EUROPEAN FINANCIAL EDUCATION PARTNERSHIP PROGRAMME

EUROPEAN FINANCIAL EDUCATION PARTNERSHIP PROGRAMME NATIONAL FINANCIAL EDUCATION NEEDS & GAPS SURVEY REPORT FOR GREECE UNIVERSITY OF PIREAUS April 2011 This project has been funded with support from the European Commission. This publication reflects the views only of the author, and the Commission cannot be held responsible for any use which may be made of the information contained therein. Grant Agreement Number 2010-3807/001-001

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 αυτό παρουςιϊζει τα ευρόματα ϋρευνασ για τισ «ανϊγκεσ» και τα «κενϊ» που παρατηρούνται, ςε μαθητϋσ δευτεροβϊθμιασ εκπαύδευςησ ςε ελληνικϊ ςχολεύα, ςε γνώςεισ για οικονομικϊ και χρηματοοικονομικϊ θϋματα. Η ϋρευνα ςε ςχολεύα ςυμπληρώθηκε από παρϊλληλεσ ϋρευνεσ μεταξύ γονϋων των οπούων τα παιδιϊ φοιτούν ςε ςχολεύα τησ ςυγκεκριμϋνησ εκπαιδευτικόσ βαθμύδασ και επύςησ μεταξύ ςτελεχών του χρηματοπιςτωτικού τομϋα. Τα αποτελϋςματα των ερευνών θα καθοδηγόςουν τουσ εταύρουσ του Ευρωπαώκού Προγρϊμματοσ European Financial Education Partnership EFEP, για ςχεδιαςμό των κατϊλληλων εκπαιδευτικών παρεμβϊςεων που πιςτεύεται οτι θα επιδρϊςουν θετικϊ ςτην ικανότητα των μαθητών να αντιλαμβϊνονται καλύτερα μια ςειρϊ από οικονομικϋσ-χρηματοοικονομικϋσ ϋννοιεσ και λειτουργύεσ και, κατϊ ςυνϋπεια, να ςυμπεριφϋρονται και να λειτουργούν πιο αποδοτικϊ. 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. Ευχαριςτύεσ Οι ςυντϊκτεσ τησ Έκθεςησ εκφρϊζουν τισ ευχαριςτύεσ τουσ ςτουσ εκπαιδευτικούσ δευτεροβϊθμιασ εκπαύδευςησ, ςτουσ γονεύσ μαθητών και ςτουσ ϊλλουσ εμπειρογνώμονεσ για τη βοόθεια που προςϋφεραν κατϊ τη περύοδο τησ ϋρευνασ. Επύςησ ευχαριςτούν όλουσ όςουσ ςυμμετεύχαν ςτη ςύνταξό τησ. Ιδιαύτερεσ ευχαριςτύεσ οφεύλονται ςτην Ιφιγϋνεια Σχιςτού και τον Παντελό Τϋντε, μϋλοσ του ΔΣ και Πρόεδρο τησ Ένωςησ Οικονομολόγων Εκπαιδευτικών Δευτεροβϊθμιασ Εκπαύδευςησ αντύςτοιχα, για τα ςχόλια τουσ ςε ςχϋδια κειμϋνων τησ Έκθεςησ και για την ςυνεργαςύα τουσ ςτην διϊχυςη των αποτελεςμϊτων τησ. NATIONAL FINANCIAL EDUCATION NEEDS & GAPS SURVEY REPORT FOR GREECE 4

