BAKGRUND: Generation Y är idag unga vuxna och kommer när de blir pensionärer få ut en lägre inkomst än dem som går i pension idag, vilket ökar betydelsen av ett eget sparande. Tidigare studier har visat ett samband mellan en hög finansiell bildning och pensionssparande. Den finansiella bildningen har dock visats vara låg bland unga. På området beteendefinans finns en rad exempel på kognitiva bias som även de pekar på svårigheter med långsiktigt sparande. Forskning har ofta fokuserat på en specifik påverkande faktor för pensionssparande med ett kvantitativt arbetssätt, men en helhetsbild saknas. SYFTE: Syftet med studien är att undersöka generation Y:s kännedom om och hur de reflekterar kring behovet av långsiktigt sparande till pension, samt analysera hur deras kännedom och reflektioner relaterar till deras livssituation, finansiella bildning och tidigare forskning kring kognitiva bias. GENOMFÖRANDE: Studien har genomförts genom kvalitativa, semistrukturerade intervjuer med åtta personer ur generation Y. Genom frågor där respondenterna fått beskriva både sitt eget handlande, sina tankar, sina åsikter samt vad de anser kännetecknar generation Y har en helhetsbild av deras förhållningssätt till pensionssparande skapats. SLUTSATS: Studiens resultat visar att generation Y som utgångspunkt anser att det finns ett behov av pensionssparande, men att det i deras specifika fall inte passar att spara just nu. Deras faktiska kunskap om behovet av pensionssparande är dock låg. Motviljan att spara kan i flertalet situationer förklaras med överdriven optimism inför framtiden. En alternativ förklaring kan dock vara att generationen i dagsläget helt enkelt är nonchalanta inför sin framtida ekonomiska situation som pensionärer, då de värderar kortsiktig konsumtion högre. / BACKGROUND: Generation Y, who today are young adults, will get a lower income when they retire than those who are retired now. Previous studies have shown a connection between higher financial literacy and saving for retirement, but the financial literacy among young people has been shown to be low. In the field of behavioural finance there are several cognitive biases that also suggests that there are difficulties connected to long term savings. Research has often focused on one specific factor of impact for retirement savings with a quantitative approach, but a conclusive picture is lacking. AIM: The aim of this thesis is to examine the knowledge and reflections of generation Y regarding the need for long term savings for retirement, and to analyse their knowledge and reflections in relation to their conditions, financial literacy and previous research on cognitive biases. COMPLETION: The study has been conducted through qualitative, semi structured interviews with eight people from generation Y. Through questions where the respondents have had the opportunity to describe both their own actions, thoughts, opinions and what they think characterizes generation Y a conclusive picture of their attitude towards retirement savings has been created. CONCLUSION: The study concludes that generation Y as a reference point considers retirement savings important, but that in their specific case it is not suitable to save right now. Their actual knowledge about the need for retirement savings is low. Their aversion to save can in several cases be explained by undue optimism towards the future. An alternative explanation could be that the generation at present simply is unconcerned with their future economic situation in retirement, because they value short term consumption higher.

The subject of this diploma thesis is to search for the possibilities of using the Maple program for teaching financial mathematics. The basis is to create the maplet, which allows to users to fully benefit from the the strength of CAS (computer algebra system) created by the division Maplesoft of the company Waterloo Inc., through a simple graphical user interface. Maplets provide all the necessary tools for the calculations, they are very illustrative and help students to better understand certain problem. Detailed evolution of the maplets from its development through possibilities to its creation is also important part of this diploma thesis.

