What is financial education?

VIICONFERENCE“FINANCIALEDUCATIONFORYOUNGPEOPLE”
Speaker:
Centre:
Date:
VII CONFERENCE “FINANCIAL EDUCATION FOR YOUNG PEOPLE”
Aim ofthe Conference
To approach the economic-financial world to young
people.
Financial Education
Daily Reality
The increasing prominence ofeconomic andfinancial concepts
•Securitization
•Asset inflation
•CreditDefaultSwaps
•LTV
•Scrip
•BEPS
•Burdensharing
•SLE
•Default
•DTAs
•Public deficit
•Fiscal
pressure
•Bancarizacióndecajas
•Guerradel
pasivo
•TLTRO
VI Financial Olympics
Participant classes in
the VIIConference
Voluntary registration inVI
Financial Olympics
Financial-economic case
5 best teams selection
Teams of2to 5members (Registration deadline:6/03/16)
Word
Drawof1USAgrant
Financial-economic case
argumentation public defense
Jury
Registration deadline:4/04/16
Winners
Renting
vs
Purchasing a
house
Technical committee 6/5/2016
Unicaja CenterofFinancial Education:27/5/2016
• Ferriswheel port visit
• Lunchinvitation
• Pompidou museum visit
First prize
• Unicaja Baloncestoteam training
Second prize
visit.
Third prize
Prizes
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Comic“Financial Education in
the town”
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INDEX
1
2
3
4
5
Financial Education
Edufinet project
Family budget
Economic and financial indicators
Financial system and main financial products
INDEX
1
2
3
4
5
Financial Education
Proyecto Edufinet
Presupuesto familiar
Indicadores económicos y financieros
Sistema financiero y principales productos
What is financial education?
1.KNOWLEDGE AND UNDERSTANDING OF
FINANCES
Improvement ofthe knowledge offinancial
products, concepts andrisks.
2.COMPETENCES: USEOFKNOWLEDGEFOR
ONE’SOWNBENEFIT
Development ofskills that allow people to serve
better their own interests inrelation with financial
services.
3.INFORMED CHOICES:FINANCIAL
RESPONSIBILITY
Decision making aimed to improve one’s own
financial welfare,gauging advantages and
disadvantages.
The importance offinancial education
PilotprojectforFinancial
Educationin3rdyearofESO
Financial Education for Youth
The roleofschools
2012PISAreportresults, published
onthe9thofjuly 2014
The importance offinancial education
OECD’s PISAreport
No. of students tested ≈ 29.000
Participant countries: 18
RESULTADOS
Rank
1º
2º
3º
4º
5º
6º
7º
8º
9º
10º
11º
12º
13º
14º
15º
16º
17º
18º
Country
Average Score
China(Shanghai)
603
Belgium (Flanders)
541
Estonia
529
Australia
526
NewZealand
520
Czech Republic
513
Poland
510
Latvia
501
OECD countries average:500
United States
492
Russia
486
France
486
Slovenia
485
Spain
484
Croatia
480
Israel
476
Slovak republic
470
Italy
466
Colombia
379
1out of 6students
doesn’t reach the
basic development
level infinancial
issues
The importance offinancial education
• 1)Large amount offinancial products
• 2)Complexity offinancial products
• 3)Consumers have alack ofinformation
Difficulty inmaking
financial decisions
?