ΕΠΙΣΕΛΙΚΗ ΤΝΟΨΗ Στην Έκθεςη αυτό αποτυπώνονται τα ευρόματα τησ ϋρευνασ αναγκών και απαιτόςεων που πραγματοποιόθηκε ςε μια ομϊδα ελληνικών ςχολεύων δευτεροβϊθμιασ εκπαύδευςησ, με ςτόχο τη διερεύνηςη των αναγκών των μαθητών για εκπαύδευςη ςε οικονομικϊ και χρηματοπιςτωτικϊ θϋματα. Η ϋρευνα ςτα ςχολεύα ςυμπληρώθηκε με δύο παρόμοιεσ ϋρευνεσ που ϋγιναν ςε γονεύσ παιδιών ςχολικόσ ηλικύασ και ςε ειδικούσ ςτον τομϋα των χρηματοπιςτωτικών από τουσ οπούουσ ζητόθηκε να παρουςιϊςουν τισ απόψεισ τουσ ςχετικϊ με τισ εκπαιδευτικϋσ ανϊγκεσ των μαθητών. Συνοπτικϊ, η κατϊςταςη ςτο Ελληνικό εκπαιδευτικό ςύςτημα, αναφορικϊ με την εκπαύδευςη ςε οικονομικϊ και χρηματοπιςτωτικϊ θϋματα, εύναι η ακόλουθη: Εκπαύδευςη ςε οικονομικϊ και χρηματοπιςτωτικϊ θϋματα παρϋχεται ςε οριςμϋνεσ βαθμύδεσ του Ελληνικού ςυςτόματοσ δευτεροβϊθμιασ εκπαύδευςησ. Παρόλα αυτϊ, παρατηρούνται πολλϋσ ανεπϊρκειεσ. Συγκεκριμϋνα, Η εκπαύδευςη ςε οικονομικϊ και χρηματοπιςτωτικϊ θϋματα παρϋχεται κυρύωσ ςε τϊξεισ του δεύτερου μόνο μιςού του προγρϊμματοσ ςπουδών τησ δευτεροβϊθμιασ εκπαύδευςησ (ςε μαθητϋσ 15 ετών και πϊνω). To παρεχόμενο εκπαιδευτικό υλικό βαςύζεται, ςχεδόν αποκλειςτικϊ, ςτα Εγκεκριμϋνα από το Κρϊτοσ ςχολικϊ εγχειρύδια και ο χρόνοσ για αξιοπούηςη επιπρόςθετου υλικού ό εφαρμογό καινοτομικών εκπαιδευτικών πρακτικών (π.χ. να προςκαλούνται ςτην εξωτερικού εθελοντϋσ προκειμϋνου να ςυμβϊλλουν ςτην εκπαιδευτικό διαδικαςύα) εύναι περιοριςμϋνοσ. Oι διδϊςκοντεσ οικονομικών και χρηματοπιςτωτικών μαθημϊτων δεν εύναι πϊντα ειδικϊ εκπαιδευμϋνοι και οι ευκαιρύεσ για την επιμόρφωςό τουσ εύναι αρκετϊ ςπϊνιεσ. Συγκρύνοντασ Κρατικϊ με Ιδιωτικϊ ςχολεύα διαπιςτώνεται ότι η κατϊςταςη εύναι πολύ καλύτερη ςτα Ιδιωτικϊ ςχολεύα NATIONAL FINANCIAL EDUCATION NEEDS & GAPS SURVEY REPORT FOR GREECE 5

καθώσ τα τελευταύα αξιοποιούν πιο ςύγχρονο εκπαιδευτικό υλικό. Οι πιο πρόςφατεσ πρωτοβουλύεσ που ελόφθηςαν για τη βελτύωςη τησ κατϊςταςησ (π.χ. το ΣΕΝ/ το πρόγραμμα Επιχειρηματικότητασ Nϋων κ.α.) ϋχουν αρχύςει να αποδύδουν κϊποια αποτελϋςματα αλλϊ παρόλα αυτϊ αντιμετωπύζουν δυςχϋρειεσ ςτη εφαρμογό τουσ οι οπούεσ ςχετύζονται με την αδυναμύα υπερπόδηςησ γραφειοκρατικών διαδικαςιών των υπηρεςιών που ϋχουν επιφορτιςτεύ με το ςχεδιαςμό εκπαιδευτικών προγραμμϊτων και βαθιϊ ριζωμϋνων ςυντηρητικών απόψεων. Η ϋρευνϊ μασ ςτα ςχολεύα επύςησ κατϋδειξε ότι ςε πολλϋσ περιπτώςεισ το εκπαιδευτικό υλικό που αφορϊ οικονομικϊ και χρηματοπιςτωτικϊ θϋματα δεν παρϋχεται με τη μορφό ενόσ ςυγκεκριμϋνου μαθόματοσ αλλϊ εμπεριϋχεται και ςε μια ποικιλύα ϊλλων μαθημϊτων, όπωσ εύναι η Επιχειρηματικότητα, τα Οικονομικϊ, τα Μαθηματικϊ κ.α. Τα θϋματα που διδϊςκονται ςχετύζονται περιςςότερο με θεωρητικϊ Μακροοικονομικϊ και Μικροοικονομικϊ ζητόματα τα οπούα θα μπορούςαν να βρεθούν ακόμα και ςε εγχειρύδια που παρϋχουν ςτοιχειώδεισ οικονομικϋσ γνώςεισ. Λύγοι μόνο διδϊςκοντεσ φαύνονται να εύναι ικανοποιημϋνοι με την ποςότητα και/ ό ποιότητα τησ εξωτερικόσ βοόθειασ που τουσ διατύθεται (ό πού τουσ επιτρϋπεται να αναζητόςουν και να αξιοποιόςουν). Τα εύδη τησ βοόθειασ που οι διδϊςκοντεσ θα δϋχονταν να αξιοποιόςουν, εύναι κυρύωσ : Διαδραςτικό εκπαιδευτικό υλικό Οδηγού μαθημϊτων Ευκαιρύεσ για επιμόρφωςη Οι προτϊςεισ των διδαςκόντων για μϋτρα που μπορεύ να οδηγόςουν ςε αναβϊθμιςη τησ αποτελεςματικότητασ τησ εκπαύδευςησ ςε οικονομικϊ και χρηματοπιςτωτικϊ θϋματα ςτα ελληνικϊ ςχολεύα, επικεντρώνονται ςτα παρακϊτω : να περιοριςτεύ δραςτικϊ ο μϋχρι τώρα ςυμβατικόσ και καθιερωμϋνοσ τρόποσ λειτουργύασ τησ τϊξησ, να γύνεται περιςςότερη χρόςη διαδραςτικόσ εκπαύδευςησ, καλοςχεδιαςμϋνου υλικού (πιθανότατα προςαρμόζοντασ ςτισ NATIONAL FINANCIAL EDUCATION NEEDS & GAPS SURVEY REPORT FOR GREECE 6

