Financial sector role in financial education
Chair: Ralph Stewart, Chief Executive, AXA
The session on the financial sector’s role in financial education drew around 90 people from banks and financial institutions, industry associations, government agencies and community groups.
"Start where people are - in schools, workplaces and at home."
Participants were asked to focus on the role of the financial sector in financial education, what actions are needed and the barriers, if any, to achieving the desired outcomes.
The following key points emerged from the discussion:
Role of the financial sector
- Greater transparency will increase trust in the finance sector.
- Clarity in communication with end users needs improvement.
- Tailor information to customers’ needs.
- Reach the whole community –seek to educate employees, shareholders and customers.
- Work with the Government – be aware of the Government’s aims, etc.
Actions
- Use the right media for the right people (e.g. 82% of Kiwis have access to the internet).
- Share knowledge and expertise about financial education with each other.
- Senior people in the industry need to take the lead.
- Quality mark on financial education would be helpful for the finance sector.
- Levy on financial institutions to pay for financial education.
Barriers
- Trust in the sector is low.
- Legislation is unclear to many.
- Be committed and deliver.
- Competition.
- Industry associations not working together.
- Government funding – should it increase?
- Complexity – it’s a broad subject.
- Clutter – we need one owner of financial education.