The importance offinancial education
1)Large amount offinancial
products
Difficulty inmaking
financial decisions
The importance offinancial education
2) Complexity offinancial products
StructureofFinancialAssetsofFamiliesinSpain
45,0%
41,1%
40,0%
58,9%
39,4%
35,0%
30,0%
25,0%
20,0%
16,3%
15,0%
10,0%
3,2%
5,0%
0,0%
CashandDeposit
EquityandInvestment
funds
EstimateProducts
Others
The importance offinancial education
3)Consumers have alack of
information
Difficulty inmaking
financial decisions
The importance offinancial education
Vitalcycle
•
Revenues
•
Savings
books
Cards
•Loans
•Current Accounts
•Deposits
•Cards
•Equity
•Fixed Income
•Reversemortgage
•Pensions Plan
•Insurance
18
Age
65
Understanding the value ofmoney
Benefits of
financial
education for
young people
Planning ofbudget andsavings andinvestment needs
Trainingfor an independent life
Knowledge offinancial products andservices
INDEX
1
2
3
4
5
Proyecto Edufinet
Edufinet project
Presupuesto familiar
Indicadores económicos y financieros
Sistema financiero y principales productos
Edufinet Project
CSRexercise
To contribute to:
transferofknowledge related to
the financial system
PROMOTION OF:
§ Transparency
§ Security
§ Responsibility
Inthe financial
relationships of the citizens
The improvement of
financial literacy
Goals
• Internet
Elaboration of a Manual
• Book
Introductory
Vision
• Simple
• Clear
• Objective
• Financial System
•Financial products
andservices
Formation for making personal
decisions
To increase financial services user’s
personalautonomy
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«Educacion financiera en la
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Edufinext:FinancialEducationforyouth
CONFERENCES
INTERNET
GATEWAY
DOCUMENTS
AND
DIVULGATIVE
TEXTS
OLYMPICS
COMIC
INDEX
1
2
3
4
5
Proyecto Edufinet
Proyecto Edufinet
Family budget
Indicadores económicos y financieros
Sistema financiero y principales productos
Family budget
31.12.2013Equity value (€)
A
B
C
D
Assets andrights
100.000 200.000 300.000 50.000
Debts
20.000
210.000 250.000 80.000
2013totalrevenues &expensesfigures (€)
A
B
C
D
Total revenues
30.000
50.000
60.000
20.000
Totalexpenses
20.000
35.000
40.000
10.000
What person is the richest?
a.
b.
c.
d.
A.
B.
C.
D.
Family budget
Family budget allows
1. To know available resources and
inwhat the money is spent
2. To controldeposits andexpenses
3. To make previsions
EXPENSES(E)
REVENUES(R)
•Loans
•Taxes
•Family expenses
Education
•Salaries
•Pensions
•Return of
Invesments
Telecommunications
(R)- (E)=BUDGETARYBALANCE
Si(R)>(E)= Surplus
Si(R)=(E)= Balance
Si(R)<(E)=Deficit
Transport
Energy
Clothes andshoes
Food
Free time
•Insurance
•Pension Plans
Family budget
How to develop abudget?
Revenues andexpenses
• Exhaustively identification ofrevenues andexpensesentries.
Accurately quantification ofrevenues andexpenses
• Periodic reviewing ofrevenues andexpenses
• Impact oftaxation.
• Suplementary expenses.
Establishment ofthe collections andpayments dates
• Revenues ≠ Collections
• Expenses ≠ Payments
Family budget
Income
31.12.2013
Wealth1
Year 2014
variable«flow»– money inflows inagiven period
31.12.2014
Wealth2
Expenses
variable“stock”
Equityata
specificdate
Equity VSIncome
MONEYINFLOWANDOUTFLOW
Income statement
INFLOW
• Salary
• Pension
• Return ofInvesments
ASSET
• Cars
• Financial
products
• Current
account
• Stocks
• Fixed
income
• Mutual
funds
• Pension
plans
• Realestate
↑Asset
OUTFLOW
• Loans
• Taxes
• Withholdings
• Family Expenses
• Insurances
• Pension Plans
If inflow >outflow
EQUITY
Balancesheet
savings
LIABILITY
• Mortgage
• Consumer debt
↓Liability
Family budget
31.12.2013Equity value (€)
A
B
C
D
Assets andrights
100.000 200.000 300.000 50.000
Debts
20.000
210.000 250.000 80.000
2013totalrevenues &expensesfigures (€)
A
B
C
D
Total revenues
30.000
50.000
60.000
20.000
Totalexpenses
20.000
35.000
40.000
10.000
What person is the richest?
a.
b.
c.
d.
A.
B.
C.
D.
Family budget
31.12.2013Equity value (€)
A
B
C
D
Assets andrights
100.000 200.000 300.000 50.000
Debts
20.000
210.000 250.000 80.000
2013totalrevenues &expensesfigures (€)
A
B
C
D
Total revenues
30.000
50.000
60.000
20.000
Totalexpenses
20.000
35.000
40.000
10.000
What person is the richest?
a.
b.
c.
d.
A.
B.
C.
D.
