiatives for expanding or updating it. Frequently, financial education material is not provided as an explicitly defined course, but instead it is contained in a variety of other related courses, such as Entrepreneurship, Economics, Mathematics and other. The topics usually taught are related to rather theoretical macroand-microeconomic issues which may typically be found in elementary economics textbooks. The attractiveness of the material used in class and that of the way in which courses are delivered are important determinants in triggering pupils interest. Few only teachers seem to be satisfied with the amount and/or the quality of external assistance they get (or are allowed to solicit and use). The types of assistance that teachers would welcome most are: Interactive educational material Courses Guides Retraining opportunities The topics that teachers consider most useful for financial education in secondary schools are: Team work and Decision making Sensible Borrowing Managing Your Money, in this order. Teachers recommendations of moves which might lead to upgraded financial education effectiveness in Greek schools focus on: drastically deviating from conventional class work and instead rely more on interactive teaching, use of well designed material (probably by adapting existing material tried in other environments to the conditions prevailing locally), and combining in-class activities with actual case studies and/or visits to establishments (e.g. banks, supermarkets etc.) where pupils knowledge can be put to test. NATIONAL FINANCIAL EDUCATION NEEDS & GAPS SURVEY REPORT FOR GREECE 32

2.2.2 Findings from Parents survey In line with the methodology adopted, our survey was extended to cover parents of pupils in secondary education. A total number of 33 parents were approached (using a customized Questionnaire see Annex 1.2 - which contained questions some of which were worded in a way which would allow answers to be contrasted and compared with those obtained through the schools survey and also with those from financial services sector experts see below). Most of the parents (24 or 73%), have daughters or sons attending publicly funded schools and few of them (8) in private schools (one parent did not answer the specific question). When parents were asked to indicate if they are aware of whether the schools that their children are attending does provide any economic or financial education courses, about half of them confessed ignorance! They all however argued (Question A2) that, whenever such type of education is not provided (or is provided but is inadequate), the main reasons relate to such courses not being formally incorporated in schools curricula (36%), to shortage of personnel (31%) or to teachers not being sufficiently motivated for lack, among others, of any incentive (18%), which would compensate for the additional teaching load they would need to undertake (without corresponding reduction of other teaching or administrative duties). NATIONAL FINANCIAL EDUCATION NEEDS & GAPS SURVEY REPORT FOR GREECE 33

GRAPH - QUESTION P/A2 To the best of your knowledge, why do you think the school does not currently teach or deliver aspects of financial education to pupils? Source: Annex 2.2 A little more than half of the surveyed parents (18) also expressed views on the main requirements for effective economic and financial education (Question A3). Most of them indicated teachers experience (45%), well designed and customized material (42%) and external help to schools and teachers (36%). NATIONAL FINANCIAL EDUCATION NEEDS & GAPS SURVEY REPORT FOR GREECE 34

GRAPH - QUESTION P/A3 What is, in your view, the most important resource in teaching financial education in the school? Source: Annex 2.2 Taking into account the fact that, as already indicated, many parents are not sufficiently informed of the type and the content of financial education provided in schools, their views on what is being taught, on relative frequencies of various courses being delivered and on corresponding pupils interest (Questions A4, A5 and A6) should be interpreted with caution. Their answers nevertheless suggest that all these are eventually determined by pupils perception of their present and future needs (including, as earlier suggested, their needs implied by efforts to better prepare themselves for University entrance examinations). Parents were also requested to go through the same exercise applied to teachers, with regard to their evaluation of relative importance of a number of specific financial education (or of a broader character), i.e. FEP Programme s modules. The indicators estimated (using again the procedure described in the case of the schools survey) on the basis of parents perceived usefulness of specific modules, are indicated on Graph B2. NATIONAL FINANCIAL EDUCATION NEEDS & GAPS SURVEY REPORT FOR GREECE 35

GRAPH - QUESTION P/B2 Based on your experience and the perception of school pupils needs for financial education, how useful would you consider each of the following training modules? Source: Annex 2.2 The priority modules subgroups formed this time are as follows: Highly useful modules: Managing your money (4.8) Team Work & Decision Making (4.73) Sensible Borrowing (4.26) From CV to Salary (4.06) It s my Business (3.84) Wait a Minute! (3.66) Finance at work (3.57) Moderately useful modules: Finance for life (3.22) Getting the message (2.78) NATIONAL FINANCIAL EDUCATION NEEDS & GAPS SURVEY REPORT FOR GREECE 36

Module of doubtful usefulness: First Impressions Last (2.19) Finally, most parents surveyed (67%), expressed the view that teachers should not be satisfied with the amount and/or the quality of external assistance they can get (to help them to better organize their teaching) (Questions C1 and C2). Furthermore, that the type of assistance that would be most beneficial apart fro the need for additional State funding (on which 64% of parents agreed), would be: (Question C3) Courses Plans (82%) Teachers training and retraining (79%) Web based material (58%) External advice on courses organization (58%) GRAPH - QUESTION P/C3 What sort of help would schools require to deliver financial education? Source: Annex 2.2 NATIONAL FINANCIAL EDUCATION NEEDS & GAPS SURVEY REPORT FOR GREECE 37