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* with the support of the Russian/World Bank/OECD Trust Fund
SUMMARY RECORD OF THE OECD-FINANCIAL CONSUMER AGENCY OF CANADA INTERNATIONAL CONFERENCE ON FINANCIAL EDUCATION: PARTNERING TO TURN FINANCIAL LITERACY INTO ACTION
26-27 MAY 2011, TORONTO, CANADA
Introduction and background
The OECD-FCAC International Conference Partnering to Turn Financial Literacy into Action was held in Toronto on 26-27 May 2011. It was co-organised by the Organisation for Economic Co-operation and Development (OECD) and the Financial Consumer Agency of Canada (FCAC) with the sponsorship of the Russian/World Bank/OECD Trust fund and of several private and public Canadian institutions selected by FCAC. The event was held at the conference centre of the Westin Castle Hotel in Toronto.
The conference followed the meetings of the International Network on Financial Education (INFE) Expert Subgroups on the 24 May 2011 and the 7th Meeting of INFE network members on the 25 May 2011. It provided an excellent opportunity to share information about the progress made by INFE and in particular by the Expert Subgroups and discuss initiatives that could inform policy makers and non- government organisations internationally and in Canada.
An international audience of high-level governmental officials and experts from public bodies, regulatory and supervisory authorities attended the conference along with senior decision makers and academics from OECD countries and non-OECD members’ economies. Participation from Canada was very high, due notably to the contemporary launching of the renewed Canadian national strategy for financial education and to the strategy of FCAC, which relies on the involvement of the private and voluntary sector in its activities. Around 400 participants coming from 49 countries and non-member economies (including 3 Enhanced Engagement countries: Brazil, India, and South Africa) attended the event – see attached list of participants.
The programme of the two-day conference allowed the discussion of the main outputs of the INFE and its Subgroups (Measurement, Evaluation, Schools and National Strategy) while also focusing on new areas of work (Gender Issues, Financial Education and Inclusion, Social Marketing) and the priorities for the Canadian and North-American audience (Credit Management and Bankruptcy, Financial Education for Retirement) . Day I Opening remarks Plenary: current state of financial literacy in Canada Plenary: national and global measure of financial literacy Workshops - Credit and debt management: how can we help people tackle these difficulties and avoid the path leading to bankruptcy? - Does technological innovation equal financial inclusion: what will be the role for financial education? - Planning for retirement: how can we help people better understand and prepare themselves for this important life event? Financial education in the school system Workshops o Social marketing and communication tools: how can we apply them to improve the design of financial education programmes?
o Building capacity: how to develop effective train-the-trainer programmes? o Financial education in schools: how do we bring financial education programmes into the classroom? Gender and financial education: an overlooked issue Day II Importance of evaluation of financial education programmes: challenges and existing international best practices and tools Behavioural economics: why and how people make the financial decisions they do? Nudging or educating consumers on financial issues: opposing or complementary interventions? How can we influence financial behaviours in the long term? National strategies on financial education: international guidelines and highlights of the new Canadian strategy Closing remarks
Opening remarks
The conference was opened by Ms. Ursula Menke, FCAC Commissioner, and by Mr. Andre Laboul¸ Head of the OECD Financial Affairs Division.
Ms. Menke began praising the remarkable turnout to the conference, a powerful testimony of the interest in financial education in Canada and worldwide. Such interest, which was reinforced by the turmoil on financial markets, could not have been sustained without the excellent game shaping work done by public institutions and organisations. Such momentum, she stressed, will be the key to the success of the Canadian national strategy and to the continued activity of partnerships in this field.
Mr. Laboul, thanking the more than 225 organisations in the audience, underlined the increasing interest of governments, authorities and international organisations in financial literacy. He noted how the growing number of public and private institutions active in financial education and financial consumer protection should lead the way for more cooperation and the design of national strategies in more countries. In this respect, he complimented the work of the Canadian Task Force on Financial Literacy and in particular the leading role displayed by FCAC and the Canadian Government.
Plenary: current state of financial literacy in Canada
Mr. Jacques Menard, Vice-Chair of Canada’s Task Force on Financial Literacy, began by encouraging collaboration, the underlying theme of the conference, which he defined as the precondition for the success already highlighted in the opening remarks. He identified financial education as a strategic priority for both local and provincial governments, and then addressed the main recommendations of the Financial Literacy Task Force, notably the creation of a strategy leader whose role will be crucial in gathering stakeholders’ support around policy priorities. Among these priorities, he mentioned the introduction of financial education in schools, which gathered a lot of support during the public consultation of the strategy.
The Q&A that followed allowed representatives from Canadian NGOs in particular to debate with Mr. Menard about the resistance of some local governments to introducing financial education in school
3 curricula and the potential difficulties in making this interesting to students. Mr. Menard indicated that action on parents’ associations is essential in securing support for these policies, and that financial education material should always be tailor made to suit the needs (and grab the attention) of different classes and age groups.