INDEX
1
2
3
4
5
Proyecto Edufinet
Proyecto Edufinet
Presupuesto familiar
Economic and financial indicators
Sistema financiero y principales productos
Economic andfinancial indicators
Economic indicators
Financial indicators
•Gross Domestic Product (GDP)
•Profitability
•Inflation
•Leverage
•Labour market
•Solvency
•Exchange rate
Economic indicators
GROSSDOMESTICPRODUCT
(GDP)
INFLATION
LABOURMARKET
EXCHANGERATE
Economic indicators
The gross domestic product (GDP) of a country is an economic
indicator that represents:
a. The welfare of a country.
b. The value of the goods and services produced in the country
in a given year.
c. The value of the goods and services consumed in the
country in a given year.
d. The value of the goods and services produced by the private
sector in the country in a given year.
Economic indicators
Definition
GDP
Ranking
Country
Million ofdollars
1
United States
17.419.000
2
China
10.360.105
3
Japan
4.601.461
4
Germany
3.852.556
5
United Kingdom
2.941.886
6
France
2.829.192
7
Brazil
2.346.118
8
Italy
2.144.338
9
India
2.066.902
10
Rusisa
1.860.598
11
Canada
1.786.655
12
Australia
1.453.770
13
South ofKorea
1.410.383
14
Spain
1.404.307
15
Mexico
1.282.720
Fuente:BancoMundial
GDP:
Value ofthe productive activity
Inagivenperiodoftime
Inacountryor ageographic zone
Resident agents (nationals yforeigners).
Onlyfinalgoodsandservicesincluded
(Spain)
Economic indicators
The gross domestic product (GDP) of a country is an economic
indicator that represents:
a. The welfare of a country.
b. The value of the goods and services produced in the country
in a given year.
c. The value of the goods and services consumed in the
country in a given year.
d. The value of the goods and services produced by the private
sector in the country in a given year.
Economic indicators
The gross domestic product (GDP) of a country is an economic
indicator that represents:
a. The welfare of a country.
b. The value of the goods and services produced in the country
in a given year.
c. The value of the goods and services consumed in the
country in a given year.
d. The value of the goods and services produced by the private
sector in the country in a given year.
Economic indicators
Mr. X gets an annual income of 25,000 euros in 2012 and
26,000 euros in 2013. It is known that the price level has risen
by 10% in 2013 with respect to 2012. The increase in revenue
of Mr. X in real terms is:
a.
b.
c.
d.
4%
6%
-5,5%
-6%
Economic indicators
INFLATION
•Persistent increase in the general price level
of an economy.
•There are several inflation indicators, the CPI
being the most used.
Example ofCPIcalculation
2008
2015
Annual
consumption
perfamily
Price(€)
Food
40%
4.000
1.600
5.000
2.000
Clothes and
shoes
20%
2.000
400
2.500
500
Transport
20%
4.000
800
4.500
900
Spare time
20%
2.000
400
2.500
500
100%
Weighted
Average
Price)
3.200
Weighted
Average
Price
3.900
Assets
Price(€)
3.200=100
3.900=x
x=
3.900*100
3.200
x= 121,88
21,88%
Economic indicators
Mr. X gets an annual income of 25,000 euros in 2012 and
26,000 euros in 2013. It is known that the price level has risen
by 10% in 2013 with respect to 2012. The increase in revenue
of Mr. X in real terms is:
a.
b.
c.
d.
4%
6%
-5,5%
-6%
Economic indicators
Mr. X gets an annual income of 25,000 euros in 2012 and
26,000 euros in 2013. It is known that the price level has risen
by 10% in 2013 with respect to 2012. The increase in revenue
of Mr. X in real terms is:
a.
b.
c.
d.
4%
6%
-5,5%
-6%
25.000x1,1=27.500
26.000- 27.500 =
- 5,5%
27.500
Economic indicators
Thousands of
persons
Total population
Working- age population
Labour force
Population not inthe labour force
Unemployed
46.439.900
38.496.600
23.015.500
15.481.100
5.149.000
What is the unemployent rate?
a.
b.
c.
d.
Population not in the labour force / Working-age population: 40,21%.
Unemployed population / Working-age population: 13,37%.
Unemployed population / Labour force: 22,37%.
Population not in the labor force / Total population: 33,33%.
