Abstract
In 2012, the Central Bank of Uruguay initiated an Economic and Financial Education Programme, BCUeduca. Its objective is to contribute to an informed citizenry by offering workshops designed for teachers and students, journalists, families and workers from all over the country, trade union leaders, retired people, female prisoners and personnel from different state agencies, as well as people related to non-profit institutions. Topics include how to manage the family budget, understanding the financial system and understanding monetary policy. Focusing on BCUeduca’s financial education programme for upper secondary school students, the authors of this research note evaluate its impact using a randomised control trial (RCT). Based on an innovative playful and reflective approach involving simulation and role-play in a workshop format, this programme aims to provide information and impart knowledge about inflation and financial systems, thus facilitating participants’ responsible, conscious and competent decision-making in everyday life. The authors’ findings reveal a positive and significant impact on student’s financial literacy.
Résumé
Une évaluation randomisée d'un programme d’éducation financière pour les élèves du secondaire supérieur en Uruguay – En 2012, la Banque centrale d’Uruguay a lancé un programme d’éducation économique et financière, BCUeduca. Il a pour objectif de contribuer à une citoyenneté informée en proposant des ateliers conçus pour les enseignants et les étudiants, les journalistes, les familles et les travailleurs de tout le pays, les responsables syndicaux, les retraités, les femmes détenues et le personnel des différentes agences de l’État, ainsi que les personnes liées aux institutions à but non lucratif. Les sujets abordés comprennent la gestion du budget familial, la compréhension du système financier et la compréhension de la politique monétaire. En se concentrant sur le programme d’éducation financière de BCUeduca destiné aux élèves du secondaire supérieur, les auteurs de cette note de recherche évaluent son impact à l’aide d’un essai contrôlé randomisé (ECR). Basé sur une approche innovante, ludique et réflexive, impliquant des simulations et des jeux de rôle dans un format d’atelier, ce programme vise à fournir des informations et à transmettre des connaissances sur l’inflation et les systèmes financiers, facilitant ainsi la prise de décision responsable, consciente et compétente des participants dans la vie quotidienne. Les conclusions des auteurs révèlent un impact positif et significatif sur la culture financière des étudiants.
Resumen
Evaluación aleatoria de un programa de educación financiera para estudiantes de segundo ciclo de secundaria en Uruguay – En 2012, el Banco Central del Uruguay inició un Programa de Educación Económica y Financiera, BCUeduca. Su objetivo es contribuir a una ciudadanía informada ofreciendo talleres diseñados para docentes y estudiantes, periodistas, familiares y trabajadores de todo el país, dirigentes sindicales, jubilados, mujeres privadas de libertad y personal de diferentes organismos del Estado, así como personas relacionadas a las instituciones sin fines de lucro. Los temas incluyen cómo administrar el presupuesto familiar, comprender el sistema financiero y comprender la política monetaria. Centrándose en el programa de educación financiera de BCUeduca para estudiantes de secundaria superior, se evalúa su impacto utilizando un ensayo de control aleatorio (RCT). Basado en un innovador enfoque lúdico y reflexivo que involucra la simulación y el juego de roles en formato de taller, este programa tiene como objetivo proporcionar información y transmitir conocimientos sobre la inflación y los sistemas financieros, facilitando así la toma de decisiones responsable, consciente y competente de los participantes en la vida cotidiana. Los hallazgos de los autores revelan un impacto positivo y significativo en la educación financiera de los estudiantes.
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Notes
Children in Uruguay enter preschool (2 years) at age 4 and primary school (6 years) at age 6. They progress to lower secondary school (3 years) at age 12 and on to upper secondary school (3 years) at age 16, completing this with the bachellerito (school leaving certificate). Formal education is free and compulsory from age 4 to age 16.
For a complete description of BCUeduca, see www.bcueduca.gub.uy. The website also includes short video scenes from BCUeduca’s teacher training programme.
In Uruguayan upper secondary school, students must choose among three tracks: Social sciences, Medical sciences, and Technical sciences (engineering etc.). Due to Uruguayan laws for the protection of minors, we did not have data on other student characteristics such as school performance in terms of grades, socioeconomic background, sex, etc.
Results are available from the corresponding author upon request.
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Acknowledgements
The views expressed in this research note are those of the authors and do not necessarily reflect the position of the Banco Central del Uruguay (BCU). We are grateful for comments and suggestions from Alejandra Villegas, José María Cabrera, Miguel Mello and Jorge Ponce. All errors are ours. The authors published a BCU working document (Borraz et al. 2021) on this topic in June 2021.
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Borraz, F., Caro, A., Caño-Guiral, M. et al. A randomised evaluation of a financial literacy programme for upper secondary school students in Uruguay. Int Rev Educ 68, 885–896 (2022). https://doi.org/10.1007/s11159-023-09984-y
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DOI: https://doi.org/10.1007/s11159-023-09984-y