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Promoting an informed nation. FINANCIAL SERVICES BOARD. THE FSB’s CONSUMER FINANCIAL EDUCATION PROGRAMMES : PRESENTATION at the IFIE and IOSCO GLOBAL INVESTOR EDUCATION CONFERENCE , CAIRO 9 November 2010 BERT CHANETSA , DEO : INVESTMENT INSTITUTIONS. Consumer vs Investor Education. - PowerPoint PPT Presentation
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FINANCIAL SERVICES BOARD
THE FSB’s CONSUMER FINANCIAL EDUCATION PROGRAMMES : PRESENTATION at the IFIE and IOSCO GLOBAL INVESTOR EDUCATION CONFERENCE , CAIRO
9 November 2010
BERT CHANETSA, DEO: INVESTMENT INSTITUTIONS
Promoting an informed nation
Consumer vs Investor Education In SA the target market for CE is all people
in SA This includes current investors as well as
prospective investors The idea is to inform and educate
consumers so that they can make effective choices; also, to attract new consumers of financial products and services
1
Introduction The FSB was established by The Financial Services
Board Act No. 97 of 1990, to oversee primarily the non-banking financial services industry in South Africa in the public interest
In 2000 the Act was amended to mandate the FSB to: “Promote programmes and initiatives by financial institutions and bodies representing the financial services industry to inform and educate users and potential users of financial products and services”.
This was followed by the development of a FSB CE strategy which was approved by the FSB Board in 2001.
2
Funding
The FSB’s Discretionary Fund
The Foundation
Partnerships
3
Why consumer financial education? More complex financial markets Different government departments and
regulators administer various pieces of consumer protection legislation
Low levels of understanding of financial terminology
Secondary effects of global financial crisis
4
Why financial education, cont’d 26% of South African adults do not use
financial products – formal or informal 72% of adults say they are not saving 28% of adults say they get money from
friends and family 8.4 million out of 18 million credit active
consumers have impaired credit records- Finmark Trust 2009
5
The FSB’s targeted financial education programme
Budgeting Saving Debt management Fraudulent schemes Insurance, retirement, investment, financial
advisory services Rights & responsibilities Formal and community education
6
Commuter and shopper education
Community engagement
Messages: money management, debt, credit, short-term insurance and the rights and responsibilities of consumers
Presentations and seminars
Expanding target groups
7
Media campaigns Weekly programmes for 6
months Others by invitation FSB staff, ombudsman
and other Financial sector institutions interviewed.
8
Convened 204 workshops in 9 provinces during 2009
5034 consumers reached 428 consumers used telecare facility 160 consumers required debt relief
solutions via telecare facility
Community Education Workshops
9
Stokvel TV(Informal Savings Club)
• Project presented from June to November 2009• 1,800 DVD’s distributed to 1,800 Church
congregations in SA
• Article published in Daily Sun newspaper once a month (readership = 5 million per day)
• DVD’s then distributed to Stokvels in surrounding communities
• From Stokvels, DVDs shown in Estokini Kiosks in public areas for 180 days• Topics: Budgeting, Saving, Debt
management, Long term insurance, Short term Insurance, Consumer
• rights & responsibilities
10
Publications :Bouquet Magazine
• Targeted at farm-owners and farm-workers
• Readership of 64,000• FSB articles published
in 4 bi-monthly editions during 2009 - 2010
11
Financial wellness events Financial Literacy as part of EAP
(Employee Assistance Programmes)Private companies, NGO’s and Government
Departments
12
Schools and Youth“MONEY in ACTION” Grade R – 12 EMS, Math Lit., Life Orientation CD- ROM based 59,150 CDs copied Includes voice-overs 4 Stand-alone booklets per phase and band 72,667 booklets printed
and distributed Funded by Foundation,
FSB & SAIA Developed by e-Learning
Laboratory 60 workshops completed
with 983 teachers 13
Mathematical Literacy resource for teachers of Grades 10, 11 and 12
123 workshops with 7720
teachers - 2008 to 2010
Funded by FSB and SAIA
Developed by Bright Media
WC and NC completed
2011 complete all Math literacy teachers
“Managing your money”
14
Financial guide for youth Project completed 157,000 booklets printed 6,000 booklets distributed 108 Workshops 3,010 Attendees
M:42% F: 58% 11 trainers used Final report received electronically
15
Careers Exhibitions Messages
Information on dealing with financial services and product providers
Careers in the financial sector
16
Monitoring and Evaluation
Important for accountability purposes and to correct any problems with a project
The FSB includes a M&E component in each of its project proposals; each project is fully evaluated
The FSB has produced a guide to M&E; can be found on our website www.fsb.co.za –consumer education department
17
JSE LIMITED Consumer Education
Schools Challenge Universities Challenge Community education
18
FSB’s international activities
OECD Co-chairs the Expert sub-group with Portugal on
national strategies Member: Expert sub-group on measurement of
financial literacy Member: Expert sub-group on financial
education in schools Member: International Network on Financial
Education (INFE) Member: Financial Consumer Protection
Network (Finconet)
19
FSB’s international activities, cont’d
CISNA (Committee for Insurance, Securities & Non-banking Financial Authorities)
Organise, based on demand, consumer education familiarisation programmes for SADC regulators (Malawi, Swaziland, Zambia, Ghana, Uganda, Mozambique, Zimbabwe)
19a
Addressing the need
Need for more coordination of financial education in South Africa for more effective resource use and greater impact
The FSB has developed a draft National Consumer Financial Education Strategy – this initiative is proceeding
It is envisaged that a coordinating committee supported by the FSB and other stakeholders will be established to lead the coordination of financial education in South Africa
20
Other upcoming highlights
The FSB will be hosting the OECD/FSB International Conference and meetings on Financial Education in Cape Town between 24 and 28 October 2011
Back-to-back with this the FSB will be hosting the OECD/IOPS/FSB Global Forum and meetings at the same venue
21
Work in progress The CED is part of an FSB internal initiative
to develop a trustee education e-learning programme
An interactive financial education website is being developed
The FSB is participating in an international pilot survey on financial education coordinated by the OECD
The FSB will conduct 70 workshops in 50 public FET colleges for ±5000 level 4 learners 22
QUESTIONS