τοπικϋσ ςυνθόκεσ υπϊρχον υλικό, δοκιμαςμϋνο ςε ϊλλα περιβϊλλοντα), και να ςυνδυϊζονται δραςτηριότητεσ μϋςα ςτην τϊξη με πραγματικϋσ μελϋτεσ περιπτώςεων και/ό επιςκϋψεισ ςε εγκαταςτϊςεισ (π.χ. τρϊπεζεσ, ςούπερ μϊρκετ) όπου η γνώςη που οι μαθητϋσ αποκτούν μπορεύ να δοκιμαςτεύ ςε πραγματικϋσ ςυνθόκεσ. Έχοντασ ϋρθει ςε επαφό με διδϊςκοντεσ, με γονεύσ μαθητών και με ειδικούσ του οικονομικού τομϋα, οι ςυγγραφεύσ τησ Έκθεςησ τησ ϋρευνασ αυτόσ, εύναι ςε θϋςη να υποςτηρύξουν ότι οι όποιεσ πρωτοβουλύεσ ληφθούν με ςτόχο τη βελτύωςη τησ υπϊρχουςασ κατϊςταςησ θα πρϋπει να λϊβουν υπόψη τουσ τα παρακϊτω: α) η οικονομικό και χρηματοπιςτωτικό εκπαύδευςη ςτα ελληνικϊ ςχολεύα πρϋπει να επεκταθεύ, να παραδύδεται με πιο ςυγκεκριμϋνο και ξεκϊθαρο τρόπο και ςταδιακϊ πρϋπει να ενςωματωθεύ (ϊμεςα και ϋμμεςα) ςε ολόκληρο το εκπαιδευτικό ςύςτημα. β)το εκπαιδευτικό υλικό πρϋπει να επαναςχεδιαςτεύ και να επικαιροποιηθεύ, δύνοντασ ιδιαύτερη προςοχό ςτην προςαρμογό του ανϊλογα με τισ ιδιαιτερότητεσ και τισ ανϊγκεσ τησ ηλικύασ των μαθητών γ)τα κρατικϊ εγκεκριμϋνα εγχειρύδια θα πρϋπει να πϊψουν να αποτελούν τον μοναδικό τύπο χρηςιμοποιούμενου εκπαιδευτικού υλικού δ)θα πρϋπει να επιτρϋπεται ςτουσ διδϊςκοντεσ να κϊνουν επιλεκτικό χρόςη και ϊλλων τύπων διδακτικών βοηθημϊτων, εργαλεύων και πρακτικών, τα οπούα χρηςιμοποιούνται εκτεταμϋνα και επιτυχημϋνα από παρόμοια προγρϊμματα ςε διεθνϋσ επύπεδο. ε)τα ςχολεύα θα πρϋπει να γύνουν αρκετϊ πιο ανοικτϊ ςε επιλεγμϋνουσ εξωτερικούσ ειςηγητϋσ που εθελοντικϊ μπορούν να προςφϋρουν τισ εμπειρύεσ και τη γνώςη τουσ από την αγορϊ. ςτ)προγρϊμματα επιμόρφωςησ των διδαςκόντων πρϋπει να οργανωθούν και να εφαρμοςτούν ζ)η διδακτικό πρωτοβουλύα πρϋπει να αναγνωρύζεται και με κϊποιο τρόπο να επιβραβεύεται (η διεθνόσ εμπειρύα δεύχνει πωσ αυτό μπορεύ να επιτευχθεύ χωρύσ απαραύτητα να παύρνει τη μορφό παροχόσ αυξημϋνων οικονομικών απολαβών). NATIONAL FINANCIAL EDUCATION NEEDS & GAPS SURVEY REPORT FOR GREECE 7

