Project Title

Education on Financial and Economic Literacy  

Project Year

2012   

Project Number

HRD 06 2012A 

Project Session

Session 3   

Project Type

Standard 

Project Status

Completed Project   
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Project No.

HRD 06 2012A 

Project Title

Education on Financial and Economic Literacy  

Project Status

Completed Project 

Publication (if any)

 

Fund Account

APEC Support Fund 

Sub-fund

ASF: APEC's New Strategy on Structural Reform (ANSSR) 

Project Year

2012 

Project Session

Session 3 

APEC Funding

200,000 

Co-funding Amount

14,000 

Total Project Value

214,000 

Sponsoring Forum

Human Resource Development Working Group (HRDWG) 

Topics

Human Resources Development 

Committee

SOM Steering Committee on Economic and Technical Cooperation (SCE) 

Other Fora Involved

 

Other Non-APEC Stakeholders Involved

 

Proposing Economy(ies)

China 

Co-Sponsoring Economies

Chile; Indonesia; Korea; Thailand; United States; Australia 

Expected Start Date

01/10/2012 

Expected Completion Date

31/12/2013 

Project Proponent Name 1

Mr Luo Ping 

Job Title 1

Director, Department of International Cooperation and Exchange 

Organization 1

Ministry of Education, the People’s Republic of China 

Postal Address 1

35, Damucang Hutong, Xidan, Beijing, 100816 

Telephone 1

86-10 66096394 

Fax 1

Not Applicable 

Email 1

luop@moe.edu.cn 

Project Proponent Name 2

Not Applicable 

Job Title 2

Not Applicable 

Organization 2

Not Applicable 

Postal Address 2

Not Applicable 

Telephone 2

Not Applicable 

Fax 2

Not Applicable 

Email 2

Not Applicable 

Declaration

Mr Luo Ping 

Project Summary

The proposed project aims at preparing a competent workforce of the APEC economies with economic and financial know-hows for better employment and performance in labor market, and nurturing youth entrepreneurship through a learning program on economic and financial literacy for school students in APEC region, especially developing economies, in the changing economic circumstance, particularly during the recovery of the global finance crisis.

Targeting at APEC economies, esp. developing economies lagging in education for economic and financial literacy, this project attempts to enhance the economic- and-finance-related knowledge and skills of the future workforce by sharing of best practices of economic and financial literacy in basic education and developing a framework for such education in APEC region. It includes activities such as conference on financial and economic literacy in basic education, case study of best practices and development of the learning guidebook. The deliverables include a guidebook on financial and economic literacy in basic education and a series of policy recommendations in this regard.

Relevance

The project intends to build a solid foundation for employability and productivity of workforce through education on economic and financial literacy in the APEC region, especially for developing economies, in the changing economic circumstance, particularly during the recovery of the global finance crisis.

Hence, it directly addresses the goals of “strengthening assistance for human resources development … productivity improvement and entrepreneurship” set out in the APEC Leaders’ Growth Strategy during AELM in November 2010, which instructed that APEC will “help students and workers adapt to changing economic circumstances through education and training focused on skills and competencies they need to remain competitive in the 21st century workplace”.

It also responds to the Ministers’ call for “enhancing human capacity building and preparing the workforce to revitalize economic growth” and “improving curriculum development and training of trainers… to build a skilled and adaptable APEC workforce” committed in in the 5th APEC Human Resources Development Ministerial Meeting.

Moreover, the project takes a lead in reforming the traditional school curriculum to incorporate in more job-market-and-employment-oriented programs, focusing on economic and financial literacy, for better employment and performance in labor market and nurturing youth entrepreneurship, so that to support the long-term goal of economic growth and regional economic integration .

Thus, it aligns with the tasks assigned to the HRDWG in the APEC New Strategy on Structural Reform (ANSSR), which is “assist economies in promoting labor market opportunities, training and education”. It also echoes the work underlined in the China’s ANSSR Priorities that “accelerate education reform and development”.

Therefore, the project fits well to the Rank 2 of the Funding Criteria for Project in 2012: “Projects directly support the Action Plan in the APEC Leaders’ Growth Strategy” and “Implementation of the APEC New Strategy for Structural Reform (ANSSR)”

“Economic literacy is a vital skill, just as vital as reading literacy” (Robert F. Duvall, President and CEO, National Council on Economic Education of the USA). Nonetheless, education of economic and financial literacy in most APEC economies has been relatively lagging behind the education of science, technology and humanities. While many developed economies offer courses or learning activities on economic and financial literacy at earlier stage of education (such as primary schools), the related education in developing economies in APEC region remains to be lacking.