A intrínseca relação entre educação financeira e educação previdenciária, mais especificamente pela interação destes dois fatores como determinante no bem estar do indivíduo na fase pós-laboral, faz da educação financeira uma importante ferramenta de disseminação da cultura previdenciária. Em um âmbito nacional, diante de iniciativas de órgãos previdenciários como PREVIC, se estabeleceu a importância de ações e programas de educação financeira em Entidades de Previdência Complementar, surgindo a demanda em compreender, mensurar e acompanhar o nível de educação financeira dos públicos de Fundos de Pensão brasileiros. Assim, este trabalho objetivou propor e aplicar uma metodologia para coleta de dados primários, voltado à obtenção de indicadores e ao cálculo de um índice geral de educação financeira, o qual refletisse o nível de educação financeira do público analisado. A partir de estudos bibliográficos sobre o tema, assim como da experiência de órgãos internacionais como OCDE, constituiu-se um instrumento de aferição contendo 25 itens distribuídos em quatro indicadores pré-estabelecidos. A pesquisa de campo para aplicação e validação desse instrumento foi realizada através de método de levantamento de dados (survey) com aplicação de técnica de coleta via internet (online), resultando em uma amostra de 275 entrevistas válidas, selecionada de acordo com procedimentos amostrais probabilísticos. A validação do instrumento foi realizada com aplicação de técnicas de análise multivariada pelo método PAF. O resultado das análises efetuadas indicou a obtenção de cinco indicadores para o cálculo do índice geral de educação financeira, listados por ordem de importância: Poupança e Investimentos; Organização das finanças pessoais; Dívidas pessoais; Proteção; Noções de dinheiro e Matemática Financeira. / The intrinsic relation between financial literacy and social security education, more specifically by the interaction of these two as a determinant factor in the well-being of the individual in post-labor phase makes financial education a tool in major spread of social security culture. On a national level, before social security bodies initiatives as PREVIC, we established the importance of actions and financial education programs in the Complementary Pension Entities, surging demand to understand, measure and monitor the level of financial education of the public of Brazilian pension funds. This research aimed to propose and implement a methodology for primary data collection, aimed at obtaining indicators and calculating a general index of financial education, which reflect the financial literacy level of the analyzed public. From bibliographical references on the topic, as well as the experience of international bodies such as OECD, it constituted a benchmarking instrument containing 25 items divided into four pre-established indicators. The field research for application and validation of the instrument was conducted through data collection method (survey) with technical application collection via internet (online), resulting in a sample of 275 valid interviews, selected according to probability sampling procedures. The validation of the instrument was carried out with application of multivariate analysis by PAF method. The survey results of the analysis carried out indicated the achievement of five indicators to calculate the overall index of financial education, listed by importance: Savings and Investments; Organization of personal finance; Personal debt; Protection; Notions of cash and Financial Mathematics.

Esta dissertação se propõe a averiguar que contribuições a matemática pode oferecer para o desenvolvimento da Educação Financeira Escolar. Detalha as origens da discussão do assunto e seus desdobramentos no Brasil, analisando os trabalhos acadêmicos e a criação da ENEF (Estratégia Nacional de Educação Financeira). Destaca a expansão do movimento na América Latina e faz críticas aos conceitos de letramento financeiro concebidos pelo PISA (Programme for International Student Assessment) e ao entendimento de Educação Financeira incorporado pela ENEF, apresentando novas definições. Aborda a relação entre a Matemática Crítica, pensada por Ole Skovsmose, e a Educação Financeira. Aplica duas atividades em uma turma com 32 alunos do 2º ano do ensino médio e conclui, amparada na Teoria das Situações Didáticas de Guy Brousseau, que, além da matemática financeira, do conhecimento do plano cartesiano, das funções lineares e exponenciais, da álgebra e da proporção (incluindo porcentagem), são fundamentais a utilização de habilidades como a interpretação de gráficos e de tabelas, o pensamento abstrato e algébrico, a capacidade de percepção de relações numéricas e/ou algébricas em diferentes situações do cotidiano e a capacidade de transformar em argumento um resultado ou uma fórmula. / This dissertation proposes to find out contributions mathematics can offer to the development of School Financial Education. It details the origin of the subject discussion and its consequences in Brazil, analyzing the academic work and the history of the creation of ENEF (Brazilian Strategy for Financial Education). It points out the expansion of the movement in Latin America and criticizes the concepts of financial literacy conceived by PISA (Programme for International Student Assessment) and the understanding of Financial Education incorporated by ENEF, presenting new definitions. It deals with the relation between the Critical Mathematics, thought by Ole Skovsmose, and the Financial Education. It puts two activities into practice in a class with 32 students 2nd year high school and concludes, supported on Guy Brousseau’s Theory of Didactic Situation, that be sides financial mathematics, the knowledge of Cartesian plane, linear and exponential functions, algebra and proportion (including percentage), the use of skills such as graphs and tables interpretation, abstract and algebraic thinking, the ability to realize numerical and/or algebraic relation in different everyday situations and the capacity to transform in arguments a result or a formula are fundamental.

