OECD-Bank Indonesia International Conference on Financial Education

Bali, Indonesia, 21-22 October 2008

The conference, co-organised by the OECD and Bank Indonesia, is part of the OECD programme on financial education.  A main objective of this programme, set up 5 years ago, is to promote international cooperation among key financial education stakeholders, especially in the context of the rapid changes in emerging economies, resulting in a wider array of financial services (often credit products) now being offered to a large number of inexperienced consumers. The macro-economic implications of these new market realities are potentially significant if individuals are not provided with the tools they need to become financially literate.  The urgent need for financial education has recently been emphasised by developments in the mortgage and credit markets and, most notably, the subprime crisis.  Similarly, the Indonesian authorities have started paying close attention to issues related to financial literacy and education – having declared 2008 “the year of financial education”. 

Against this backdrop, the OECD-Bank Indonesia International Conference on Financial Education convened a wide international audience of governmental officials and experts from public and regulatory and supervisory authorities, as well as senior decision makers, industry experts and academics from OECD and non-OECD economies.  This event sought to advance and elevate dialogue on financial education in the international arena, with a special focus on South East Asian economies. In addition, the Conference shared country-specific experiences in implementing financial education strategies, reviewed applied research and discussed best practices. 

Documentation

• Conclusions
• Final Agenda
  

Presentations from this conference will be made available on this web page in the near future 

DAY 1

Opening remarks

• Muliaman Hadad, Deputy Governor, Bank Indonesia
• André Laboul, Head of the Financial Affairs Division, OECD
• Erich Harbrecht, Vice-Chair of the OECD Committee on Financial Markets, Head of Division, Deutsche Bundesbank, Germany (Presentation)
• Ross Jones, Vice-Chair of the OECD Working Party on Private Pensions, Deputy Chairman of the Australian Prudential Regulatory Authority (APRA) (Presentation)

Session I: Financial education strategies in Asia: Main challenges and goals

Moderator: José Alexandre Vasco, Brazilian Securities and Exchange Commission (CVM), coordinator of the working group on "Brazilian Financial Education Strategy"

Speakers:

• Muliaman Hadad, Deputy Governor, Bank Indonesia (Presentation)
• Swee Lian Koid, Director of the Consumer and Market Conduct Department, Central Bank of Malaysia (Presentation, Summary)
• Sue Lewis, Head of Savings and Investments, HM Treasury, United Kingdom (Presentation, Summary)
• Slavomir Stastny, Member of the Bank Board, the National Bank of Slovakia (Presentation, Summary)

Session II: Strengthening financial inclusion: Reaching a wide and targeted audience

Moderator: Ahmad Fuad Rahmany, Chairman of the Capital Market and Financial Institution Supervisory Agency of Indonesia

Speakers:

• Anne-Françoise Lefèvre, Head of Institutional Relations, World Savings Banks Institute (Presentation, Summary)
• C.K.G Nair, Director, Department of Economic Affairs, Capital Market Division, Ministry of Finance of India (Presentation, Summary)
• Thomas Sampson, Harvard University, United States (Presentation)

Session III: Empowering youth to be agents of economic change

Moderator: Ryouko Okazaki, Director, Promotion of Financial Education in Schools, Public Relations Department, Bank of Japan

Speakers:

• Prof. Bambang PS Brodjonegoro, Dean of the Faculty of Economics, University of Indonesia (Presentation)
• Flore-Anne Messy, Administrator, Financial Education, OECD (Presentation, Summary)
• Richard Bernhard, Acting Director of the Human Capacity Development Division, Kenan Institute Asia, Thailand (Presentation, Summary)
• Jeroo Billimoria, Executive Director, Aflatoun, Child Savings International, the Netherlands (Presentation, Summary)

Session IV: Role of financial institutions in financial education

Moderator: Agus Sugiarto, Executive Researcher, Bank Indonesia or Pungky P. Wibowo, Senior Researcher, Bank Indonesia

Speakers:

• Shariq Mukhtar, CEO, Citibank, Indonesia (Presentation)
• Tom Clark, Vice President and General Counsel, GE Money Asia (Presentation)
• Roberta Visigalli, PattiChiari Consortium, Italian Banking Association (Presentation, Summary)

DAY2

Session V: Understanding credit: Challenges and opportunities for the Asian region

Moderator: Erich Harbrecht, Vice-Chair of the OECD Committee on Financial Markets, Head of Division, Deutsche Bundesbank, Germany

Speakers:

• Jason Alderman, Corporate Relations, Visa Inc. (Presentation, Summary)
• Jeanne Hogarth, Manager for the Consumer Education and Research Section of the Division of Consumer and Community Affairs, Federal Reserve Board, United States (Presentation)
• Bruno Lévesque, Principal Administrator, Financial Education,OECD (Presentation, Summary)

Session VI: Enhancing risk awareness and risk reduction education on natural catastrophes: Focus on the Asian region

Moderator: André Laboul, Head of the Financial Affairs Division, OECD

Speakers:

• Isa Rachmatarwata, Head of Insurance Bureau, the Capital Market and Financial Institution Supervisory Agency, Indonesia (Presentation)
• Berna Ozsar Kumcu, EU & International Affairs, Association of the Insurance and Reinsurance Companies, Turkey (Presentation, Summary)
• Prof. Norio Okada, Disaster Prevention Research Institute, Kyoto University, Member of the Board of the International Network on the Financial Management of Large-Scale Catastrophes, Japan (Presentation, Summary)

Session VII: Retirement and long-term savings: Enhancing knowledge and awareness

Moderator: Ross Jones, Vice Chair of the OECD Working Party on Private Pensions, Deputy Chairman of the Australian Prudential Regulatory Authority (APRA)

Speakers:

• Mulabasa Hutabarat, Head of Pension Fund Bureau, Capital Market and Financial Institution Supervisory Agency (Bapepam LK), Ministry of Finance, Indonesia (Presentation)
• Fiona Chan, Deputy Director, Member of Education Department, Central Provident Fund Board, Singapore (Presentation, Summary)

Session VIII: Evaluating financial education programmes and measuring financial literacy

Moderator: Marc Lebrun, Acting Director General, Human Resources and Social Development Canada

Speakers:

• Prof. Elaine Kempson, Director and Professorial Research Fellow, University of Bristol, United Kingdom (Presentation, Summary)
• Diana Crossan, Retirement Commissioner, Retirement Commission, New Zealand (Presentation, Summary)
• Olaf Simonse, Project Leader CentiQ, the Ministry of Finance, the Netherlands (Presentation)
• John Pyne, Senior Regulator, Consumer Information Department, Financial Regulator, Ireland (Presentation)

Conclusion and closing remarks

• Governor Boediono of Bank Indonesia
• Thelma Askey, OECD Deputy Secretary-General (Speech)
  

See also

• The International Gateway for Financial Education: www.financial-education.org.