does financial education work?. presentation identifier.2 information classification as needed 2...
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Does financial education work?
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Write-offs and unemployment in the UK grew sharply following the worsening of the economic situation
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Bankruptcy orders and IVAs have increased every quarter in the UK since Q4 2007 …
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Visa has invested €7 million in financial education globally…
Visa’s free financial literacy programme for…• Educators• Students (K-12)• Parents• Consumers
Practical Money Skills for Life
What’s My Score
www.practicalmoneyskills.com
www.whatsmyscore.org
• Visa’s free resource for young adults and college students– Credit scores– Budgeting and saving resources– Credit information & help– Money guides
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Practical Money Skills for Life
Award-winning program built by teachers, for teachers
Full curriculum mapped to state standards
Completely free
Curriculum includes:
• Lesson plans
• Presentation materials
• In-class activities
• Quizzes
• Interactive games
Complete Financial Literacy Education Offerings
• Online• Print or download• CD/DVD
How you need it, when you need it
• English• Spanish• Chinese
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Financial Football rollout began in September 2009 in U.S., Brazil and Mexico …
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Players advance on the field based on answering multiple
choice personal finance questions correctly
Players can select easy, medium or hard questions – the harder
the question, the better the field position
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… and will continue in other key markets through World Cup in June 2010
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Robust educational modules included for classroom settings
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Financial Education Works
Wells Fargo Study
Programme Impact
• College cardholders were given a brief online tutorial in basic financial literacy
• Participants did significantly better than a control group:
– Late fee instances down 42.6%
– Over-limit charges down 42.6%
– Revolving balances 26.5% lower than any other group
– Past due events 55.9% less likely
• Used in thousands of classrooms nationwide
• A million page views per month
• Five year goal to reach 20 million people globally by 2013
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In the UK, we have leveraged these learnings to build Better Money Skills• Launched in September 2008.
• Close collaboration with and support from the Citizens Advice Bureau.
• 5 star rating from Webuser.co.uk.
• Doubled number of unique visitors to the site since launch.
• Visitors spending on average 20 minutes on the site, with the most popular pages being the Financial Personality quiz and the Managing your Money and All About Credit sections.
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Banks can use Better Money Skills to raise financial awareness amongst their customers
• Launch of Nationwide version of Better Money Skills in 2009.
• The Co-operative Bank and AIB are promoting Better Money Skills on their websites.
• Visa is looking to launch more sites Europe-wide in 2010, ie. Greece, Romania.
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Better Money Skills is refreshed regularly to reflect consumer spend patterns and behaviour
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Our aim is to educate consumers about Better Money Skills and drive visitors to the site
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Thank you for listening …