η)η επικοινωνύα και ο διϊλογοσ μεταξύ γονϋων και δαςκϊλων πρϋπει να ενδυναμωθεύ θ)πρϋπει να ενθαρρυνθεύ περιςςότερο ο ανταγωνιςμόσ μεταξύ ιδιωτικών και δημόςιων ςχολεύων (ςτο πεδύο τησ καινοτομύασ και τησ αποτελεςματικότητασ). Υπϊρχει αναμφιςβότητα ϋντονη ανϊγκη για μια νϋα και καινοτομικό παρϋμβαςη για την ενύςχυςη τησ εκπαύδευςησ ςε οικονομικϊ και χρηματοπιςτωτικϊ θϋματα ςτο πρόγραμμα ςπουδών των ελληνικών ςχολεύων και για την αναβϊθμιςη τησ αποτελεςματικότητασ τησ εκπαύδευςησ που παρϋχεται μϋχρι τώρα. Νϋεσ και καινοτομικϋσ παρεμβϊςεισ μπορούν, υπό οριςμϋνεσ προώποθϋςεισ, να εφαρμοςτούν, ακόμα και ςτο υπϊρχον πρόγραμμα ςπουδών. Παρουςιϊςεισ πραγματικών περιπτώςεων, προβλημϊτων και λύςεων, χρόςη μη παραδοςιακών βοηθημϊτων και τεχνικών, ενδιαφϋρουςεσ παρουςιϊςεισ υλικού τοπικού ενδιαφϋροντοσ, ανταλλαγό απόψεων μϋςα ςτην τϊξη ανϊμεςα ςε μαθητϋσ, δαςκϊλουσ και εξωτερικούσ ειδικούσ, φαύνονται να εύναι τα κύρια ςτοιχεύα που μϋχρι τώρα απουςιϊζουν και για το λόγο αυτό, η ειςαγωγό τουσ ςτα μαθόματα οικονομικών και χρηματοπιςτωτικών θεμϊτων ςτα ελληνικϊ ςχολεύα θα γύνει ιδιαύτερα αιςθητό. Μια εφικτό και πιθανώσ αποτελεςματικό απϊντηςη ςτην ερώτηςη για το ποιοσ θα μπορούςε να αναλϊβει το καθόκον τησ διδαςκαλύασ ανανεωμϋνων μαθημϊτων οικονομικών και χρηματοπιςτωτικών θεμϊτων ςτα ςχολεύα, θα μπορούςε να εύναι, επιλεγμϋνοι διδϊςκοντεσ, οι οπούοι πρώτα θα πρϋπει να περϊςουν ϋνα εντατικό πρόγραμμα Επιμόρφωςησ διδαςκόντων οικονομικών και χρηματοπιςτωτικών θεμϊτων. Αναλύοντασ ςυνδυαςτικϊ τα αποτελϋςματα των ερευνών που ϋγιναν ςτο πλαύςιο του ςυγκεκριμϋνου προγρϊμματοσ, διαπιςτώνεται ότι πϋντε (5) μαθόματα οικονομικών και χρηματοπιςτωτικών θεμϊτων αναδεικνύονται ωσ βαςικϋσ προτεραιότητεσ για τα ελληνικϊ ςχολεύα. Ανεξϊρτητα από την ϋρευνα που επικεντρώνεται ςε ςυγκεκριμϋνεσ ομϊδεσ ςτόχουσ, οι απόψεισ ςυγκλύνουν ςτα παρακϊτω τρύα θϋματα προτεραιότητασ τα οπούα, ςυνεπώσ, πρϋπει να ληφθούν υπόψη κατϊ τη διαδικαςύα τησ εφαρμογόσ του προγρϊμματοσ European Financial Education Partnership ςτην Ελλϊδα. Αυτϊ τα μαθόματα εύναι τα παρακϊτω: Χρηματοοικονομικό αυτοδιαχεύριςη Ομαδικό εργαςύα και λόψη αποφϊςεων NATIONAL FINANCIAL EDUCATION NEEDS & GAPS SURVEY REPORT FOR GREECE 8