Economic indicators
LABOURMARKET
Ranking
Country
1
Spain
23,6%
2
Italy
12,7%
3
France
10,2%
4
Canada
6,9%
5
United States
6,1%
6
United Kingdom
6,1%
7
Australia
6,1%
8
Russia
5,3%
9
Germany
5,0%
10
Brazil
4,8%
11
Mexico
4,8%
12
China
4,0%
13
India
3,6%
14
Japan
3,6%
15
South of Korea
3,5%
Fuentes:BancoMundial
TOTAL
POPULATION
Unemployment
rate 2014
WORKING- AGE
POPULATION
LABOUR
FORCE
EMPLOYED
POPULATION
NONWORKING-AGE
POPULATION(<16YEARS
OLD)
POPULATIONNOT
INTHELABOUR
FORCE
UNEMPLOYED
POPULATION
RETIRED
EMPLOYEES
SEEKINGTHEIR
FIRSTJOB
STUDENTS
SELF-EMPLOYED
HAVEWORKED
BEFORE
OTHER
GROUPS
Economic indicators
Thousands of
persons
Total population
Working- age population
Labour force
Population not inthe labour force
Unemployed
46.439.900
38.496.600
23.015.500
15.481.100
5.149.000
What is the unemployent rate?
a.
b.
c.
d.
Population not in the labour force / Working-age population: 40,21%.
Unemployed population / Working-age population: 13,37%.
Unemployed population / Labour force: 22,37%.
Population not in the labor force / Total population: 33,33%.
Economic indicators
Suppose that nowadays the exchange rate euro– dollar is of1,15
(1€ =1,15$).
Ofthe following situations,what would it bethe most interesting
to us if we wanted to travel to the USA?
a.
b.
c.
d.
Pound-euroexchangerateat0,9.
Euro-dollarexchangerateat1,25.
Euro- dollarexchangerateat1,1.
Dollar-euroexchangerateat0,87.
Economic indicators
Definition
EXCHANGERATE
The exchange rate is the price of a currency in
terms of another currency .
Mcdonald’s BigMac
Exchangerate:
Spain
4,23€
United States
4,79$
Where is the BigMac
most expensive ?
Exchange rate:1,1236$/€
Price ofBigMacinU.S.A.=
4,79$
= 4,26€
1,1236$/€
Economic indicators
Suppose that nowadays the exchange rate euro– dollar is of1,15
(1€ =1,15$).
Ofthe following situations,what would it bethe most interesting
to us if we wanted to travel to the USA?
a.
b.
c.
d.
Pound-euroexchangerateat0,9.
Euro-dollarexchangerateat1,25.
Euro- dollarexchangerateat1,1.
Dollar-euroexchangerateat0,87.
Economic indicators
We presumethat::1€ =1,15$à 1$=0,87€
a.
b.
c.
d.
Pound-euroexchangerateat0,9.
Euro-dollarexchangerateat1,25.
Euro- dollarexchangerateat1,1.
Dollar-euroexchangerateat0,87.
1$=0,9€
1€ =1,25$
1€ =1,10$
1$=0,87€
1€ =1,11$
1€ =1,15$
Financial indicators
PROFITABILITY
LEVERAGE
SOLVENCY
Financial indicators
Balance(2014)
Current assets
Noncurrent assets
TOTALASSETS
Current liabilities
Noncurrent liabilities
Balance
TOTAL LIABILITIES+
EQUITY
*Figures inmillions dollars
Income statement (2014)
7.347 14.233 Sales
5.070 5.010 Cost ofgoods
12.417 19.243 GROSSMARGIN
4.378 5.643 Operating costs
2.421 2.280 OPERATING RESULT (EBITDA)
5.618 11.320 Depreciation andamortisation
EBIT (Earnings before interests and
12.417 19.243 taxes)
Financial result
INCOMEBEFORETAXES
Tax on earnings
NETINCOME
*Figures inmillions dollars
14.534
(7.610)
6.924
(5.720)
1.204
(323)
27.443
(14.828)
12.615
(8.871)
3.744
(101)
881
(46)
835
(271)
564
3.643
27
3.670
(836)
2.834
Financial indicators
Whichoneisthemost
profitable?
a) Adidas
b) Nike
Whichoneismore
indebted?
