The “strategy” of financial education for young people in the acceleration process

What is an overdraft facility? How much does a loan cost? How much does a savings account with 100 euros and 1% interest bring over a year?… Questions that several thousand students around 13 will think about in the next few days in class with one of their teachers, as part of the “Educfi Passport” , a multi-hour educational sequence aimed at giving them the basics of personal finance.

According to the Banque de France, 2,156 4-classese, in the thirty academies of the national education system, this educfi pass, presented in the form of a quiz, must actually experiment before the end of the school year. That’s almost 50,000 students.

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And most will do so as part of the tenth edition of Financial Education Week, taking place March 21-27. In the 2020-2021 school year, this pass was tested by around 2,200 students in 74 classes in five academies (Nancy-Metz, Dijon, Créteil, Rennes, Limoges).

«Escape Game» from SNU

The initiative is led by the Banque de France, operator of Bercy in 2016 at the instigation of the Organization for Economic Co-operation and Development (OECD), which in the early 2000s and encourages its member countries to improve the financial culture of the general public.

In detail, this French financial education strategy has several pillars, one of which specifically targets young people.

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“The Educfi Pass focuses on the budget, the balance between resources and expenses, the bank account, precautionary savings and saving to finance projects or even insurance. We try to awaken the first reflexes. we do it inside [classe de] Fourth, because it’s an age when young people are already sensitive to these issues but don’t have the pressure of the certificate »explains Stéphanie Lange-Gaumand, director of financial education at the Banque de France.

Despite the performance gains observed for the current school year from the system, which was first tested in 2019, it still only affects a small proportion of fourth graders – around 7% according to the Banque de France. Will it be generalized to all students at this level in the years to come? It is considered, but nothing is done: “It will be up to ministers to decide within the framework of the strategy’s operational committee [l’instance de pilotage, où siègent, notamment, les ministres de l’économie, de l’éducation nationale et des solidarités]»replies Ms. Lange-Gaumand.

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However, as part of the national strategy for financial education, young people now have several opportunities to come into contact with money issues, she specifies: first in the fourth grade, when the Educfi Pass is used in their class, then between the ages of 15 and 17, when they participate in Universal National Service (SNU), and finally through interventions in the local missions (organizations that support young people in their social and professional integration). “We believe that these three meetings will ultimately help avoid financial mishaps”adds Mrs. Lange-Gaumand.

At the SNU, the financial rollout is taking the form of an escape game, explains the Banque de France. While around 14,000 young people were trained in this context at two hundred locations in 2021, according to the institution, there should be a total of almost 50,000 in 2022: 2,700 during stays in February and 46,000 during UNS sessions planned for June and July .

fraud prevention

From March 21 to 27, the tenth edition of Global Money Week will take place, the “World Money Week” – an initiative of the Organization for Economic Cooperation and Development (OECD), more modestly known in France since 2019, Financial Education Week . In this context, the Banque de France is launching a MOOC, an online course on money and means of payment. It is accessible free of charge from March 21 to May 14 (registration possible here until May 12). “Aimed at a late high school audience, college students and adults, this MOOC specifically addresses the issue of payment fraud and how to avoid it, how to respond if you are a victim, etc. »explains Stéphanie Lange-Gaumand from the Banque de France.

The prevention of bank fraud will also be the subject of a forum organized by the Prévention Océane association on Wednesday 23 March in Evry-Couronnes (Essonne) and broadcast live on the @stop_arnaque Instagram account. This association bears the first name of a 17-year-old girl who committed suicide after being the victim of a check fraud. “We often ignore it, but young people are very targeted, especially on social media, through check fraud”emphasizes Ms. Lange-Gaumand.

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