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 2 nd OECD/GFLEC Global Policy Research Symposium to Advance Financial Literacy
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CLARKE Lyndwill - 2014 Symposium to Advance Financial Literacy
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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Transcript
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