{"id":32438,"date":"2010-04-22T09:55:37","date_gmt":"2010-04-22T08:55:37","guid":{"rendered":"http:\/\/www.corporate-eye.com\/blog\/?p=32438"},"modified":"2010-04-20T10:00:29","modified_gmt":"2010-04-20T09:00:29","slug":"the-rush-to-financial-literacy","status":"publish","type":"post","link":"https:\/\/www.corporate-eye.com\/main\/the-rush-to-financial-literacy\/","title":{"rendered":"The Rush To Financial Literacy"},"content":{"rendered":"

In my last post I had a reference to Financial Literacy Education. In Europe this is known as Financial Capability. Many financial services companies are rushing to provide some type of financial education to existing and potential clients. What is behind the rush?<\/p>\n

A number of developments converged to produce the 1000 year financial storm–<\/p>\n

\"financial-issues\"<\/p>\n

<\/div>\n

The global economic crisis, more complex investment choices and the shift of pension investment choices from the employer to the employee, when combined with widespread financial illiteracy, is causing increased stress among a significant number of the public.<\/p>\n

\n

Research suggests that 15\u201320 percent of employees have financial problems severe enough to negatively affect productivity. A financially stressed employee spends an average of 20 hours per month of work time on his\/her personal financial problems.<\/p>\n

The Case For Financial Education at the Workplace
The\u00a0Federal Reserve\u00a0Bank of Kansas City, The Federal\u00a0Reserve\u00a0Bank of\u00a0Atlanta<\/em><\/p>\n<\/blockquote>\n

Too many people fail simple tests on the basics of compound interest and basic financial math. The result: poor financial decisions such as not investing in company-offered voluntary investment plans. This worsens individuals’ financial condition and puts their retirement at risk.<\/p>\n

Many financial services companies, banks, credit unions and financial advisory firms are offering a variety of financial literacy education resources.<\/p>\n

Some examples in the US<\/strong><\/h3>\n

Bank Of America\u00a0 FINANCIAL TOOLS<\/a><\/p>\n

Wells Fargo HANDS ON BANKING<\/a><\/p>\n

CitiBank\u00a0 FINANCIAL CAPABILITY<\/a><\/p>\n

Examples from Europe<\/strong><\/h3>\n

Barclay’s BUILDING FINANCIAL CAPABILITY<\/a><\/p>\n

Halifax MANAGING YOUR MONEY<\/a><\/p>\n

<\/strong><\/a>Caixa Galicia SECURE YOUR FUTURE<\/a><\/p>\n

Some are critical of these programs. They indicate the motivation is to restore the tarnished reputations of the financial services sector. Perhaps, but the educational services offered do assist in helping individuals to improve their knowledge of financial matters.<\/p>\n

This subject is important enough to warrant additional posts in the future.<\/p>\n","protected":false},"excerpt":{"rendered":"

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