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This presentation by Lyndwill Clarke was made at the third session of the 2nd OECD-GFLEC Global Research Symposium to Advance Financial Literacy on 6 November 2014, which addressed cutting-edge policy issues and research ideas to advance the global financial literacy agenda. Find out more at http://www.oecd.org/daf/fin/financial-education/oecd-infe-gflecsymposiumfinancialliteracy.htm
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The way forward -
Insights from research and practices
November 2014, Paris, France Mr Lyndwill Clarke
Head of Department: Consumer Education
12 Years of consumer financial education in South Africa
2nd OECD/GFLEC Global Policy Research Symposium to Advance Financial Literacy
• Consumer Protection Landscape
• Research findings
• From research to implementation
• Way forward - Implementation
• Challenges
12 Years of consumer financial education in South Africa
12 Years of consumer financial education in South Africa
• Legislation • TCF • Twin Peaks
• Research • National strategy • Implementation • Monitoring &evaluation
• Ombudsman • Consumer Activists
Consumer Education
Regulation
Recourse
RESEARCH
& STATISTICS
24% do not use
financial products
12 Years of consumer financial education in South Africa
Financial Control
Knowledge & understanding
Product Choice
Financial Planning
2011: 58 2012: 61 2013: 61
2011: 45 2012: 46 2013: 44
2011: 56 2012: 55 2013: 52
2011: 53 2012: 50 2013: 48 Overall
Score
2011: 54 2012: 54 2013: 52
62
54
72
65
55
72
65
44
73
68
79
78
71
81
74
59
6
7
12
21
22
25
45
48
0 10 20 30 40 50 60 70 80 90
Saving in an informal savings club
Giving money to family
Building up a bank balance
Paying money into a savings account
Saving cash at home/wallet
Emergency or rainy day funds
Presence of Budget
No Saving
Share of Public Closely monitoring financial matters Pay bills timeously
12 Years of consumer financial education in South Africa
Value statement Financial well-being of consumers
Drivers Financial Control Financial Planning Product Choice Knowledge and
understanding
Implementation guide Competency Framework
Characteristics/Traits Knowledge Behaviour Programme topics
Consumers who understand
financial products:
are aware of different
types of banking,
credit/loan,
savings/investment, and
insurance products
Aware of various
short- and long-term
insurance products
Understands positive
and negative aspects
of banking products -
fixed deposits, savings
& current accounts
and money market
products
Can select appropriate investment products for retirement planning
Can identify important factors to consider when choosing a bank
Researches ways to create and protect assets and wealth
Asks appropriate questions and evaluates information before making investment decisions
Various financial
products offered by
banking and non-banking
institutions
Collective investments
schemes – a way to grow
wealth?
Capital markets – what
you should know about
investing in capital
markets
Developing a personal
financial profile
Retirement funds –
Living annuities vs.
guaranteed annuities
12 Years of consumer financial education in South Africa
Implement programme
Monitor & evaluate
Refine programme
Monitor & evaluate
Develop /refine
programme
Face-to-face workshops
Integrate into formal
education
Electronic media –radio,
TV, DVDs
Print media – newspapers, magazines, professional publications
Online – e-learning , website
live
12 Years of consumer financial education in South Africa
Making financial
Education a priority
Funding for
research
Consumer indebtedness
Striking a balance between marketing &
CE
Monitoring & evaluating
behavioural change
Coordinated approach
12 Years of consumer financial education in South Africa
Lyndwill Clarke Head: Consumer Education
Financial Services Board South Africa
E-mail: [email protected] Tel: +27 12 422 2819
www.fsb.co.za
www.mylifemymoney.co.za