Andelen kvinnor i bolagsstyrelser i Norden har under en tid ökat. Det första landet i världen som införde en lag kring könssammansättningen i styrelser för att skapa mer jämställda styrelser är Norge. Den norska kvoteringslagen infördes 2006 och kräver att minst 40 procent av respektive kön ska representeras av styrelsens ledamöter. Företagen gavs två år att fullfölja de nya restriktionerna, och om lagen inte efterföljs är sanktionen tvångslikvidation, avvecklande av verksamheten. Under urvalsperioden för denna studie, 2002 till 2010, ökade antalet kvinnor i norska bolagsstyrelser från 12 procent till 43 procent, vilket är en ökning på 256 procent. Detta var ett väntat resultat då syftet med lagen var att göra styrelserna mer jämställda och skapa fler platser åt kvinnor. Styrelsestorleken förblev dock densamma, vilket indikerar på att företagen inte valde att utöka styrelsestorleken för att göra plats åt de nya kvinnliga ledamöterna och samtidigt behålla de manliga ledamöterna. Företagen valde istället att byta ut en del av de manliga ledamöterna mot kvinnliga och därmed behålla storleken på styrelsen. Det är inte heller någon signifikant förändring i Tobin’s Q mellan perioden före införandet av könskvoteringen och perioden efter. Däremot påverkade andelen kvinnor Tobin’s Q positivt innan könskvoteringen infördes. Detta indikerar på att när det inte finns restriktioner kring könssammansättningen i styrelser är företag med könsbalanserade styrelser i större utsträckning mer lönsamma. Tidigare studier har visat på att kvinnor tenderar att ha lägre ekonomisk kompetens än män. Detta borde då resultera i att när andelen kvinnor ökar borde den ekonomiska kompetensen i styrelser försämras. Däremot tenderar individer, oavsett kön, med en hög utbildningsnivå att ha en högre ekonomisk kompetens än individer som inte har en hög utbildning. Då resultaten från denna studie visar på att utbildningsnivån i styrelserna har förbättrats efter andelen kvinnor ökat indikerar detta på att den ekonomiska kompetensen i styrelserna inte har försämrats, den har snarare förbättrats. / The percentage of women on corporate boards have increased the last decades, especially in the Nordic countries. Norway was the first country in the world that implemented a gender quota to increase the percentage of women on corporate boards. The quota’s purpose is that corporate boards in listed companies is forced to have at least 40 percent of each gender represented by the directors and if they refuse to form a gender-balanced board they would face forced liquidation. The purpose of this study was to examine what the effects of the Norwegian gender quota did have on these companies’ financial performance and if the boards’ level of education was altered. The results show that the quota led to an increase in the percentage of women on corporate boards. This result was not surprising because the purpose of the law was to increase the gender equality on corporate boards. However, the results show no evidence that the quota had effects on the financial performance, measured in Tobin’s Q. The size of the board was still the same after the introduction of the quota, this indicate that they exchanged some of the sitting board members with new members, rather than to expand the boards and keep all the sitting male directors. Earlier studies show that women have, to a greater extent, a lower financial literacy than men. This should indicate that when the percentage of women increase on corporate boards, the financial literacy should be lower than before. However, there is a connection between a higher financial literacy and a higher education. The results show that the education level increased after the implementation of the quota, this indicates that the financial literacy on boardrooms haven’t deteriorated, but rather improved.

Vikten av privat sparande har aldrig varit större och samtidigt som den finansiella marknaden har blivit mer riskfylld har fler privatpersoner börjat investera i aktier. Många studier, såväl nationella som internationella, har återkommande gånger visat att den finansiella okunskapen är utbredd och att ett flertal individer saknar grundläggande ekonomisk förståelse för begrepp som har en direkt påverkan på deras privatekonomi. Samtidigt har andra studier återkommande gånger konstaterat att investerare besitter ett allt för högt självförtroende i förhållande till sin faktiska finansiella förmåga, vilket i praktiken kan leda till att individer utsätter sig för betydligt högre finansiella risker än de är medvetna om. I denna studie undersöker författarna relationen mellan den aktieintresserade svenskens uppskattade- och faktiska finansiella förmåga, samt hur den påverkar dennes spar- och riskbeteende gällande deltagande på aktiemarknaden, val av att delegera investeringsbeslut, diversifiering, handelsfrekvens samt spontanitet på aktiemarknaden. Syftet är att undersöka om den uppskattade finansiella förmågan systematiskt varierar med den individens faktiska förmåga samt personlighets karaktäristiska. Vidare syftar studien till att öka investerares medvetenhet om sitt egna beteende för att hjälpa denne att fatta mer genomtänkta investeringsbeslut. Med ett deduktivt angreppssätt och en positivistisk kunskapssyn har författarna genomfört en kvantitativ undersökning på data insamlad via en webbaserad enkätundersökning. Enkäten publicerades i två grupper på Facebook för aktieintresserade individer mellan datumen 11/3–2018 till 20/3–2018. Utifrån den insamlade datan kunde t-test samt regressionsanalyser konstatera att den aktieintresserade svenskens uppskattade finansiella förmåga varierade systematiskt med dennes faktiska finansiella förmåga. Individer med låg finansiell förmåga överskattar sin förmåga medan individer med hög finansiell förmåga underskattar sin förmåga. Testen fann även att överskattningen steg med intresse, ålder, om individen läst en ekonomikurs samt om individen var man. Finansiell förmåga påverkar även investerare att själva fatta investeringsbeslut istället för att delegera uppgiften till utomstående. Inga signifikanta resultat hittades för att nivån på finansiell förmåga eller graden av överskattning påverkade spar- eller riskbeteende. De signifikanta resultat som identifierats angående spar- och riskbeteende är att äldre är mer diversifierade; kvinnor är mer spontana på aktiemarknaden; kvinnor har en högre handelsfrekvens än män; de som läst på universitet är mindre spontana på aktiemarknaden; de som läst ekonomikurs är mer spontana på aktiemarknaden. Utifrån resultatet uppmanar författarna investerare att ifrågasätta sin förmåga och politiker till att se över skol- samt pensionssystemet. Genom att förse elever med finansiell kunskap kan deras övervärderade uppskattning av sin förmåga minska och genom att låta myndigheter ta ett större ansvar för pensionen minskar risken att individens framtida pension försämras på grund av felaktiga investeringsbeslut till följd av individens missuppfattade finansiella förmåga.

CAPES / Este trabalho apresenta uma proposta diferenciada de abordagem da matemática financeira desenvolvida no Ensino Médio, com foco na Educação Financeira. Busca-se através da inserção de textos, da análise de alguns produtos financeiros e da interpretação de problemas contribuir para a formação financeira dos alunos. Objetivando tornar a Matemática Financeira mais acessível para o dia a dia, s˜ao disponibilizadas e estudadas algumas ferramentas de uso pratico, como a calculadora do cidadão, disponível para computadores e celulares. Assim como planilhas eletrônicas e o Software Geogebra, que permitem comparar e analisar os custos financeiros de consórcios, financiamentos e aplicações financeiras, além de serem aliadas na elaboração e controle do orçamento pessoal e familiar. Ao aplicarmos a sequência de ensino proposta em uma turma do ensino médio do período noturno, detectamos algumas dificuldades que limitaram a aprendizagem dos conceitos de Matemática Financeira. Contudo identificamos progresso com relação a Educação Financeira dos alunos, observações estas feitas por meio de análises qualitativa e quantitativa a partir das anotações no diário de campo e também de respostas dadas pelos alunos em formulário específico. / This paper presents a differential approach of financial mathematics developed in high school, focusing on financial education. We seek through the insertion of texts, analysis of some financial products and by the interpretation of problems to contribute to the financial training of students. Aiming to make financial mathematics more attractive and accessible to the day-today, there are available for studies some practical tools like the citizen calculator which are available for computers and mobile phones. As well as spreadsheets and software Geogebra, that allow you to compare and analyze the financial costs of consortia, financing and financial applications,in addition to being allied in the preparation and control of personal and family budget. By applying the teaching sequence proposed in a nocturnal class of high school, we realized some difficulties that have limited the financial learning of math concepts.Yet identified progress regarding the financial education of students. These observations were made through qualitative and quantitative analysis from notes in the field diary and also answers given by students in specific form.

Esta dissertação se propõe a averiguar que contribuições a matemática pode oferecer para o desenvolvimento da Educação Financeira Escolar. Detalha as origens da discussão do assunto e seus desdobramentos no Brasil, analisando os trabalhos acadêmicos e a criação da ENEF (Estratégia Nacional de Educação Financeira). Destaca a expansão do movimento na América Latina e faz críticas aos conceitos de letramento financeiro concebidos pelo PISA (Programme for International Student Assessment) e ao entendimento de Educação Financeira incorporado pela ENEF, apresentando novas definições. Aborda a relação entre a Matemática Crítica, pensada por Ole Skovsmose, e a Educação Financeira. Aplica duas atividades em uma turma com 32 alunos do 2º ano do ensino médio e conclui, amparada na Teoria das Situações Didáticas de Guy Brousseau, que, além da matemática financeira, do conhecimento do plano cartesiano, das funções lineares e exponenciais, da álgebra e da proporção (incluindo porcentagem), são fundamentais a utilização de habilidades como a interpretação de gráficos e de tabelas, o pensamento abstrato e algébrico, a capacidade de percepção de relações numéricas e/ou algébricas em diferentes situações do cotidiano e a capacidade de transformar em argumento um resultado ou uma fórmula. / This dissertation proposes to find out contributions mathematics can offer to the development of School Financial Education. It details the origin of the subject discussion and its consequences in Brazil, analyzing the academic work and the history of the creation of ENEF (Brazilian Strategy for Financial Education). It points out the expansion of the movement in Latin America and criticizes the concepts of financial literacy conceived by PISA (Programme for International Student Assessment) and the understanding of Financial Education incorporated by ENEF, presenting new definitions. It deals with the relation between the Critical Mathematics, thought by Ole Skovsmose, and the Financial Education. It puts two activities into practice in a class with 32 students 2nd year high school and concludes, supported on Guy Brousseau’s Theory of Didactic Situation, that be sides financial mathematics, the knowledge of Cartesian plane, linear and exponential functions, algebra and proportion (including percentage), the use of skills such as graphs and tables interpretation, abstract and algebraic thinking, the ability to realize numerical and/or algebraic relation in different everyday situations and the capacity to transform in arguments a result or a formula are fundamental.

Submitted by Isabela Brandão Furtado (belabfurt@gmail.com) on 2018-06-07T17:51:58Z No. of bitstreams: 1 TESE_IBF_FINAL.pdf: 3739247 bytes, checksum: 41675346d25430f732bdc92cb8585013 (MD5) / Rejected by Katia Menezes de Souza (katia.menezes@fgv.br), reason: Prezada Isabela boa tarde, Para que possamos aprovar seu trabalho são necessários realizar alguns ajustes conforme norma ABNT/APA. Contracapa (2º página) - Nesta folha NÃO deverá constar “FUNDAÇÃO GETULIO VARGAS ESCOLA DE ECONOMIA DE SÃO PAULO” favor excluir. Na folha que corresponde a ficha catalográfica deverá colocar exatamente como a biblioteca lhe enviou, como por exemplo, a informação que consta que a ficha catalográfica foi elaborada por Raphael. Na Folha de aprovação NÃO deverá constar “SÃO PAULO 2018” favor excluir Após os ajustes excluir o pdf já postado e submete-lo novamente para análise e aprovação. Qualquer duvida estamos a disposição, Att. Katia Menezes on 2018-06-07T18:11:37Z (GMT) / Submitted by Isabela Brandão Furtado (belabfurt@gmail.com) on 2018-06-07T19:13:56Z No. of bitstreams: 1 TESE_IBF_FINAL.pdf: 3758799 bytes, checksum: 2484ecebac9a65f371a693d7f6798285 (MD5) / Approved for entry into archive by Katia Menezes de Souza (katia.menezes@fgv.br) on 2018-06-07T19:29:45Z (GMT) No. of bitstreams: 1 TESE_IBF_FINAL.pdf: 3758799 bytes, checksum: 2484ecebac9a65f371a693d7f6798285 (MD5) / Approved for entry into archive by Suzane Guimarães (suzane.guimaraes@fgv.br) on 2018-06-08T12:51:53Z (GMT) No. of bitstreams: 1 TESE_IBF_FINAL.pdf: 3758799 bytes, checksum: 2484ecebac9a65f371a693d7f6798285 (MD5) / Made available in DSpace on 2018-06-08T12:51:53Z (GMT). No. of bitstreams: 1 TESE_IBF_FINAL.pdf: 3758799 bytes, checksum: 2484ecebac9a65f371a693d7f6798285 (MD5) Previous issue date: 2018-05-11 / This thesis consists of three essays related to microeconomics applied to health and education. The first chapter analyses a large-scale experimental impact evaluation of a financial education pilot program for students from public primary schools in two Brazilian cities. The second chapter estimates effects of birth weight on health and educational outcomes using a twin fixed effect approach for Brazil, using a matching of administrative records of birth and school enrollment. The third chapter explores the effects of prenatal exposure to a violent environment on birth weight and investigates whether the in-utero and early life violence shocks can have further impacts, particularly on schooling accumulation. / Essa tese é composta por três ensaios relacionados aos temas de microeconomia aplicada à saúde e educação. O primeiro capítulo é uma avaliação de impacto de um programa piloto de educação financeira aplicado a estudantes do ensino fundamental de escolas públicas em duas cidades brasileiras. O segundo capítulo apresenta estimativas dos efeitos do peso ao nascer sobre futuros resultados educacionais e de saúde no Brasil por meio de efeitos fixos de gêmeos, obtidos a partir da junção de registros de nascimento escolar. O terceiro capítulo investiga os efeitos da exposição pré-natal a um ambiente de violência sobre o peso ao nascer e se os choques de violência quando ou nos primeiros meses de vida podem ter impactos futuros sobre o recém-nascido, especialmente acúmulos educacionais.

This thesis presents the concept of developing financial literacy education for pupils of low secondary schools and corresponding years of multi-annual grammar schools enshrined in the existing curriculum documents. Thesis seeks answers to the question of whether the teaching of financial literacy within the specified range has the sufficient support in civics textbooks and textbooks specialized on financial literacy, while exploring the opportunities for educating teachers, who, in majority, have not met with this theme during their university studies. In-depth interviews with second grade pupils in the period before the start of systematic financial education, whose analysis fills the sekond part of the thesis, should diagnose the level of understanding and structure of their own ideas on selected economic terms. Comparison of findings about the structure of pupils understanding of content and methods of work available teaching materials should help identify potential bottlenecks or suggest appropriate procedures to financial education program for pupils better adapt. Keywords: Financial literacy, financial education, low secondary school, textbooks, children's understanding.