Plenary: national and global measure of financial literacy
The plenary focused on the role of national surveys of financial literacy in describing overall levels of financial literacy, identifying target groups and what to teach to them. It addressed in particular the methods used by countries to measure financial literacy, the challenges faced and the results obtained. The panel was moderated by Dr. Adele Atkinson, Policy Analyst, Financial Education, OECD, who also introduced the two international measures of financial literacy developed by the OECD, the PISA Financial Literacy option for 15 year olds and the INFE Financial Literacy Measurement Pilot, concluding with some preliminary findings from the second.
Ms. Jennifer Robson, Senior Policy Research Officer, Policy Research Initiative, Canada, presented the key findings from the Canadian Financial Capability Survey. She began indicating the various ways in which the survey had been analysed, notably providing descriptive results (stressing that these are not the same as a measure of financial literacy), a factor analysis to create a national index, and a cluster analysis to look for patterns of how Canadians do on the index. She then illustrated some of the results, providing several examples such as financial strain by net worth quintiles, the percentage of Canadians without a bank account, how Canadians keep track of their expenses and plan ahead.
Mr. Aleksander Rychwalski, Department of Education, Polish Financial Supervision Authority, Poland, after a quick presentation of the Polish Financial Supervision Authority and of its objectives, among which is the education of the public in financial matters, he presented the objectives of the polish survey on financial literacy. He noted in particular the importance of identifying specific groups and the creation of a benchmark in the framework of the development of a Polish national strategy on financial education. He concluded by addressing the method used and the challenges faced, and illustrating some of the key findings of the survey.
Ms. Olivia Davids, Financial Services Board, South Africa, explained the interest of the South African FSB in financial literacy measurement in the framework of the need to inform public policy in the development of a financial education strategy and of the need for accountability for funds spent on financial education initiatives. She presented some particular challenges faced, due to the co-existence of first and third world economies in the country and to the cultural and linguistic diversity. Ms. Davids also illustrated some of the key findings of the survey, which underlined the need to tackle financial access and in particular pushed the FSB to adopt a risk-based approach in order to target the most vulnerable customers of financial products. She concluded stressing that the INFE model appeared to have worked well in a diverse society such as South Africa.
4 Workshops
Credit and debt management: how can we help people tackle these difficulties and avoid the path leading to bankruptcy?
The workshop, moderated by Mr. Jim Callon, Superintendent, Office of the Superintendent of Bankruptcy Canada, began by him outlining key relevant international data on insolvency rates and then focusing more specifically on key insolvency and consumer debt statistics from Canada. These details prompted him to pose the question “how can we help people tackle these financial difficulties and avoid the path leading to bankruptcy?”
Ms. Laurie Campbell, Executive Director, Credit Canada, provided an introduction to Credit Canada, how the organisation helps raise the awareness and importance of money management and credit management by educating individuals, families and providing free, confidential and comprehensive counselling services. Drawing on key statistics she then explained the reasons why people in Canada often encounter financial difficulty and why just providing information was not enough to break the cycle of consumer debt which could eventually lead to insolvency.
Ms. Teresa Perchard, Director of Policy, Citizens Advice, United Kingdom, gave a different perspective regarding household debt and bankruptcy in the UK by drawing on the experience of the Citizens Advice Bureaux. She outlined the background and context to the Citizen Advice Bureau money advice and financial education services, then focused on key statistics profiling the Bureau debt clients. She concluded by saying that debt problems would continue to grow and she argued for better policy responses for the tough times ahead.
Mr. Michael Chapman, Senior Expert, Financial Affairs Division, OECD, discussed the importance of how financial consumer protection and financial education were related to credit, highlighting key policy recommendations and good practices. He then went on to provide the background, context and current developments regarding OECD work on the development of high-level principles on financial consumer protection, in response to the Call made by the G20 Finance Ministers and Central Bank Governors in February 2011.
The questions and answers (Q&A) provided the audience with the opportunity to raise specific questions related to insolvency and bankruptcy rates in Canada, the wider economic, and social and policy implications. Questions were then raised on the role of Citizens Advice in the UK, how the organisation manages to fulfil its functions during a period of public expenditure cuts and finally the likely prospects for international agreement on common high-level financial consumer protection principles.
Does technological innovation equal financial inclusion: what will be the role for financial education?
The workshop explored the need to match financial inclusion initiatives with financial education and the ways in which new technologies are changing the way people bank and manage their personal finances and the impact of this on people with low levels of financial literacy. The workshop was moderated by Mr. Juan Manuel Valle, Director, Ministry of Finance and Public Credit, Mexico, Chair of the OECD Task force on Financial Consumer Protection and Co-chair of the G20 Global Partnership for Financial Inclusion.
