what about money June 7, 2008
Posted by Bradley in : financial education , add a commentThe FSA has a new website with financial advice for young adults, called what about money?. The Press Release announcing the website states:
In building the website, the watchdog has engaged with young adults and asked them what information they want, how they want it provided, and who they want it from. The site is broken down into life stages and subjects that young adults told the FSA that they were most interested in….
This young adults website has been developed in partnership with YouthNet – a charity with expertise in communicating with this age group – on some of the content. The site also links to the FSA’s main consumer website – www.moneymadeclear.fsa.gov.uk – which aims to cut out confusing jargon and give consumers the impartial facts about financial products and services, helping them to make informed decisions.
The website has forums for discussion, and links to online resources available at other websites. It is advertised as impartial financial information, but is not completely separated from financial firms. For example, the site links to resources at Get Safe Online, a site which describes itself as being “sponsored by the British government and leading businesses to give you free, objective advice”. One of the leading business sponsors is HSBC. I find the format a bit clunky - because they have decided to point readers to resources in various places rather than setting out information on the one site it isn’t very easy to find exactly what you might want to know. The moneymadeclear site is much better organised in this respect (many of the resources linked to are in fact here). But if millenials really aren’t into linear thinking, perhaps this format works for the target readership.
call for experts in financial education May 14, 2008
Posted by Bradley in : financial education , add a commentThe EU Commission today published a call for applications for membership of its Expert Group on Financial Education, established by a Commission Decision of 30 April. Applications are due by June 13, 2008 and the call states:
The Commission will take the following criteria into account when assessing applications:
1) Proven knowledge and expertise in current financial literacy issues;
2) Recent practical experience, including at European or international level, in the area of financial education;
3) The ability of the individual expert to define and shape the views of various stakeholder communities in respect of the matters covered by the mandate;
4) The need to strike a balance within the group of experts in terms of representativeness of applicants, gender and geographical origin
Members of the group of experts must be nationals of a Member State of the European Union.
money guidance March 3, 2008
Posted by Bradley in : financial education , add a commentThe Thoresen Review of Generic Financial Advice Final Report was published today, and welcomed by the FSA. The responses to the interim review and call for evidence are not available on the Treasury’s website until the end of the month and 16 of the responses to the call for evidence are described as confidential (we don’t even know who made them). Some of the responses are available elsewhere: for example, the Financial Services Forum has published its response, as has the NAPF.
The Report recommends the establishment of a national Money Guidance service:
Money Guidance will provide information and guidance to people on a range of financial topics, from jargon busting to long-term saving. “Generalist” accredited partners will provide guidance on a full range of Money Guidance topics to a consistent level; “specialist” accredited partners provide in-depth Money Guidance on a specific topic such as pensions.
Money Guidance will guide the user to the point where they can chose between a small number of options, and where they also understand the consequences of doing nothing.
Money Guidance will refer individuals to external services, whether in the financial services sector, Government or the third sector, depending on the needs of the individual. This includes referring people to regulated advisers or a crisis debt agency.
Money Guidance will not make recommendations to buy, surrender or change a specific product from a specific provider.
eu financial education December 18, 2007
Posted by Bradley in : financial education , add a commentFrom the EU Commission’s Communication on Financial Education, published today:
The current difficulties in the US sub-prime mortgage market, where many consumers have taken on mortgages beyond their means owing, in part, to a lack of understanding of product features, serve as a reminder of the magnitude of the problem. Member States should play a central role but the EU can assist them.
Education can solve some, but not all, problems of this sort. Borrowers who are determined to lie about their assets and income to obtain mortgage loans won’t necessarily be deterred from such behaviour by more financial education.
investing for baby boomers November 13, 2007
Posted by Bradley in : financial education , add a commentYesterday FINRA announced:
the launch of its first, broad-based advertising campaign aimed directly at baby boomers, a demographic that its research shows lacks confidence in their investing knowledge and is eager to better understand their investment options.
With 10,000 baby boomers retiring every day over the next quarter century, FINRA believes it is crucial to reach out to baby boomers now, as they approach retirement. Recent FINRA Investor Education Foundation-sponsored research showed that seniors are targeted more frequently by investment fraudsters than younger investors.
The campaign was developed by Doremus and includes this TV ad with a cute dog rolling over, and this rather weird ad featuring a group of male people pretending to look like brokers, and all wearing the same bad yellow and black checked ties (in the print version of this ad the ties are blue). The ad invites viewers to “Check to see if a broker makes sense for you” through FINRA’s brokercheck system. I’m not sure what about the various ads is supposed to appeal particularly to baby boomers.
But if people who see the ads decide to visit FINRA’s website they will find some potentially useful information, such as a page with the title “Fraud Fighting 101: Smart Tips for Older Investors”, a page describing common investor problems and how to avoid them, and a page addressing the “senior specialist” problem.
get smart about credit day October 18, 2007
Posted by Bradley in : financial education , add a commentToday is Get Smart about Credit Day. The American Bankers Association and the US Treasury teamed up to provide financial education together:
U.S. Treasury Department officials and bankers across the country will team up Thursday to promote wise credit habits for U.S. teens as part of the American Bankers Association Education Foundation’s annual Get Smart About Credit Day. Students will participate in lessons on the responsible use of credit and the importance of a positive credit history, as Treasury officials and staff travel to schools nationwide to teach classes with local bankers.