National plan, ‘Boas practicas, boas contas’, Ideas of Value
Key actors in financial education and financial literacy
A Portuguese Financial Education Plan was launched in 2011 by the National Council of Financial Supervisors, which includes Portugal’s three financial supervisors: Banco de Portugal (Central Bank), the Portuguese Securities Market Commission and the Portuguese Insurance and Pension Funds Supervisory Authority, as well as with the endorsement of the Minister of State and Finance
The plan aims to increase the level of financial knowledge of the Portuguese population and to promote the adoption of appropriate financial behaviours. It also plans to create an integrated vision of financial education projects and combines the efforts of different stakeholders. Finally its objective is to contribute to increasing the well-being of the population and the stability of the financial system
The Ministry of Education and Science approved the ‘Core Competencies’ in May 2013 at the Plan’s 1st International Conference. They serve as a benchmark for introducing financial education into the school curriculum. In addition, a training programme for teachers began in 2014 and is jointly organised by the Ministry of Education and Science and the financial supervisors.
The Central Bank of Portugal committed to conduct the 2nd Survey on the Financial Literacy of the Portuguese Population in 2015 in order to evaluate the impact of the National Plan On financial attitudes, behaviours and knowledge.
Portuguese Banking Association & members
One of the association’s goals is to promote a greater financial culture resulting in better use of financial products and services and a more transparent relationship between banks and society. It therefore regards the promotion of financial literacy as a social responsibility project for improving Portuguese people’s financial culture. The Portuguese Banking Association (APB) publicly announced the banking sector’s financial education strategy and introduced the ‘Good Practices, Good Accounts’ programme, in January 2012. In this document, the APB has proposed common financial literacy programmes to all banks, organised by area of action and covering the entire country. The aim is to encourage people to follow good practices in managing their family budgets with a view to greater financial stability and therefore better quality of life.
Among the several initiatives of the sector, those include:
1) A website with information about banking, financial products and services that banks offer and the role they play in the country’s development, this information being highly educational, especially for families and young people. The ‘Good Practices, Good Accounts’ website is the banking sector’s first joint financial education project. The aim of this didactic initiative is to provide the public with useful, easily accessible information on bank services using practical, realistic examples similar to many real-life situations that families can identify with.
2) A series of short-term courses for journalists at convenient times to fulfill their needs for information on certain areas and subjects in the sector.
3) Long-term projects for young people ranging from primary to higher education.
Consumer protection organisations, trade unions, universities and several other entities involved in the promotion of financial literacy in Portugal.
Example of good practice
‘Making it Happen – Ideas of Value’ was the name that the Portuguese Banking Association chose for the PNFF’s commemoration. This year it was devoted to the importance of financial education in entrepreneurship and organised activities that proved extremely popular with the participants. The APB provided simple and entertaining financial education for kids and young people as part of the banks’ Good Practices, Good Accounts programme.
Students from the Instituto de Formação Bancária (IFB) Banking Operations Course, most of whom will later be bank employees, took part in the event. Their job was to encourage all the visitors to join in.
The outcome was around 50 completed questionnaires from the Financial Education Paper Chase. To fill them in, the participants had to access the www.bpbc.pt website. Around 60 participants pinned savings tips on a board. Dozens of visitors took a quiz to test their financial culture. Around 40 students were screened to find out their ‘savings profile’.
Financial education part of curriculum? Yes
PISA financial literacy ranking (OECD, 2012): Did not take part