Internationally, interest in financial literacy has been increasing. Yet preliminary study finds out that most of the programs have been initiated by the sector of securities and investments (rather than education sector) and focuses on adults’ (instead of children’s) financial competencies (e.g. Finance Ministers’ process on financial literacy). Also most related research involved data in a single country, and there is a lack of cross-national research and endeavors to synthesize best practices and to inform related policy decisions regionally, thus to facilitate integrated economic development in the APEC region. (Gianni Nicolini, Swarn Chatterjee, and Brenda J. Cude, 2012)[1]

Aiming at filling such a gap, the proposed project intend to build on existing efforts relating to financial and economic literacy in basic education globally and regionally and addresses the following issues:

What is current status of education for economic and financial literacy at the stage of basic education in APEC economies?

What are the best practices in education on economic and financial literacy at the stage of basic education in APEC economies and beyond?

How to synthesize the above best practices into a guidebook of learning program on financial and economic literacy that could be applicable for schools in the APEC economies?

Hopefully, such a project will facilitate realizing the ANSSR’s goal of “assisting APEC’s contribution to consolidating recovery from the crisis through enhanced productivity, promoting regional economic integration, and achieving higher quality growth that is both balanced and inclusive.”


(1) Gianni Nicolini, Swarn Chatterjee, and Brenda J. Cude, Financial Literacy in the United States and Abroad: A Comparative Study”. Consumer Interests Annual, Volume 58, 2012

Objectives

This project aims to:

(1) Assessing the needs of education for economic and financial literacy in basic
     education in APEC economies.

(2) Share best practices concerning cultivation of economic and financial knowledge
     and skills of children and adolescents in APEC region;

(3) Develop a learning program of education on economic and financial literacy in
     primary schools

Alignment

(1) This proposed project directly supports the APEC Leaders' Growth Strategy adopted by AELM in November 2010 which instructed that APEC will “help students and workers adapt to changing economic circumstances through education and training focused on skills and competencies they need to remain competitive in the 21st century workplace”.

(2) It also aligns with the tasks underlined in APEC New Strategy on Structural Reform  (ANSSR) that “assist economies in promoting labor market opportunities, training and education”. Likewise, it echoes the work underlined in the China’s ANSSR Priorities which is “accelerate education reform and development”.

(3)  It responds to the Joint Statement of 5th APEC Human Resources Development Ministerial Meeting (HRDMM5) held in September 2010 that members will “improve curriculum development and training of trainers… to build a skilled and adaptable APEC workforce”, and implements the Action Plan of HRDMM5 that to “build a skilled and adaptable APEC workforce into and beyond recovery”, specifically enhanced relevancy and efficiency of education and training at primary and secondary education level.

(4)  In addition, this project addresses two of the three major objectives highlighted in the HRDWG Annual Workplan 2012: 1) Develop 21st Century Knowledge and Skills for All, and 2) Integrate HRD into the Global Economy.

TILF/ASF Justification

To achieve the APEC’s goal of sustainable economic growth and prosperity in the Asia-Pacific region demand human resources that have mastered economic and financial literacy (not only economists, but also people with awareness, knowledge and skills relating to economic and financial activities in general). The economic and financial literacy that a person learns earlier in their life could large impact their behaviour and performance regarding economic activities later on in their workplace either they’re work in economic sector or not. The economic decision that the citizens make will more or less impact the economic performance of an institution or a sector and a nation.

Furthermore, sustainable economic growth and prosperity in the Asia-Pacific region is premised on a workforce better prepared for job-market-and-employment. By enhancing the future workforce’s potential ability for better employment and performance in labor market and nurturing youth entrepreneurship, the project will contribute to prepare a competent workforce in global labor market and achieving the long-term goal of economic growth and regional economic integration.

The project will synthesize the previous endeavors on education on financial and economic literacy from various sectors, esp. finance sector and education sector by engaging in representatives from various fields to participate in the proposed activities in this project including assessing the status of the education on financial and economic literacy in the APEC economies, development of the guidebook, and the extension of best practices.

Beneficiaries and Outputs

·          Events: workshops, seminars, conference (most effective events then
      achieve further outputs, as creating tools, drafting recommendations,
      agreeing on an action plan etc., as below)

·          Tools: recommendations, a set of best practices, an analytical framework,
      action plans

·          Knowledge: a research paper, survey results, an analytical report
·          Collaboration: standards, agreements, identification of next steps,  a
      networking opportunity
 


5.1  Conference on Financial and Economic Literacy in Basic Education (April 2012, Beijing, China)

Output: a report on financial and economic literacy basic education
in APEC economies.

Direct participants will be representatives from 11 economies, two from each, one from finance sector (preferably the person specialized or had experience of education on financial and economic literacy) and one from education sector (preferably the person in charge of curriculum development in the Ministry of Education).

