Financial education

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The asymmetrical relationship between banks and customers can be rebalanced not only through public enforcement (behavioural and organizational obligations imposed on institutions) and private enforcement (individual protection instruments such as complaints and the ABF), but also by empowering the customers themselves, i.e. by strengthening the position of the weaker contracting party by improving financial knowledge and awareness.

The main objective of the Bank's financial education projects is to promote informed economic choices on the part of customers and to increase their financial well-being. This can also contribute to limiting the legal and reputational risks to financial institutions, increasing public trust in economic operators and stabilizing the system overall.

The Bank's financial education is aimed at both young people and adults.

Financial education for young people is mainly directed at school students (Progetto Scuola). Teachers make a valuable contribution by participating in special seminars held in Banca d'Italia branches across the country so that they can then introduce the basic concepts of economics and finance by adapting lessons in their own subjects.

Large-scale awareness-raising campaigns and training activities for specific targets are aimed at adults, with a particular focus on disadvantaged or vulnerable groups. Financial education programmes for specific target groups are complemented by constant external communication.

Banca d'Italia's Financial Education portal Economics for Everyone provides an overview of all past and present projects and programmes and provides information and teaching materials for the general public on the subjects of economics and finance, using a wide array of multimedia tools.

These activities are fully integrated with the guidelines and aims of the OECD's International Network on Financial Education and, in Italy, of the Committee for the Planning and Coordination of Financial Education Activities, of which the Bank has been a member since it was established.

Through its work experience pathways for school students aimed at students in the last three years of high school, the Bank is helping raise awareness of its own functions by simulating work experiences.

Further information

Initiatives for schools

The Bank promotes financial education initiatives at schools and universities, liaising with the Ministry of Education and the Ministry of Research and Universities and other external stakeholders. It also carries out quali-quantitative analyses on financial literacy.

The Progetto Scuola (Schools Project), launched as result of the Protocol signed between the Governor of Banca d'Italia and the Ministry of Education, involves children at all levels of school (primary and secondary levels I and II) throughout Italy. Teachers take part on a voluntary basis in training seminars organized by the Bank's branches and the teacher training activities benefit from specifically designed didactic tools. The activities provided for students follow the OECD guidelines and those drawn up by the national committee for financial education.

Initiatives for adults

Financial education for adults is intended for both the general public and for specific groups of people. Communication and awareness-raising campaigns are often held in October as part of the 'Financial Education Month', an initiative promoted by the Committee for the Planning and Coordination of Financial Education Activities. The projects intended for particular groups are carried out in collaboration with public and private sector organizations, which often have their own countrywide networks that coordinate with Banca d'Italia's branches and can reach a great number of people. Projects have been created for the employees of large firms, women, adults (mainly immigrants) studying at local adult education centres, older people attending the University of the Third Age, and micro-entrepreneurs.

Another important part of financial education for adults is the promotion of self-protection tools for banks' customers: Banca d'Italia prepares 'Simple Guides' to the main banking products (for example, mortgages, current accounts and consumer credit) that financial intermediaries are obliged to make available to customers, in accordance with current legislation.

Banca d'Italia's financial education portal, Economics for Everyone, which can also be accessed by the blind, the partially blind and the deaf, provides useful information on the main areas of personal finance management (Budgeting, Making Payments, Taking out Loans, Saving and Investing) and an introduction to the basics of economics.

Work experience pathways for schools (PCTOs)

The Bank offers this programme to students in the last three years of second-level secondary schools (high schools, technical institutes and vocational institutes) who meet Banca d'Italia experts. For a few days, participants are guided and assisted through a simulated work experience that explains some of the Bank's functions, helps to develop the necessary transferable skills and may guide students' decisions in the future. Students with disabilities also take part in PCTOs and ad hoc didactic tools have been created for them.

Related Topics

Bank of Italy Guides

The Guides use simple and straightforward language to help consumers understand the characteristics of some of the most common banking and financial products and make informed choices.

Educational booklets

As part of the financial education programme for schools, in partnership with the Ministry of Education, Banca d'Italia has produced a series called 'The Bank of Italy's educational booklets'.