THE IMPORTANCE OF CONSUMER EDUCATION

Transcription

1 THE IMPORTANCE OF CONSUMER EDUCATION

2 people do not live according to what they can AFFORD but on what they QUALIFY for Consumer quote Focus group 2008

3 WHY CONSUMER EDUCATION? (THE NEED) In the national interest to have a financially literate population Enable consumers to make informed and better financial decisions To protect and grow consumers own assets

4 Better to live life now and die with debt Consumer quote Focus group 2008

5 T IS CONSUMER EDUCATION?

6 It should be noted that Financial Consumer Education is distinctly different from giving financial product and/or service advice!

7 ...black people did not have money when white people had money therefore there is a lagged affect on financial education Consumer quote Focus group 2008

8 THE FSB S S MANDATE In 2000, FSB Act 97 of 1990, amended to include consumer education: Promote programmes and initiatives by financial services institutions and bodies representing the financial services industry to inform and educate users and potential users of financial services and products.

9 THE FSB S S CE STRATEGY Formulated with the aid of industry and other stakeholders in 2001 Implemented 2001 ongoing Currently under review in response to the need for Coordination Accountability Formalised partnerships.

10 Lots of people are okay with managing money, but NOT with making it grow Consumer quote Focus group 2008

11 CURRENT INITIATIVES FSB s CONSUMER EDUCATION PROGRAMMES Formal Education Aim: to promote the integration of financial consumer education into the formal education system Community Education Aim: to create and promote public awareness of products and services regulated by the FSB

12 COMMUNITY EDUCATION Forged strong working relationships with Provincial Consumer Affairs offices and other regulators Activities: -Development and translation of materials (Brochures) -Co-branding/printing partnerships with the 9 provinces -Commuter and Shopper Education -Train the trainer programmes (FSB resource file) -Capacitated consumer education officers in all provinces

13 FORMAL EDUCATION Forged strong working relationships with departments of education (national & provincial) Activities: -Developing resources for teachers in immediately usable formats, e.g. lesson plans relevant to various curricula -Facilitating workshops for teachers to show the effective use of resources -Career fairs and exhibitions

14 RECENT ACHIEVEMENTS Commuter education Aimed at commuters at mini bus taxi ranks, train stations throughout SA Huge TV screens at ranks, broadcasts onto train stations, into taxis and interactive education at kiosks Messages: money management, debt, credit, short-term insurance and the rights and responsibilities of consumers

15 RECENT ACHIEVEMENTS

16 SHOPPER EDUCATION Providing financial information to shoppers in a more receptive environment

17 MANAGING YOUR MONEY Mathematical Literacy resource for Grades 10 & 11 Funded by FSB and SAIA Developed by Bright Media Reviewed by DOE FET Schools Facilitated 34 workshops in 9 provinces Very well received Funds approved for Grade 12 development

18 MANAGING YOUR MONEY

19 MONEY IN ACTION Grade R 12 EMS, Math Lit., Life Orientation CD- ROM based 4 Stand-alone booklets per phase and band Funded by Foundation, FSB & SAIA Developed by e-learning Laboratory 60 workshops in 9 provinces Excellent teaching tool Includes voice-overs

20 MONEY IN ACTION

21 ADULT LEARNER WEEK CONFERENCE 450 ABET facilitators and practitioners Topic: Financial literacy for Adult learners FSB materials distributed Further collaboration with DOE on adapting for Adult learners

22 CAREER EXHIBITION Messages Information on dealing with financial services and product providers Careers in the financial sector Pretoria, Cape Town, Roodepoort

23 CALVINIA DIALOGUES Invite from Dept. Social Development Dialogue between youth and older persons on social issues Deputy Minister keynote speaker CED input at plenary and during breakaways

24 PRETORIA SHOW In collaboration with FSB Departments and regulators Information on consumer rights and responsibilities + Call centre and FSBs toll free number Distributed brochures ± consumers through stand

25 KZN SPEECH CONTEST Organised by BBF 117 Schools 9 Finalists Financial topics Dube Tshidi and Speaker of KZN legislature - Keynote speakers Olivia Davids -adjudicator

26 SAFPA WORKSHOP 70 Members (Limpopo) Discussed FAIS, Friendly Societies registration process FICA Compliance Impact of Long term insurance Act to funeral parlours

27 PROJECTS UNDER CONSTRUCTION

28 PROJECTS UNDER CONSTRUCTION Measurement of Consumer Education programmes (Research) Eighty/20 contracted First milestone reached- literature review and industry stakeholders interviewed Spending patterns of consumers Campaign to create awareness around using money wisely November December 2008

29 PROJECTS UNDER CONSTRUCTION National workshops CE workshops aimed LSM 1-5 in rural and semi rural areas Service provider to be appointed 200 workshops targeted at 5000 participants. Content FSB booklet 1 in IsiXhosa, IsiZulu, Afrikaans, Sesotho, English Partnership projects Teacher development Commuter Education

30 PROJECTS UNDER CONSTRUCTION CED Interactive website For to and fro communication with consumers and financial industry Similar to ASIC s FIDO (Australian model) Design complete Costing in progress Databases To support FSBs new CE strategy Project proposals Reports Audits M&E Training service providers Industry and stakeholder contacts

31 MAJOR CHALLENGES OR CONCERNS Sustainable Funding Industry buy-in FSB not well known nationally

32 FUTURE OUTLOOK Support industry efforts to inform and educate consumers Play a stronger coordinating role in accordance with legislative mandate Strengthen role w.r.t. industry participation but more importantly.

33 Appeal to Industry to support protection of consumers through: Being sensitive to needs of consumers Showing integrity and honesty in dealing with consumers Having relevant and necessary competencies, qualifications and experience Engaging in continuous professional development; and Adhering to all other Fit and Proper regulations and principles

34 QUESTIONS?

35 THANK YOU! Olivia Davids Tel: Cell: oliviad@fsb.co.za