The report is expected to inform the related policy making and the curriculum development in APEC economies.

The workshop will also identify the economies with the best practices of education on financial and economic literacy for case studies at next stage.

5.2 Case Study on Best Practices of Financial and Economic Literacy in Basic Education (May-June, 2012)

Output: Case reports on best practices of financial and economic literacy in basic education

Direct participants will be 4-5 country representatives from the APEC economies. The representatives will be contracted to author 4-5 case reports on how education on financial and economic literacy in their economies are carried out.

The case reports will be used as reference/foundation for developing the guidebook and also be part of the guidebook for content deemed appropriate.

5.3 Workshop on Guidebook on Financial and Economic Literacy in Basic Education (August, 2012)

Output: a guidebook for education on economic and financial literacy in primary schools, which includes guidelines for related policy development, curriculum development, teacher training and classroom teaching with illustration of examples from exemplary economies.

Direct participants will be nine specialists, including two economists, two specialists from finance sector and  five authors of the case reports. The output of the workshop will be draft framework and main points/content to be covered in each part. The authors are expected to complete writing the guidebook after the workshop, and then the draft will sent out for review and revision before publication.

Venue is preliminarily planned at Washington D.C. and will be finally decided at the conference on Financial and Economic Literacy in Basic Education, depending on the performance in education for financial and economic literacy of the potential hosting country.

Dissemination

The project aims at producing two publications:

First, a report on “education on financial and economic literacy in APEC economies” targeting a wide audience such as educators, researchers, policymakers. The report will be disseminated through the country coordinators of the APEC economies and the focal points of the network on financial education.

Second: a guidebook on “education on financial and economic literacy in primary schools” that will demonstrate how to design and implement learning activities related to financial and economic literacy in primary schools. The project plans to produce 1000 copies of guidebook and disseminate them through the network of education on financial and economic literacy.

Gender

The project will ensure representativeness of both genders, especially involvement of women at every stage of the project, so that it could enhance women’s full participation in economic activities in the APEC region which is critical to the achievement of sustainable economic development in the region. Specific measures include: using gender analysis in survey of the education on financial and economic literacy; including women in all the workshops, field trips and conferences and ensure equitable participation by men and women; making special efforts to disseminate project results to female students, etc.

The APEC would benefit from the project by strengthening the role of women in economic development which are mostly dominated by men otherwise. Specifically speaking, prospective female students who has attained the knowledge and skills on financial and economic literacy will be better prepared for engaging in the economy and economic institutions and integrating into the global economy, as their opposite gender do.

Work Plan

The project will consist of four key componentsstudy on the status and the best practices relating to education on financial and economic literacy; development of learning program (including content and pedagogy) for primary and secondary school students; training of teachers; piloting of the learning program. 

Stage 1 (January-March 2013): Preparing for the conference on financial and economic literacy in basic education, tasks include establishing project group, developing workshop agenda, preparing draft list of speakers; administrative arrangements and logistics; identification of speakers and nomination

Stage 2 (April 2013): Workshop held in Beijing, contractors of best practices identified, network on financial and economic literacy in basic education developed.

Stage 3 (May-July, 2013): Case studies on best practices of education on financial and economic literacy.

Stage 4 (August 2013): Workshop on Guidebook on Education for Financial and Economic Literacy.

Stage 5: (September-October, 2013): Completing the Guidebook including review and revision.

Stage 6: (November-December, 2013): Publication and Dissemination.

Follow up stage: Continually disseminate the output of the project through the network of financial education and the website of the APEC.

Risks

The implementation of the project might involve the following risks:

For lack of knowledge of such education and perceived benefits of the project, the policymakers and teachers might have low interest in participation in or using results of the project. To cope with such potential risk, the project will start with a survey of the current status of the education on financial and economic literacy and collecting the best practices. In doing so, it will have evidence-based results to convince the related policymakers, administrators and schools to join the project at a later stage.

Monitoring and Evaluation

The project will use the following indicators to monitor the project:

1.  Participant statistics including the number, gender, institutions and economies
     involved in the project;

2. The feedback from the stakeholders including the policymakers, education
    administrators and teachers, such as readiness to offer such course in schools, to
    teach such activities and to formulate and issue related policies.

3.  Number of recommendations concerning education on economic and financial
     literacy adopted;

4.  Number of copies of the guidebook distributed in APEC economies.

The evaluation methods include:

1. Questionnaires will be used to collect the information about the performance of
    the teachers and students.

2. All the report, monograph and the guidebook produced by the project will go
    through peer review before finalization or publication.

Linkages

Given the inter-disciplinerary nature of the project, the project will involve not only Human Resource Development group but also Financial Ministers’ Process and other related groups such as the Economic Group, Investment Experts Group, etc.

