Tom Enright (Financial Regulator) - Student Talk In UCD, Oct 24th 2007

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The presentation delivered by Tom Enright of the Financial Regulator on student financing as part of UCDSU Employment Rights Week, on Oct 24th 2007.

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  • Welcome, UCD students to induction week. Delighted to be here at the invitation of Ciara Brennan & Gavin Reilly.
  • Tom Enright (Financial Regulator) - Student Talk In UCD, Oct 24th 2007

    1. 1. Presenter: Tom Enright UCD October 24th 2007 Money Tips for first year students
    2. 2. Who are the Financial Regulator? <ul><li>Established on 1 May 2003: </li></ul><ul><ul><li>we are an independent watchdog; </li></ul></ul><ul><ul><li>we are responsible for the regulation of a range of financial services firms in Ireland; </li></ul></ul><ul><ul><li>we oversee 9,638 financial services providers and collective investment schemes. </li></ul></ul><ul><li>Our job is to: </li></ul><ul><ul><li>help consumers make informed financial decisions in a safe and fair market; and </li></ul></ul><ul><ul><li>foster sound, growing and solvent financial institutions which give consumers confidence that their deposits and investments are secure. </li></ul></ul>
    3. 3. What can we do for you? <ul><li>We give independent, impartial information on financial services and products </li></ul><ul><li>We deliver it through: </li></ul><ul><ul><li>Helpline </li></ul></ul><ul><ul><li>Information centre </li></ul></ul><ul><ul><li>Website </li></ul></ul><ul><ul><li>Schools programmes </li></ul></ul><ul><ul><li>Advertising campaigns </li></ul></ul>
    4. 4. Who was it for? <ul><li>Consumers seeking </li></ul><ul><li>free, independent </li></ul><ul><li>information </li></ul><ul><li>… in plain English </li></ul>
    5. 5. Getting information from us <ul><li>Helpline </li></ul><ul><ul><li>1890 77 77 77 </li></ul></ul><ul><ul><li>8 to 8 Monday to Friday 9 to 1 Saturday </li></ul></ul><ul><li>Information Centre </li></ul><ul><ul><li>6-8 College Green </li></ul></ul><ul><ul><li>9.30 to 5 Monday to Friday (till 6 on Thursday) </li></ul></ul><ul><li>Email </li></ul><ul><ul><li>[email_address] </li></ul></ul><ul><li>Website </li></ul><ul><ul><li>www. itsyourmoney . ie </li></ul></ul><ul><ul><li>recently relaunched </li></ul></ul><ul><ul><li>online surveys </li></ul></ul><ul><li>Schools programmes </li></ul><ul><ul><li>LCA materials </li></ul></ul><ul><ul><li>TY materials </li></ul></ul><ul><li>Advertising </li></ul><ul><ul><li>‘ Tracker mortgage’ </li></ul></ul><ul><ul><li>‘ Terms and conditions’ </li></ul></ul><ul><ul><li>‘ Boogey woogey’ </li></ul></ul>
    6. 6. Where are we? <ul><li>Website: www. itsyourmoney . ie </li></ul><ul><li>Check our newly-launched website for publications and the 2007 Student current account on-line survey </li></ul><ul><li>Information centre: 6-8 College Green, open Mon-Friday 9.30am to 5pm (6pm Thursdays) </li></ul><ul><li>Consumer help-line: 1890 77 77 77 </li></ul>
    7. 7. How can we help? <ul><li>We provide guides, on-line surveys, fact sheets and information leaflets </li></ul><ul><li>All guides and leaflets are reader-friendly and edited by Plain English Campaign (Crystal Mark). Student-friendly topics include: money tips, saving, borrowing… </li></ul><ul><li>You can talk to us at our walk-in centre on Dame Street, Dublin 2, or via our free-phone service </li></ul><ul><li>We don’t give advice, but we do give free, independent information – in plain English. </li></ul>
    8. 8. Student issues
    9. 9. Student issues <ul><li>Debt (loans, overdraft, credit card) – how to avoid it? </li></ul><ul><li>Student current accounts – what are the hidden costs? </li></ul><ul><li>Budgeting – paying bills, managing your grant, funding the J1 trip or other summer travel? </li></ul><ul><li>Car insurance – can you afford it? </li></ul>
    10. 10. Financial Regulator’s on-line surveys <ul><li>Independent research, conducted summer 2007 </li></ul><ul><li>‘ Live’ data – updated as soon as interest rates change </li></ul><ul><li>Available at www. itsyourmoney . ie </li></ul><ul><li>Information that saves you money </li></ul>
    11. 11. On-line survey highlights…
    12. 12. Personal loans <ul><li>Q. How much does it cost to borrow €3,500 over one year? </li></ul><ul><li>A. As much as €284, or as little as €124. </li></ul><ul><li>Shop around!! </li></ul>
    13. 13. Car insurance <ul><li>Q. Is it worth shopping around for car insurance? </li></ul>
    14. 14. Car insurance <ul><li>A. Yes! </li></ul><ul><li>A 19-year-old student from Dublin 3, driving a 1995 Nissan Micra worth €700, could save up to: </li></ul><ul><ul><li>€ 1,476 (for a male driver); or </li></ul></ul><ul><ul><li>€ 1,489 (for a female driver) </li></ul></ul><ul><li>on comprehensive insurance if he or she shops around! </li></ul>
    15. 15. Credit cards (2005 survey) <ul><li>Q. How long would it take to pay off a credit card debt of €500? </li></ul><ul><li>How much would it cost? </li></ul>
    16. 16. Credit cards (2005 survey) <ul><li>A. </li></ul><ul><li>Based on 2005 research, a credit card debt of €500 could take up to: </li></ul><ul><ul><li>11 years to pay off; and </li></ul></ul><ul><ul><li>cost up to €400 in interest, </li></ul></ul><ul><li>if only the minimum repayment amount is paid every month. </li></ul>
    17. 17. Student current accounts - beware the hidden charges <ul><li>Interest surcharge of 0.6% - 9% for unauthorised o/draft. Total up to 21%! </li></ul><ul><li>Charges for returned unpaid cheques – €4.44 to €12.70 </li></ul><ul><li>Bank charges if you use Laser card to withdraw cash abroad – find out before you travel </li></ul><ul><li>See our September 2007 on-line survey at </li></ul><ul><li>www. itsyourmoney . ie </li></ul> 
    18. 18. Also look out for… <ul><li>Money tips for students fact sheet </li></ul><ul><li>Car Insurance guide and other guides on home insurance, mortgages, etc. </li></ul><ul><li>COMING SOON – Our new Student credit card cost survey! </li></ul>
    19. 19. Help in college <ul><li>Your student welfare officer may be able to help you with the following: </li></ul><ul><li>Information on financial products / services </li></ul><ul><li>Complaints against a financial institution </li></ul><ul><li>Financial difficulties </li></ul>
    20. 20. Any questions?
    21. 21. Thank you

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