Deputy Governor K.C. Chakrabarty, Reserve Bank of India (RBI), introduced the problem of financial exclusion explaining how it affects 2.5 billion adults globally and described RBI’s objectives in the field of
5 financial inclusion, namely the provision of banking services to all Indian villages of a population above 2000. Dr Chakrabarty outlined the reasons that prevented financial exclusion from being successfully addressed so far. He noted that the situation is now different as there is global focus on inclusive growth, the realisation that the poors are bankable and the availability of new technology. He concluded his intervention highlighting the key technological features allowing the provision of no frills accounts and the necessary financial education messages to be associated with such provision in order to make finance truly inclusive.
Ms. Denise Dias, Consultative Group to Assist the Poor (CGAP), illustrated the factors limiting financial access, poor product/channel design and financial illiteracy, and explained the ways in which technology can help to overcome them notably through branchless banking and nonbank retail agents. However she warned of the use of technology without the provision of financial education. Increased literacy can help in several ways: it increases adoption and usage of new models and products through better understanding by clients, but also of clients, it minimises the consequences of problems with empowerment and raises awareness of potential risks and redress rights.
Mr. Richard Wilson, Director, Digital Strategy and Experience, RBVC Royal Bank stressed how the need for improved literacy spans age, ethnicity, gender, region, income, and wealth. Against this background, he explained how technology can support financial education and in particular the tools and services provided by RBC to its Canadian customer base. On top of providing financial education material and interactive services, he also pointed out the role played by financial self-diagnosis tools in creating awareness on clients’ financial literacy needs.
The Q&A addressed more specifically some of the issues raised by panellists and notably some of the most successful examples of financial education and inclusion programmes ran in emerging markets. It was also a good opportunity to explain the next steps in the global policy agenda for financial inclusion, the different levels at which these will be implemented and the institutions involved. Questions from the audience also focused on some technical aspects of product and channel design, in particular how these can be complemented by the provision of financial education.
Planning for retirement: how can we help people better understand and prepare themselves for this important life event?
The workshop, moderated by Ms. Lucy Tedesco, FCAC Deputy Commissioner, focused on the policies implemented by governments and market authorities to encourage retirement planning and help people better understand pension plans and different saving options.
Dr. Debbie Harrison, Senior Visiting Fellow at the Pension Institute of Cass Business School, UK, and OECD Consultant, presented the recent research conducted for the OECD on national pension communication campaigns and pension statements as a follow up to the OECD good practices on financial education in relation to saving for retirement. After an overview of funded defined contribution systems within several countries, Dr Harrison analysed the objectives of national campaigns in relation to the recent shifts in pension systems and addressed the consumer barriers that might inhibit successful reform (notably low levels of financial literacy).
Mr. Malcolm Hamilton, Partner at Mercer ltd, described the main traits of the Canadian pension systems and analysed the reasons behind its strength. In particular, he described the flexibility of the system and the resilience of Canadian financial institutions as two key factors. He then addressed the
6 possible way forward in the reform of the system, providing details of potential changes to be made to pension provisions through different income brackets.
Dr. Jack Mintz, Director and Palmer Chair at the School of Public Policy of the University of Calgary, Canada, agreed with Dr Hamilton’s positive assessment of the Canadian pension systems but presented the long-run factors that may change and affect retirement income costs (from real returns to changes in retirement age and changes in family structure). He then indicated in the amount of risk borne by the individual the main aspect to address in Defined Contribution Plans, where income replacement ratios can vary widely depending on the year of retirement. Dr Mintz concluded his presentation highlighting some of the more appropriate investment strategies to limit the risks and costs inherent to pension plans.
Mr. Tom Reid, Senior Vice President of Group Retirement Services at Sun Life Financial Inc, presented the main features of pension providers within Canada. He began by stressing the relatively low fees offered to Canadian citizens compared with other countries, due to large pool of funds managed by private pension providers. He gave a few examples such as Pooled Registered Pension Plans for SME businesses without access to a workplace saving system, indicating that these are balanced solutions not relying solely on government as a retirement income source. He also discussed the so called nudges present in most Canadian pension plans.
The Q&A touched upon a number of issues linking retirement income to financial education, such as the differences in retirement planning based on gender, the viability of financial education relating to retirement for newcomers to Canada and how the introduction of financial literacy requirement in public school curricula could make government policies more easily implemented.
Workshops
Social marketing and communication tools: how can we apply them to improve the design of financial education programmes?
The workshop, moderated by Ms. Diana Crossan, Commissioner, Retirement Commission, New Zealand, concentrated on the use of social marketing as a tool for more successful communication strategies and on their effectiveness in influencing behaviours.
Prof. Dilip Soman, Rotman School of Management at the University of Toronto, Canada, provided a very useful overview of the concepts and mechanisms of marketing. He addressed specifically social marketing explaining how technology and social media are especially useful in making communication easy and timely and in providing “nudges” to the receiving audiences. He supported the theory with practical examples from applications to healthcare and to saving programmes.
Mr. Marcin Polak, President, Think Global Ltd, Poland, specifically addressed the use of new media platforms and edutainment to increase financial awareness. He stressed the importance of picking the most appropriate social media and designing the most effective tools on the basis of the results to be achieved and the social segment to be reached. He later provided useful examples of what has been done in this field in Poland.
Mr. Gilbert Peffer, xDelia Project Coordinator, University of Barcelona, Spain, described how to improve the design of financial education programmes by applying concepts like audience segmentation and edutainment. He explained strategies to harness the potential of social media in order to shape people’s financial behaviours and to improve their awareness of financial issues. He focused in particular
7 on the role of games, through the example of the xDelia project, as games are capable of revealing psychological traits, can help raise awareness of intricate personal and social issues and can be an exploratory vehicle to learn skills for behaviour change.
Ms. Wendy Arnott, Vice President Social Media and Digital Communications, TD Bank Financial Group, Canada, began by outlining some of the priorities of TD bank, among which is to demonstrate a strong commitment and thought leadership to making a difference in the area of financial literacy in North America. She then highlighted the key features of the group’s presence and activities on social media: from an extension to the classroom for primary school pupils to the provision of interactive resources aimed at specific segments such as first time buyers.
The Q&A provided the audience with the opportunity to raise several questions about the innovative use of technology in financial education. The very interactive session allowed for the discussion of the role of mobile technologies in delivering financial education to low income underserved communities, on the methods to assess whether people’s behaviours are effectively changing after the use of and exposure to social media, and finally on the importance of checking quality given the proliferation of tools and initiatives.
Building capacity: how to develop effective train-the-trainer programmes?
This workshop addressed the need to design and implement effective train-the-trainers programmes, as most government agencies and community based organisations often rely on such tools in order to maximise their impact on target audiences. The workshop was moderated by Mr. Steve Stillwell, Senior Manager, the Money Advice Service, UK.
Mr. Casey Cosgrove, Director, Canadian Centre for Financial Literacy, introduced CCFL, which aims to bring together the public, private and not-for-profit sectors to increase the financial literacy of low- income Canadians. He explained CCFL’s business model based on local host and community partner organisations. The training is offered on a free basis, during two days in a local host site, and focuses on a mix of financial literacy content, target group context, and facilitator/delivery items. Mr. Cosgrove also talked about the challenges of not having a clear mandate by public authorities and concluded on the characteristics of an effective training of trainers, that in his view must be capable of reaching the right people at the right time and place high value on measuring and evaluating impact.
Ms. Christine Colbert, Director of Projects and Research, Canadian Association of Family Resource Programs, addressed the challenges related to training-the-trainers programmes, such as the need to link project with family support principles and to fully explore “for what purpose are we doing this and can/should we do this?”. She stressed the importance of offering training material that is easy to understand and ensure adequate follow-up. She then turned to what worked in her experience, notably the trainees-requisite personal characteristics (warmth, integrity, flexibility), ongoing support and updating of materials, the provision of back-up resources (multilingual manual and power point for use with families, handouts for families).
Mr. Prashant Saran, Whole Time Member, Securities and Exchange Board of India (SEBI), after an overview of SEBI’s mandate and responsibilities in the field of financial education, described the ideal assets of a good trainer, from subject matter and instructional expertise to the ability to hold audience and maintain quality and integrity. He stressed among the motivation techniques the need to create purpose and values in order to put trainers’ activities in a wider framework and presented SEBI’s train- the-trainers programmes: 7 days residential training covering not only subject knowledge but also soft
8 skills and in particular queries handling. Mr. Saran concluded with an overview of the details of the terms and conditions of the trainer certificate given by SEBI and the road ahead in the programme implementation.
The Q&A that followed addressed some key issues affecting train-the-trainers programmes and their added-value, such as the best background of trainers, the need to maintain quality controls and the provision of ongoing support.
Financial education in schools: how do we bring financial education programmes into the classroom?
The workshop dealt with the pros and cons of different options for integrating financial education in school curricula and addressed important challenges such as the training of teachers and the development of appropriate educational material. The workshop was moderated by Mr. David Agnew, President, Seneca College, Canada.
Ms. Flore-Anne Messy, Principal Administrator, Financial Education, OECD, explained the rationale for the introduction for financial education in schools, the associated benefits such as quasi-universal coverage and the stronger impact on behaviours and the challenges, notably the pressure on curricula and the lack of awareness of policymakers and educational bodies. She described the guidelines and tools developed by the OECD and its INFE in this area. These are a complement to the 2005 Recommendations and provide high-level guidance to policymakers as well as practical guidance on learning frameworks. She then explained how this informed the introduction of the financial literacy measurement questions in PISA, an OECD managed initiative to assess the financial literacy attainment of 15 year old students among 70 countries and run every 3 years.
Ms. Delia Rickard, Senior Executive Leader for Financial Literacy, Australian Securities and Investments Commission, Australia, shared lessons learnt from Australia’s experiences that can be applicable to most countries. She began with an overview of the national educational system and how ASIC prepared the ground for the introduction of financial education in schools through thorough curriculum mapping, sound research provided to policymakers and by managing expectations carefully. Ms. Rickard then gave concrete examples of the financial literacy content of Maths, English and Science in the curriculum before concluding with the top 10 tips for a successful introduction of financial literacy in the classroom.
Ms. Jane Rooney, Director, Financial Literacy and Consumer Education, FCAC, Canada, began by stressing the need to provide young people with the tools to better manage their financial life and make better informed consumer choices as they transition into adulthood, and explained FCAC’s approach in a context where provinces and territories have full jurisdiction over education. Ms. Rooney underlined the importance of collaboration, which makes possible the provision of dedicated tools and materials, the organisation of dedicated workshops and the development of money apps for graduating students.
Mr. Mitch Murphy, Education Consultant, member of Canada’s Task Force on Financial Literacy, illustrated the findings of the Task Force, notably the endorsement by Canadians of financial education as a lifelong learning endeavour. He described the constitutional issues to be addressed and the partnerships needed to succeed, focusing in particular on the crucial role that educators must play. In particular, he noted, there is the need to establish professional learning communities and provide unbiased resources together with established curricular outcomes.
9 The Q&A provided the opportunity to discuss further some of the successful examples of introduction of financial education in schools and the ways in which consensus was reached within national constituencies on the matter. It also allowed for some more discussion of the key recommendations included in the OECD instruments and how they have been used by policymakers.
Gender and financial education: an overlooked issue
The plenary session, introduced by Mr. Philip Howell, CEO and Superintendent, Financial Services Commission of Ontario, Canada, addressed the recent interest in research and policymaking in the specific financial education needs of women.
Prof. Annamaria Lusardi, Director of the Financial Literacy Centre, Dartmouth College, USA, began with an overview of women’s financial needs in the new economic landscape and the increased responsibility they face (longer life span, more savings needed). Against this background, she explained, women seem however to be less equipped than men when it comes to financial knowledge in most countries surveyed. She concluded her intervention describing some interesting programmes aimed at women.
Dr. Angela Hung, Director Centre for Financial and Economic Decision Making and Senior Economist at RAND Corporation, presented the main findings of the OECD/INFE Scoping Report on Gender and Financial Education and analysed some specific questions aimed at assessing gender differences in financial literacy. After a detailed overview of the results of a survey of INFE members she went through the aspects of gender disparities in financial matters that policymakers should consider the most pressing and further steps for research and policy that stem from these analyses.
The Q&A allowed the debate to further analyse some issues presented by the panellists. In particular much interest was centred on the role of perceptions: against the evidence showing how women are more likely to respond “don’t know” to financial literacy questions, the audience was interested in knowing whether this is due more to lack of concrete knowledge or culturally induced caution. The discussion also touched upon the link between lower income and lower financial literacy, and the cultural features that determine an equal knowledge of financial matters in countries such East Germany and Russia, or among some aboriginal populations.
Day II
Importance of evaluation of financial education programmes: challenges and existing international best practices and tools
The plenary session, introduced by Ms. Diana Crossan, Commissioner, Retirement Commission, New Zealand, addressed the necessity of undertaking high quality evaluation of financial education programmes and the importance to consistently include evaluation as a necessary component of any programme from its onset. Ms. Crossan provided an overview of the basic features such as definition, essential components of a good evaluation, and dos and donts. She concluded her introduction inviting participants to read and use the OECD/INFE Guides to Evaluating Financial Education Programmes.
Dr. Adele Atkinson, Policy Analyst, OECD, focused on how to turn the INFE High Level Principles into action. After introducing the principles and stressing the importance of evaluation and monitoring, she explained how to use the guides developed by the OECD and its INFE to implement evaluation strategies for financial education programmes. Dr Atkinson illustrated how to include evaluation in the budget from
10 the onset of programmes, the advantages of using external evaluators, and the importance of designing it in accordance with the objectives and the type of programmes. She also addressed the main steps of data collection, such as the use of technology, surveys, focus groups, and the need to report findings together with the methods used and their potential limitations.
Ms. Janet Murrey, Financial Literacy Evaluator, Social Enterprise Development Innovations, Canada, presented the work of SEDI which includes a new project to build evaluation capacity. She stressed the importance of this in building evidence for financial literacy programmes across Canada, and shared data showing how few programmes were currently being evaluated. She discussed how programme evaluations should incorporate both indicators of successful training and coaching, as well as measures of outreach, and evidence to steer programme delivery and replication. She also stressed the need for some balance between flexible and structured approaches to evaluation.
Behavioural economics: why and how people make the financial decisions they do?
The keynote address delivered by Mr. Jonah Lehrer, author of How We Decide, focused on how the human mind makes decisions and how this can affect the design of financial education programmes and policies. To present the link between human decision making processes and finance, Mr. Lehrer gave a few concrete examples, such as the physiological dynamics of financial markets bubbles and the reasons determining risk aversion, and analysed the experiments that recreated such real life events. He later explained how from such examples we can learn some lessons to help people make better financial decisions.
The lively Q&A that followed allowed participants to investigate further how limited rationality influences stock market and investment decisions, and how the level of social trust within communities might determine financial planning. This was also an occasion to discuss some criticisms directed at behavioural economics research, such as the fact that most research reports the behaviour of US undergraduate students and the characteristics that make them different from mainstream investors.
Nudging or educating consumers on financial issues: opposing or complementary interventions? How can we influence financial behaviours in the long term?
Introduced by the keynote address on financial decision-making, this panel discussion moderated by Mr. Marc-André Pigeon, Director, Financial Sector Policy, Credit Union Central of Canada, allowed speakers to focus on the role of nudging in influencing long-term financial behaviours and how this could be a complement to financial education programmes.
Prof. Dilip Soman, Rotman School of Management, University of Toronto, Canada, began by stressing the importance of the two approaches as two complementary tools rather than two opposing solutions. He then focused on the three stages of behavioural change (Problem Recognition and Desire to Act, Initiation of Action, Maintenance and Nurturing) presenting how education plays a big role in Step 1 and Step 3 while nudging often helps people “get started” or “maintain”. In particular, education helps to convince people about the need to save, but once this is acknowledged some nudges might be powerful tools in determining actions.
Dr. Paul Cox, Senior Lecturer of Finance, Birmingham University Business School, UK, addressed the importance of understanding findings from behavioural economics and to apply them into pension schemes, focusing in particular on the evidence from the UK. He stressed that the aim is to encourage behaviour consistent with improvement in retirement outcomes and that an informed judgement about
11 nudges presupposes understanding the scheme cohort. In the specific case of a SME workplace scheme covering millions of people with a large number of persons not served by existing private sector pension provision, Dr Cox pointed out the benefits of communication that shapes perceptions, incentives and trade-offs.
Dr. Angela Hung, Director Centre for Financial and Economic Decision Making and Senior Economist at RAND Corporation, USA, and Ms. Delia Rickard, Senior Executive Leader for Financial Literacy, ASIC, Australia participated as discussants on the panel. Dr Hung analysed the benefits of providing advice at point of decision and combining this with incentives, while stressing the positive aspect of financial education in empowering people in making their own financial decisions. Ms. Rickard noted how behavioural economics can simplify the way in which individuals make decisions and as such support financial education initiatives. She drew on the example of Moneysmart, which applies behavioural change methods from health and environmental programmes.
The Q&A touched upon very topical issues such as the effectiveness of nudges in DC schemes, which according to some is questionable as it does not take into account the diversity of the cohort, and how encouraging persistence in pension schemes might be seen more as a public policy priority than a choice of the individual. This allowed for the expression of very different views both across panellists and amongst the intervening participants from the audience.
National strategies on financial education: international guidelines and highlights of the new Canadian strategy
The plenary session on national strategies, moderated by Mr. André Laboul, Head of the Financial Affairs Division of the OECD, focused on the guidelines developed by the OECD aiming at helping countries designing and implementing their coordinated approaches to financial education. This was very topical in a moment in which Canada adopted its new strategy following the Task Force recommendations.
Ms. Flore-Anne Messy, Principal Administrator, Financial Education, OECD, presented the working definition of national strategies for financial education, selected findings from the INFE wide stock take exercise and preliminary guidance. She pointed out in particular how 25 countries have considered and/or developed and/or implemented a national strategy (i.e. 2/3 of respondents). Ms. Messy also gave an overview of the tools developed by the OECD and its INFE intended to help policy makers and governments in these endeavours: the analytical and comparative framework, the High Level Principles (whose final version will be ready by 2011) and the comparative tables.
Ms. Ursula Menke, Commissioner, FCAC, presented the strategic vision and the long-term goals for financial literacy in Canada. She began by praising the efforts already underway and the activities promoted by some local governments. These, she explained, have been recognized by the Task Force on Financial Literacy that stressed however the need to better coordinate and to synergize efforts. This call for partnerships and collaboration, as proved by the theme of the conference, is also one of FCAC’s priorities. Ms. Menke concluded by highlighting some programmes and successful initiatives developed by FCAC and explaining the complementarity between the two mandates of consumer education and consumer protection.
12 Closing remarks
Mr. André Laboul praised the efforts of both FCAC and his colleagues at the OECD in gathering such excellent speakers and thanked participants for the quality and level of the debates. Mr. Laboul noted that the conference covered all the necessary elements of successful financial literacy: from measurement to evaluation and national strategy, from schools to savings and retirement. He also stressed the quality of the discussion held, with nearly 50 speakers and 45 countries represented.
Ms. Ursula Menke acknowledged that the conference advanced the dialogue on financial education and strengthened the ties between members of the financial literacy's worldwide community. She then addressed key highlights and achievements of the conference and noted the importance of this event for FCAC. Ms. Menke concluded on a final very powerful message, stressing how it is imperative to continue to communicate and work together – within each other’s respective countries, as well as at the international level – to implement strong and effective national strategies and to help citizens in these difficult times.
13 EVENT EVALUATION
a. Feedback from participants
Feedback questionnaires were included in the participants’ conference pack in order to gauge satisfaction with the event overall and the relevance of each session. 108 attendees completed the questionnaires (representing a response rate of 27%1), coming mainly from non-profit organisations (43%) and government or regulatory bodies (39%).
The feedback has been overwhelmingly positive, with a total of 83% of participants rating the symposium as very good or excellent. In addition, 80% felt that the overall content was very good or excellent.
An overwhelming majority of respondents felt that the information obtained through the conference is of relevance to policymakers in their countries (93%), that the event contributed something to the promotion of financial literacy in their institution (87%) and that it changed their perspective in some way (85%). Furthermore, 94% expect to use information from the conference in their work.
Almost all participants (96%) felt that the quality of speakers was very high. 84% felt that the quality of discussions was good, very good or excellent, and 76% appreciated the structure and format of the sessions.
Respondents were also asked to evaluate the six workshops. The very high approval rate is a good indication of the interest of participants and of the success of this kind of debate that leaves more room for interaction. The proportions of respondents who felt that the workshop was relevant for their organisations were as follows:
Workshop 1: Credit and Debt Management 96% Workshop 2: Technological Innovation and Financial Inclusion 92% Workshop 3: Planning for Retirement 86% Workshop 4: Social Marketing & Communication Tools 98% Workshop 5: Building Capacity: Train-the-Trainer Programs 100% Workshop 6: Financial Education in the Schools 92%
The free comments from participants indicate a general appreciation for the opportunity to build and strengthen their networks. For forthcoming events some suggested a focus on more practical guidance on the implementation of national strategies, on the design and evaluation of financial education programmes based on case studies and on evaluation. Some of the issues that participants would like similar events to focus on in the future are financial education and inclusion of disabled and illiterate adults, and about the promotion of the importance of financial education within society. Some
1 This percentage is in line with the usual rate of response for this kind of event.
14 respondents would like to know more about the role of financial institutions in financial education, behaviour change and the behavioural or psychological aspects of financial literacy as well as how financial education can complement financial consumer protection (notably in the readability of savings and investment products and in retirement planning). b. General assessment
The participants’ feedback shows that this was a successful, relevant and beneficial conference. It promoted OECD’s leadership role in nurturing global and regional awareness on the importance of financial literacy and financial education.
15 *
* with the support of the Russian/World Bank/OECD Trust Fund Conference Program: Day 1
DAY 1 – Thursday, May 26, 2011
7:30-8:30 Registration / Breakfast Harbour Ballroom Foyer
8:30-8:45 CONFERENCE OPENING Harbour Ballroom Brief remarks by master of ceremony and conference hosts, Mrs. Ursula Menke, Commissioner, Financial Consumer Agency of Canada and Mr. André Laboul, Head of the Financial Affairs Division, OECD.
Master of Ceremony: Mrs. Alison Griffiths
8:45-9:30 PLENARY: CURRENT STATE OF FINANCIAL LITERACY IN CANADA Harbour Ballroom
Keynote Mr. L. Jacques Ménard, O.C., O.Q., Chairman of BMO Nesbitt Burns and President of BMO Financial Group, Québec, and Co-Chair of Canada’s Task Force on Financial Literacy, will present the highlights of the work accomplished by the Task Force.
9:30-10:30 PLENARY: NATIONAL AND GLOBAL MEASURE OF FINANCIAL Harbour Ballroom LITERACY
Panel discussion Global economic turmoil has strengthened the argument for providing consumers with financial education to improve financial literacy. In order to identify whom to target and what to teach, a number of countries have undertaken national surveys. This session looks at the methods they used and the challenges they faced and the results they obtained.
