Caroline Rookes - 2014 Conference on Global and European Trends in Financial Education in Istanbul

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This presentation by Caroline Rookes was made during the first Roundable at the Conference on Global and European Trends in Financial Education in Istanbul on 22-23 May 2014, 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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Caroline Rookes - 2014 Conference on Global and European Trends in Financial Education in Istanbul

  1. 1. Global and European Trends in Financial Education: New Challenges, Innovation and Measures of Success A UK Perspective Caroline Rookes 1 High-level conference on global and European trends in financial education 22-23 May 2014 - Istanbul, Turkey
  2. 2. 2 Identifying the Issues
  3. 3. 3 9m people struggling to keep up Half of the population not budgeting Identifying the Issues 25% prefer to live for today
  4. 4. High level strategy approach Strategic aims a) Increase financial resilience of the UK population b) Prioritise groups disproportionately at risk of detriment Key Life Stages Cross-cutting issues Young People Eg: Reduce the % of vulnerable young people who fall into unmanageable debt Working Age Eg: Increase the % of working age people saving adequately for retirement Older People Eg: Increase the resilience of vulnerable older people facing key transition points • Establish and embed a standardised evaluation framework • Improve coordination of referrals and hand-offs • Develop and embed common messaging and language Financial Capability Domains Keeping Track Planning Ahead Making Informed decisions
  5. 5. • Confirm the strategic aims for each life stage • Define priority groups for each life stage • Identify & agree priorities within life stages • Identify & agree priorities across life stages • Define broad solutions for priorities • Publish consultation document • Consult & agree on specific actions with stakeholders 5 Strategy Development & Progress
  6. 6. 6 Objective Develop the foundations of good financial capability in order to prevent future detriment due to poor decision making and improve financial resilience in the face of life events Priority groups • Those who are over-indebted • Those who are more at risk of becoming over-indebted Next steps • Develop key messages on good financial capability for all to use • Develop sectoral theory of change for developing and measuring the foundations of financial capability • Apply the learnings of other habit formation interventions to the sector • Understand the multi-agency interaction with a child, young person and parent’s life Children & Young People Priorities
  7. 7. Preparing for Later Life Priorities 7 Objectives • To help reduce the number of people who are inadequately financially prepared for later life • To reduce the proportion of people falling into avoidable debt and poverty in later life Next steps • Work with partners to support implementation of the Guidance Guarantee • 8 Key issues to be addressed for those approaching retirement • Identify key touch points for 22-55 age group Priority groups • Those approaching the point of retirement • Middle working age cohort
  8. 8. 8 Objective To identify the priority financial capability needs amongst “the diverse group of people who have retired and are in the decumulation phase of their lives.” Priority Groups • Older people experiencing problem debt • Older people with outstanding mortgages • People planning or adapting to long term care needs • People planning for and adapting to cognitive impairment Next steps • MAS to work the ‘skeleton’ map into a robustly evidenced proposal for priorities for discussion and sign off at the next working group Older People Priorities
  9. 9. Challenges & Lessons Learnt Have one central co-ordinating body Get the right stakeholders involved early Establish a rigorous governance process Robust evidence base is key 9
  10. 10. 10 Next Steps May June July August September October November December Working Groups Working Groups Advisory Group Steering Group Public Consultation on Strategy Framework Advisory Group Steering Group Working Groups Publication of Financial Capability Strategy for the UK On-Going Bilateral Stakeholder Engagement

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