υνετόσ δανειςμόσ Δύο ακόμα μαθόματα ( με πιθανούσ τύτλουσ: Πώσ λειτουργούν οι αγορϋσ και Μϊθε πωσ οι τρϊπεζεσ μπορούν να ςε εξυπηρετόςουν ) μπορούν επύςησ να προςτεθούν ςτα τρύα παραπϊνω, ςύμφωνα με ερευνητικϊ ευρόματα που καταδεικνύουν ότι επύςησ αποτελούν: πολύ χρόςιμα θϋματα για μαθητϋσ των ελληνικών ςχολεύων. 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

2.2.2 Findings from Parents survey Half of the total number (33) of parents interviewed, confessed ignorance of whether the schools that their children attend do provide any economic or financial education courses. Teachers experience, well designed and customized material and external help to schools and teachers, are considered by parents to be the main requirements for effective economic and financial education. In parents view, the priority financial education modules, are: Managing Your Money Team Work and Decision Making, and Sensible Borrowing, in this order. NATIONAL FINANCIAL EDUCATION NEEDS & GAPS SURVEY REPORT FOR GREECE 38

2.2.3 Findings from Financial sector experts survey The third group of surveyed stakeholders consisted of 30 persons working in banks. The argument in favour of including such experts in the groups to be surveyed was that, through their day-to-day operations and contacts with banking services clients, they should be able to form ideas of their clientele s knowledge needs and deficiencies and, therefore, that they should also be able to indicate topics (or areas) of financial education that should be promoted and strengthened. The counterargument is that their views are normally based on experiences they may have had from dealing with grown-up individuals and, for this reason, may be of limited applicability and relevance for younger persons (secondary schools pupils) constituting the prime focus for the EFEP Programme. In any case, and in accordance with the Work Plan adopted by EFEP Partners, getting such experts views could result in a better understanding of needs and gaps in financial education. All the experts contacted, agreed that secondary schools pupils needs for financial education are indeed great! And the main reasons advanced (Question 2) are that people should be informed about new banking products and learn how to manage their money properly, in combination with the significance of saving. It is also important for someone to understand how various economic magnitudes are formed and/or change over time and especially the causes of economic crises. Very few of the experts participating in this survey were aware of specific financial education programmes being offered in schools (presumably without considering education provided as part of schools curriculum). The only cases mentioned are: (a) a programme promoted by CITIBANK and (b) another one implemented by the local affiliate of the internationally promoted JUNIOR ACHIEVEMENT Programme. The former s perceived effectiveness is considered to be very good, while that of the latter is considerably lower for organisational mainly reasons (Note: these views are however not sufficiently reliable, given the fact that both programmes are making use of the same basic material). NATIONAL FINANCIAL EDUCATION NEEDS & GAPS SURVEY REPORT FOR GREECE 39

The menu of the 10 financial education modules (FEP Programme) was also presented to this group of respondents, for an evaluation of each module s usefulness. The results of their assessment are shown on Graph 7. In particular: High Usefulness modules Managing Your Money (3.9) Team Work & Decision Making (3.78) Sensible Borrowing (3.75) Medium usefulness modules From CV to Salary (3.37) It s My Business (3.27) Finance for Life (2.97) Finance at Work (2.7) First Impressions Last (2.64) Modules of doubtful usefulness Wait a Minute! (2.43) Getting the Message (2.1) NATIONAL FINANCIAL EDUCATION NEEDS & GAPS SURVEY REPORT FOR GREECE 40

GRAPH - QUESTION F/7 Based on your experience and the perception of pupils and schools needs for financial education, can you consider how useful would you consider each of the following training modules? Source: Annex 2.3 2.2.3 Findings from Financial sector experts survey All the experts agreed that secondary schools pupils needs for financial education are indeed great! Very few of the experts are aware of specific financial education programmes being offered in Greek secondary schools Experts evaluation of financial education modules usefulness, suggest that top priorities are: Managing Your Money Team Work and Decision Making, and Sensible Borrowing, in this order, matching exactly views expressed by pupils parents. NATIONAL FINANCIAL EDUCATION NEEDS & GAPS SURVEY REPORT FOR GREECE 41

