In the most recent version of the weekly Banca y Economía, Asobancaria exposes the challenge that the country faces in terms of financial education after the poor results obtained in the CAF surveys, in which the indicator of financial well-being of Colombians was only 42.2 out of 100 pointsand in the Pisa tests, in which the country ranked last in this matter in 2012.
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The union points out need to strengthen public policies in this line in order to achieve greater well-being for families and companies.
La Banca y Economía explains that the country’s main commitment to financial education is the Nueva Pangea program, which strengthens the knowledge, skills and Economic attitudes of Colombian youth in 9th, 10th and 11th gradeswith the ultimate goal of strengthening their skills for the care and administration of resources and risk management (www.nuevapangea.co), and which has been working for more than a decade from Asobancaria and Fasecolda, with the endorsement of the Ministry of National Education.
Despite the importance of this initiative, its implementation faces important challenges, among which the generation of capacities in local governments and schools, achieving a greater alignment with the private sector and enhance the scope of the initiative, which has been limited so far.
To make progress on these challenges, Asobancaria points out that it is necessary to have the commitment of the national government to, ideally, ensure that Nueva Pangea exceeds its current goal of reaching 7% of educational institutions in 2030 (3,800 institutions) and reaches 30% of the 53,000 educational institutions in the country in eight years.
In addition, Asobancaria recommends the creation of a specialized team in the Ministry of National Education that provides technical assistance on Nueva Pangea to the secretariats of education throughout the country, that key private actors be summoned to invite and coordinate them around the implementation of New Pangea as a target set of national policies and that the financing of the initiative be strengthened.
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Finally, Banking and Economy highlights the union’s willingness to support the National Government in the implementation of the program, since “The successful implementation of Nueva Pangea, as the main commitment of the National Strategy for Inclusion and Financial Education, will generate in the medium and long term a change of habits in Colombians that will allow them to have greater financial well-being, accompanied by the strengthening and sustainability of entrepreneurship, greater access to housing, education and greater savings capacity”, highlights the text.
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