a) Adidas
b) Nike
Current assets
Noncurrent assets
TOTALASSETS
Current liabilities
Noncurrent liabilities
Balance
7.347
5.070
12.417
4.378
2.421
5.618
14.233
5.010
19.243
5.643
2.280
11.320
TOTALLIABILITIES +EQUITY
*Figuresinmillions dollars
12.417
19.243
Sales
Cost ofgoods
14.534
(7.610)
27.443
(14.828)
GROSSMARGIN
6.924
(5.720)
12.615
(8.871)
1.204
(323)
3.744
(101)
Tax on earnings
881
(46)
835
(271)
3.643
27
3.670
(836)
NETINCOME
564
2.834
Operating costs
OPERATING RESULT (EBITDA)
Whichoneismoresolvent?
a) Adidas
b) Nike
Depreciation andamortisation
EBIT(earningsbeforeinterestsand
taxes)
Financial result
INCOMEBEFORETAXES
*Figuresinmillions dollars
Financial indicators
Which one is the most profitable?
ROA
ROE
Leverage
Netincome /Totalassets
Netincome /Equity
Which one is moreindebted?
Liabilities /Totalassets
4,5%
14,7%
10,0%
25,0%
54,8%
41,2%
45,2%
58,8%
Which one is moresolvent?
Solvency
Equity /Totalassets
Financial indicators
Which one is the most profitable?
ROA
ROE
Leverage
Netincome /Totalassets
Netincome /Equity
Which one is moreindebted?
Liabilities /Totalassets
4,5%
14,7%
10,0%
25,0%
54,8%
41,2%
45,2%
58,8%
Which one is moresolvent?
Solvency
Equity /Totalassets
INDEX
1
2
3
4
5
Proyecto Edufinet
Proyecto Edufinet
Presupuesto familiar
Indicadores económicos y financieros
Financial system and main financialproducts
Financial system role
FINANCIAL DISINTERMEDIATION
COLLECTIVE
INVESTMENT
PROVIDERSOF
FINANCIAL
RESOURCES
MARKET
BANKING
INSTITUTIONS
OR CREDIT
INSTITUTIONS
FINANCIAL INTERMEDIATION
BORROWERSOF
FINANCIAL
RESOURCES
Decision making
Variablestoconsiderinfinancialsavingsproducts
PROFITABILITY
LIQUIDITY
Whatistheyield
obtainedbythe
investedcapital?
RISK
CanIusethe
investedmoney
atanytime?
TERM
What are the risks?
• Solvency of the institution
receiving our money
• Invested capital
• Interest to be received
For what
period?
Deposits basics aspects
A current account has three titulars that act in an indistinct
way. To have access to the funds deposited in the account:
a.
b.
c.
d.
It is necessary the three titular’s sign.
It is necessary that the account be a cash pool account.
It is enough with the sign of any of the three titulars.
It is necessary the sign of at least two of the three titulars.
Main features ofdeposits
+ -
•Money
•Fundscustody
•Movementstatements
•Interest
•Services
•Fundsavailability
Custodian
(Deposit institution)
§Bank statement
Savings
account
§Savings book
Profitability
Depositor
Liquity
•Service fees
Deposit at
sight
Current
account
- +
Fixed-term
deposit
(IPF)
Early
cancellation
commission
§Cheque book
§No cheque book
Maintenance
fee
§Management
fee
Account holder
Account
Holder
INDIVIDUAL
DEPOSITTITULARITY
INDISTINCT
Anyone by
himself
COTITULARITY
CASHPOOLACCOUNT
Authorizedà Onlydeterminedoperating(i.e.fundswithdrawals)
Every account
holder or some
account
holders
Isitthesametobeanaccountholderthantobeanauthorized?
Account
holder
Authorized
All kindofcapacities:operate,modifycontractterms,contractrevocation,etc.
Owner ofthe balance
Onlysomeoperations:(i.e.fundswithdrawal)
Theyaren’townersofthedeposit
OPERATEWITHTHEDEPOSIT
Main features ofdeposits
Deposits basics aspects
A current account has three titulars that act in an indistinct
way. To have access to the funds deposited in the account:
a.
b.
c.
d.
It is necessary the three titular’s sign.
It is necessary that the account be a cash pool account.
It is enough with the sign of any of the three titulars.
It is necessary the sign of at least two of the three titulars.
