Camille Busette - 2014 Conference on Global and European Trends in Financial Education in Istanbul

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This presentation by Camille Busette was made during session 3 at the High-level Conference on Global and European Trends in Financial Education held on 22-23 May 2014 in Istanbul, which explored the …

This presentation by Camille Busette was made during session 3 at the High-level Conference on Global and European Trends in Financial Education held on 22-23 May 2014 in Istanbul, which explored the role(s) of the private and not-for-profit sectors in financial education, financial literacy and innovation for young people and financial education for migrant workers and their families. Find out more at http://www.oecd.org/daf/fin/financial-education/2014-conference-global-european-trends-financial-education.htm

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  • 1. Remittance Corridor: the role of financial education in empowering migrant workers and their families High-Level International Conference Global and European Trends in Financial Education May 22-23, 2014 Istanbul Camille M. Busette Consumer Financial Protection Bureau
  • 2. Our Vision 2 A consumer finance marketplace… where customers can see prices and risks up front and where they can easily make product comparisons; in which no one can build a business model around unfair, deceptive, or abusive practices; that works for American consumers, responsible providers, and the economy as a whole.
  • 3. Office of Financial Education Objectives • Build a comprehensive approach to financial education in the U.S.: Develop knowledge about what works in financial education and provide opportunities for financial educators to learn about effective strategies • Promote innovation: Test new ideas and share successful innovations with the field • Educate consumers: Provide understandable information that helps customers make informed financial decisions • Educate youth: Build on existing efforts to identify and promote best practices in K-12 financial education • Increase outreach and federal coordination: Build relationships with all stakeholders. In addition, Director of the CFPB serves as the vice chair of the Financial Literacy and Education Commission 3
  • 4. Greater mobility is a global reality… 4 2013 230 million people were migrants 2012 41 million immigrants in the U.S. 2011 15 million EU citizens migrants in EU 31 million non-EU citizens migrating to EU …Profiles of immigrants vary widely, but all need a range of financial products and services
  • 5. Greater mobility brings challenges and opportunities in financial services Challenges  Immigration status  Identification and credit scoring Opportunities:  Policy changes  Public/Private Partnerships  Coordination with NGOs  Cross-national coordination 5
  • 6. Remittance rule: Consumer education campaign
  • 7. The audience: Remittance Senders  About 5 percent of U.S. households send remittances (Census Bureau)  Majority of remittances sent from the United States go to Mexico, Caribbean, China, India and the Philippines.  Remittance senders:  Immigrants and guest workers  Women – 44%; Men – 56%  In their 30s, in the U.S. for average of 7 years  Generally low-income, but send about 15% of income home 7
  • 8. The audience: Language needs Region Speak Speak English less than very well* Mexico/Latin America Spanish 16,433,118 China Chinese 1,502,917 Philippines Tagalog 494,741 Caribbean Spanish French Creole (included above) 303,794 India Hindi 128,749 8 * Source: U.S. Census Bureau, 2007-2011 American Community Survey Campaign materials made available in English, Spanish, Chinese, Tagalog and French-Creole.
  • 9. Poster 9
  • 10. Brochure 10
  • 11. Media  Earned media  Spanish language press  Spanish language TV  Spanish language radio  Owned media – consumerfinance.gov and social media assets  Organizational marketing – working with other “trusted” organizations to help us spread the word.  Organization networks can penetrate to the grassroots level  Paid media: 11
  • 12. Twitter Chat  1 hour using Twitter accounts of Mexican and US government agencies during the Mexican financial education week  Chat visible to more than 200,000 people  Partnered with Mexican Consumer Financial Protection Agency (CONDUCEF) and Mexican Consumer Protection (PROFECO)and the Institute for Mexicans Abroad (IME)  People waiting in line submitted questions either via personal Twitter account or via consulate desk officer 12
  • 13. Thank you 13