This project will build on past projects related to economic and financial literacy implemented by the APEC, among others, the project proposed by the Russian Federation titled “the project “improving efficiency of domestic strategies on financial literacy”. It draws upon the strategies and results of the project, focusing on fostering of financial and economic literacy at basic education in developing economies, which have a strong need for such education, yet just started to develop such education.

APEC is regarded as the best source of funds for the project as the project aligns with its mission of facilitating economic growth, cooperation, trade and investment in the Asia-Pacific region. The nature of the project also fits into the nature of the APEC as an intergovernmental grouping that operates on the basis of non-binding commitments, open dialogue and equal respect for the views of all participants.

Sustainability

The post-implementation actions include updating and disseminating the guidebook continuously on the bases lessons acquired from the piloting and following application.

An APEC Network on Financial and Economic Literacy in Basic Education will be set up at the first conference, serving as infrastructure for exchange on education on economic and financial literacy over the long run, through sharing of progress, lessons and findings on economic and financial literacy by emails, newsletters and seminars on both regular and random basis.

In the long run, students and teachers as the users of the guidebook will be expected to disseminate the knowledge in the APEC region continuously.

Project Overseers

Mr. Luo Ping, Director, Division of International Organization, Department of International Cooperation and Exchange, the Ministry of Education of the People’s Republic of China. Ping has served as director for various divisions for the Ministry of Education and also as education counselor in Chinese embassy in Holland. He has overseen several important international collaborative projects such as “Education Reform for the 21st Country” and “The World-Class Scholars”. He holds a master of administration and a first degree of engineering.

e-mail: luop@moe.edu.cn

Ms. Wang Yan, Director, Department of International Cooperation, National Institute of Education Sciences. In her prior role, she was consultant to the World Bank, executive director, Department for International Cooperation, Beijing Institute of Education Sciences. Yan has implemented a number of international collaborative research projects on a variety of education issues. She has also been closely involved in multiple initiatives with international organizations. Yan holds a Ph.D. of Education Policy and Administration from the University of Hong Kong, a Master of Educational Economics and Administration and a first degree in English Literature. She has authored, co-authored and edited numerous articles, reports and books on comparative education, education policy and lifelong learning in both English and Chinese.

e-mail: ywang08@live.com 

Ms. Yang Cancan, Program Officer, Division of International Organizations, Department of International Cooperation & Exchange, Ministry of Education, China.e-mail: yangcc@moe.edu.cn

Cost Efficiency

Indications of efficiency may include (but are definitely not limited to):

The project plans to combine the workshop and/or conference with other APEC meetings or events to reduce travel, per diem and/or hosting costs.

Part of the project outcomes such as the collection of the best practices will be disseminated electronically, rather than publishing hard copies.


The project will employ
consultants with experiences and a good reputation working on similar projects.

Drawdown Timetable

Not Applicable

Direct Labour

Not Applicable

Waivers

We would like to seek waiver for the travel expenses of government officials from non-travel-eligible member economies (Australia, Brunei, Canada, Chinese Taipei, Hong Kong China, Japan, Korea, New Zealand, Singapore, USA)   attending as  Experts/Speakers  in APEC funded events.

Are there any supporting document attached?

No 
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Version HistoryVersion History

Project No.

Project Title

Project Status

Publication (if any)

Fund Account

Sub-fund

Project Year

Project Session

APEC Funding

Co-funding Amount

Total Project Value

Sponsoring Forum

Topics

Committee

Other Fora Involved

Other Non-APEC Stakeholders Involved

Proposing Economy(ies)

Co-Sponsoring Economies

Expected Start Date

Expected Completion Date

Project Proponent Name 1

Job Title 1

Organization 1

Postal Address 1

Telephone 1

Fax 1

Email 1

Project Proponent Name 2

Job Title 2

Organization 2

Postal Address 2

Telephone 2

Fax 2

Email 2

Declaration

Project Summary

Relevance

Objectives

Alignment

TILF/ASF Justification

Beneficiaries and Outputs

Dissemination

Gender

Work Plan

Risks

Monitoring and Evaluation

Linkages

Sustainability

Project Overseers

Cost Efficiency

Drawdown Timetable

Direct Labour

Waivers

Are there any supporting document attached?

hdFldAdmin

Project Number

Previous Fora

Secretariat Comments

Reprogramming Notes

Consolidated QAF

Endorsement By Fora

PD Sign Off

Batch

Forum Priority

Committee Ranking Category

Committee Priority

PDM Priority

Priority Within Funding Category

Monitoring Report Received

Completion Report Received

PMU Field 1

PMU Field 2

PMU Field 3

On Behalf Of

Proposal Status

Originating Sub-Forum

Approval Status
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