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

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
Identifying the Issues

3. 3
9m people struggling to
keep up
Half of the population not
budgeting
Identifying the Issues
25% prefer to live
for today

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. • 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
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. 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
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. 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
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