Deposits basics aspects
A current account has three titulars that act in an indistinct
way. To have access to the funds deposited in the account:
a.
b.
c.
d.
It is necessary the three titular’s sign.
It is necessary that the account be a cash pool account.
It is enough with the sign of any of the three titulars.
It is necessary the sign of at least two of the three titulars.
Loans
What is the main feature of the installment system of loans?
b)
a)
c)
Only interests payment +
amortization payment inthe
last installment
Constant interest
d)
Constant fees
Interest
Constant amortization
Amortization
Loans
LOANCYCLE
Loanamount
Term
Potential tax benefits
Totalredemption ofthe
capital
Initial fees
Taxes and
formalization
expenses
Operation setting up
Repayment installments =Capital+Interests
Tipstoconsiderwhenapplyingforaloan
Whatdowewanttofinancewitha
loan?
LOANWITHPERSONAL
GUARANTEE
WhatdoIhaveto
consider?
Usually <60.000€
Amount
Fixed interest rate
usually
Interest rate
Opening,study,
cancellation commissions
MORTGAGELOAN
Not>80%ofthepropertyvalue
Personalrate >mortgage
Usually,variableinterestrate:
• Indexused
• Differential
• Reviewdate
Commissions andfees
(Taxes)
Openingandcancellation
commission,notary, valuation,…
APRà Realcostoftheoperation
Shortandmediumterm
(≤ 10years)
Term
Longterm
(>20years)
Loans
What is the main feature of the installment system of loans?
b)
a)
c)
Only interests payment +
amortization payment inthe
last installment
Constant interest
d)
Constant fees
Interest
Constant amortization
Amortization
Loans
What is the main feature of the installment system of loans?
a)
c)
b)
Only interests payment +
amortization payment inthe
last installment
Constant interest
d)
Constant fees
Interest
Constant amortization
Amortization
Means ofpayment
A three-digit figure (CVC2 or CVV2) is shown in the signature panel
of the credit cards. What is the function of this figure?
a. To be part of the card’s identification number.
b. To represent the three last digits of the account associated to
the card.
c. To show the identification figures of the issuer institution,
type of card and network to which the card belongs.
d. To act as a security code in e-commerce transactions.
Means ofpayment
Concept
Theyarepaymentinstrumentsreplacingcoinsandnotes:cards,transfers,
commercialdocuments(billofexchange,cheque,drafts).
Usualmeansof
payment:cards
Debit:Direct debit
to the account.
Credit :Approved
credit to beused.
Cards
Virtual:Request
for avirtualcard
for each online
purchase..
Prepayment:Use
limited to the
preloaded amount.
Means ofpayment
Issuers
institution’s logo
National
network
Securitychip
PAN16digits (unique)
Validity date
Contactless
1234567890123456
Month/Year
International
brand
Nameofthecardholder
Magnetic band
Signature panel
CVV2
Contact details ofthe issuer institution
•Euro6000
•4B
•Servired
Code for e-commerce
operations (3digits)
•Visa
•Mastercard
Means ofpayment
A three-digit figure (CVC2 or CVV2) is shown in the signature panel
of the credit cards. What is the function of this figure?
a. To be part of the card’s identification number.
b. To represent the three last digits of the account associated to
the card.
c. To show the identification figures of the issuer institution,
tipe of card and network to which the card belongs.
d. To act as a security code in e-commerce transactions.
Means ofpayment
A three-digit figure (CVC2 or CVV2) is shown in the signature panel
of the credit cards. What is the function of this figure?
a. To be part of the card’s identification number.
b. To represent the three last digits of the account associated to
the card.
c. To show the identification figures of the issuer institution,
tipe of card and network to which the card belongs.
d. To act as a security code in e-commerce transactions.
Means ofpayment
¿Esbaratoelusodeunatarjetadecrédito(porla
disposicióndecrédito)?
COSTEDEUNATARJETADECRÉDITOCONUNTIPODEINTERÉSDEL1,2%MENSUAL
12
TAE= 1+
1,2
100
– 1=(1+0,012)12– 1=1,01212– 1=1,154– 1=0,15415,4%
VIICONFERENCE“FINANCIALEDUCATIONFORYOUNGPEOPLE”
Speaker:
Centre:
Date: