clarke lyndwill - 2014 symposium to advance financial literacy
DESCRIPTION
This presentation by Lyndwill Clarke was made at the third session of the 2nd OECD-GFLEC Global Research Symposium to Advance Financial Literacy on 6 November 2014, which addressed cutting-edge policy issues and research ideas to advance the global financial literacy agenda. Find out more at http://www.oecd.org/daf/fin/financial-education/oecd-infe-gflecsymposiumfinancialliteracy.htmTRANSCRIPT
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The way forward -
Insights from research and practices
November 2014, Paris, France Mr Lyndwill Clarke
Head of Department: Consumer Education
12 Years of consumer financial education in South Africa
2nd OECD/GFLEC Global Policy Research Symposium to Advance Financial Literacy
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• Consumer Protection Landscape
• Research findings
• From research to implementation
• Way forward - Implementation
• Challenges
12 Years of consumer financial education in South Africa
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12 Years of consumer financial education in South Africa
• Legislation • TCF • Twin Peaks
• Research • National strategy • Implementation • Monitoring &evaluation
• Ombudsman • Consumer Activists
Consumer Education
Regulation
Recourse
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RESEARCH
& STATISTICS
24% do not use
financial products
12 Years of consumer financial education in South Africa
Financial Control
Knowledge & understanding
Product Choice
Financial Planning
2011: 58 2012: 61 2013: 61
2011: 45 2012: 46 2013: 44
2011: 56 2012: 55 2013: 52
2011: 53 2012: 50 2013: 48 Overall
Score
2011: 54 2012: 54 2013: 52
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62
54
72
65
55
72
65
44
73
68
79
78
71
81
74
59
6
7
12
21
22
25
45
48
0 10 20 30 40 50 60 70 80 90
Saving in an informal savings club
Giving money to family
Building up a bank balance
Paying money into a savings account
Saving cash at home/wallet
Emergency or rainy day funds
Presence of Budget
No Saving
Share of Public Closely monitoring financial matters Pay bills timeously
12 Years of consumer financial education in South Africa
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Value statement Financial well-being of consumers
Drivers Financial Control Financial Planning Product Choice Knowledge and
understanding
Implementation guide Competency Framework
Characteristics/Traits Knowledge Behaviour Programme topics
Consumers who understand
financial products:
are aware of different
types of banking,
credit/loan,
savings/investment, and
insurance products
Aware of various
short- and long-term
insurance products
Understands positive
and negative aspects
of banking products -
fixed deposits, savings
& current accounts
and money market
products
Can select appropriate investment products for retirement planning
Can identify important factors to consider when choosing a bank
Researches ways to create and protect assets and wealth
Asks appropriate questions and evaluates information before making investment decisions
Various financial
products offered by
banking and non-banking
institutions
Collective investments
schemes – a way to grow
wealth?
Capital markets – what
you should know about
investing in capital
markets
Developing a personal
financial profile
Retirement funds –
Living annuities vs.
guaranteed annuities
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12 Years of consumer financial education in South Africa
Implement programme
Monitor & evaluate
Refine programme
Monitor & evaluate
Develop /refine
programme
Face-to-face workshops
Integrate into formal
education
Electronic media –radio,
TV, DVDs
Print media – newspapers, magazines, professional publications
Online – e-learning , website
live
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12 Years of consumer financial education in South Africa
Making financial
Education a priority
Funding for
research
Consumer indebtedness
Striking a balance between marketing &
CE
Monitoring & evaluating
behavioural change
Coordinated approach
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12 Years of consumer financial education in South Africa
Lyndwill Clarke Head: Consumer Education
Financial Services Board South Africa
E-mail: [email protected] Tel: +27 12 422 2819
www.fsb.co.za
www.mylifemymoney.co.za