2.3 Discussion of Survey findings and implied Policy implications Despite the small sample size of teachers, parents and financial sector experts groups surveyed, the results described in previous sections of this Report, converge on a number of issues, characterizing the prevailing situation in Greek secondary level schools as far as economic and financial education is concerned. Some general observations are the following: Economic and Financial education is indeed provided in Greek schools, but this is delivered rather late and organized in a rather inefficient manner. Inefficiency is associated mainly with discontinuities, with not well designed and not updated textbooks, with limited exposure to practical issues and with obstacles to external assistance from the business community or other related sources. There are motivated teachers whose initiatives could make a difference, but they constitute a minority. Development of more initiatives is hindered by lack of recognition, absence of incentives and by inflexible regulations of how (and when, and by whom) teaching should be delivered and schools should operate. Teachers delivering courses in question are frequently of heterogeneous background and are rarely provided with retraining opportunities. The situation in State funded schools (which constitute the vast majority in Greece) is worse than in private ones. In the latter, market pressure, competition and legitimate schools ambitions of being seen as adopting and implementing international standards and practices are continuously fed in schools programmes. In more specific terms, the surveys findings and, in particular, comparisons of views expressed by participants in the three samples surveyed, suggest the following: NATIONAL FINANCIAL EDUCATION NEEDS & GAPS SURVEY REPORT FOR GREECE 42

It may tentatively be argued that, in general terms, pupils parents do not seem to be always aware of the content of schools curricula. This may however be attributed to economic / financial education being in several cases offered indirectly only, through other courses with which parents are more familiar (e.g. Mathematics). Teachers, in this respect, are in a position to appreciate the situation (and express relevant views) more reliably (see Comparison Graph C1 : Question A1) Parents also seem to be (with or without specific arguments) more critical of the adequacy of schools resources devoted to financial education or of teachers level of experience (see Comparison Graph C2: Question A2) Their views however coincide (at least intuitively) with those of teachers on what could make economic/financial education more efficient and effective. The two groups also converge in identifying reasons that make some topics more favorite than others, to pupils (see Comparison Graphs C3 - C6: Questions A8/A3, A7/A6, D1/C1 and D4/C3, respectively). GRAPH C1- QUESTION A1 Does your school or the school you are most familiar with, 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? Source: Annex 2.1, 2.2 NATIONAL FINANCIAL EDUCATION NEEDS & GAPS SURVEY REPORT FOR GREECE 43

GRAPH C2- QUESTION A2 Why do you not currently or why do you think the school does not teach or deliver aspects of financial education to pupils? Source: Annex 2.1, 2.2 NATIONAL FINANCIAL EDUCATION NEEDS & GAPS SURVEY REPORT FOR GREECE 44

GRAPH C3- QUESTIONS A8/A3 What is, in your view, the most important resource in teaching financial education in your school? Source: Annex 2.1, 2.2 GRAPH C4- QUESTIONS A7/A6 Which are, in your view, the reasons justifying or explaining such pupils preferences? Source: Annex 2.1, 2.2 NATIONAL FINANCIAL EDUCATION NEEDS & GAPS SURVEY REPORT FOR GREECE 45

GRAPH C5- QUESTIONS D1/C1 Are you satisfied or do you think teachers are satisfied with the current levels of support, advice or help in relation to the teaching or delivery of financial education? Source: Annex 2.1, 2.2 GRAPH C6- QUESTIONS D4/C3 What sort of help does your school or schools, in general would require to deliver financial education? Source: Annex 2.1, 2.2 NATIONAL FINANCIAL EDUCATION NEEDS & GAPS SURVEY REPORT FOR GREECE 46

As the question concerning the relevance and prioritization for Greece, of various financial education topics ( 10 FEP modules List) was common in all three Survey Questionnaires, it is interesting to note the following: Managing your money, Sensible Borrowing and Team Work Decision making, are considered by all three groups to constitute top priorities. In an open question allowing suggestions on other topics which should also be considered in the context of the Greek Part of the EFEP Programme, topics indicated with relative high frequency relate to: How do markets function and Get to know the Banks and their products better. Generally speaking, parents attach more importance (compared to both teachers and financial sector experts) on all three of these priority topics (higher usefulness indicators estimated). But they also do so for the rest of the topics which are more directly related to life and employability skills (see Graph C7- Questions C2/B2&7). GRAPH C7- QUESTIONS C2/B2 & 7 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, 2.2, 2.3 NATIONAL FINANCIAL EDUCATION NEEDS & GAPS SURVEY REPORT FOR GREECE 47