Key actors in financial education and financial literacy:
In 2006 the Dutch Ministry of Finance initiated the Money Wise Platform to emphasize the importance of financial education and to create a coordinated national approach. With Her Majesty the Queen presiding as honorary chair, in this platform some 45 partners from the financial sector, government, public- and consumer organisations, and the field of science have joined forces to help consumers to become money wise.
With the Money Wise network, the Netherlands has created a platform to coordinate all national efforts in the area of financial education. This approach has a number of benefits, including cost effectiveness, innovation and mutual understanding. The involvement of financial institutions in financial education efforts, for example through guest lessons in schools resulted in increased mutual understanding between consumers and financial professionals. The Money Wise Platform organises a national money week as well as the Pension 3 days, during which pension funds, employers, government, insurance companies and non-profit organizations stimulate people to look into their pension. Dutch Banking Association & members.
The Dutch Banking Association (DBA) is the biggest non-governmental contributor to financial education in the Netherlands. Being one of the founding organizations and major funding partner of the Money Wise platform, the Dutch Banking Association has taken a leading role in the Dutch Money Week since 2010. During the Money Week CEO’s and employees from participating banks give guest lessons with the cash Quiz in primary schools. This years ‘Bank in class‘ was kicked off by Her Majesty the Queen and state secretary for Education. The Dutch Banking Association also focusses on secondary schools with 5 financial education modules Me and Money that fit seamlessly with the existing economy school subject. With the program comes a ‘financial education ambassador‘ that regularly visits the school. Furthermore the Dutch banking Association also developed a financial education game Wants & Needs.
Other actors contributing to financial education in the Netherlands are such as the National Institute for Family Finance Information (NIBUD), which does research amongst consumers, publishes informative websites and distributes teaching packages. Or the Association of Insurers, actively participating in several of the financial education programs. But also financial supervisors, banks, governmental organisations and all types of private organizations such as the organization for young entrepreneurs and the organisation “know what you’re spending” participate in the quest for making the Netherlands more financially literate.
Example of good practice
A good example of the multi stakeholder approach is the National Money Week In which the Dutch Banking association helped organise over 4.500 guest lessons in primary schools (Bank voor de klas). This week brings together a high concentration of initiatives for lessons about dealing with money. During the week, a large number of schools, businesses, NGOs, broadcasting companies and local governments offer a wide variety of activities for children, such as guest lessons in schools, museum visits, theatre, teaching programs, debates, newspapers in the class room, television programs and more.
Financial education part of curriculum? No
PISA financial literacy ranking (OECD, 2012): did not take part