Moderator: Ms. Adele Atkinson, Policy Analyst, Financial Affairs Division, OECD Panellists:
Ms. Jennifer Robson, Senior Policy Research Officer, Policy Research Initiative , Canada
Mr. Aleksander Rychwalski, Department of Education, Polish Financial Supervision Authority, Poland
Mrs. Olivia Davids, Head of the Consumer Education Department, Financial Services Board, South Africa
16 10:30-11:00 Networking Break (Exhibition Space) and room change Harbour Ballroom Foyer
11:00-12:15 WORKSHOPS: NECESSARY STEPS TO ADDRESS THE GAPS
Workshop 1 Credit and debt management: How can we help people tackle these Pier 4-5 difficulties and avoid the path leading to bankruptcy?
Rising household debt and bankruptcy levels are a growing concern in Canada and around the world. How can we help individuals better manage their personal finances and pay down their debts? Can financial education prevent or change the patterns leading to bankruptcy? This session will also address what non-for-profit financial counselling organizations perceive to be the most pressing concerns and how their programs tackle these issues.
Moderator: Mr. Jim Callon, Superintendent, Office of the Superintendent of Bankruptcy Canada Speakers:
Mr. Michael Chapman, Senior Expert, Financial Affairs Division, OECD
Ms. Laurie Campbell, Executive Director, Credit Canada
Ms. Teresa Perchard, Director of Policy, Citizens Advice, United Kingdom
Workshop 2 Does technological innovation equal financial inclusion: What will be Pier 2-3 the role for financial education?
New technologies are changing the way people bank and manage their personal finances. What do banking innovations, like mobile banking, mean for individuals with low levels of financial literacy and will they lead to greater financial inclusion? The panel of experts will discuss these issues and how financial education initiatives should address them.
Moderator: Mr. Juan Manuel Valle, Director, Ministry of Finance and Public Credit, Mexico Speakers: Ms. Denise Dias, Policy Specialist, Consultative Group to Assist the Poor (CGAP), Mexico
Mr. K.C. Chakrabarty, Deputy Governor, Reserve Bank of India
Mr. Richard Wilson, Director, Digital Experience, Digital Strategy & Experience, RBC Royal Bank, Canada
17 Workshop Planning for retirement: How can we help people better understand and 3 prepare themselves for this important life event? Pier 7-8
This session focuses on the policies employed by governments and market authorities to encourage retirement planning and enable people to understand the options available. The panel of experts will discuss the challenges linked to finding the appropriate manner and time to deliver pension and retirement information in order to better support people through the process.
Moderator: Mr. David Wild, Chair, Saskatchewan Financial Services
Commission and Chair, Joint Forum of Financial Market Regulators, Canada
Speakers: Dr. Debbie Harrison, Senior Visiting Fellow, The Pensions Institute, Cass Business School (OECD Consultant), United Kingdom
Mr. Malcolm Hamilton, Partner, Mercer Human Resource Consulting Limited, Canada
Dr. Jack Mintz, Director and Palmer Chair, School of Public Policy, University of Calgary, Canada
Mr. Tom Reid, Senior Vice President, Group Retirement Services, Sun Life Financial Inc., Canada
12:15- FINANCIAL EDUCATION IN THE SCHOOL SYSTEM 13:30 Harbour Ms. Leeanna Pendergast, MPP (Kitchener—Conestoga), Parliamentary Assistant to the Ballroom Ontario Minister of Finance and Co-chair of Ontario’s Financial Literacy Task Force
Lunch with Keynote Introduction by: Tom Hamza, President, Investor Education Fund (IEF) and Co-Chair, Ontario Financial Literacy Task Force
Ms. Pendergast will present highlights of the work accomplished by the Task Force and its working group tasked with developing a strategy to implement financial literacy in schools across Ontario.
18 13:45- WORKSHOPS: EFFECTIVE COVERAGE AND DELIVERY 15:00
Workshop Social marketing and communication tools: 4 How can we apply them to improve the design of financial education Pier 2-3 programs?
Social marketing tools are frequently used to alter individual's behaviour in various areas such as public health and are becoming more popular amongst those seeking to change individual financial behaviours. Discover how to design effective communication strategies and apply concepts like audience segmentation and edutainment to develop financial literacy programs that will better target the needs of specific audiences. This session will investigate whether social media can be effective in influencing individuals' financial behaviours or in improving their awareness on financial issues. Moderator: Ms. Diana Crossan, Commissioner, Retirement Commission, New Zealand Speakers: Professor Dilip Soman, Rotman School of Management, University of Toronto, Canada
Mr. Marcin Polak, President, Think Institute for Development of Communication and Education Foundation, Poland
Dr. Gilbert Peffer, xDelia Project Coordinator, University of Barcelona, Spain
Mrs. Wendy Arnott, Vice President, Social Media & Digital Communications, TD Bank Financial Group, Canada
Workshop Building capacity: How to develop effective train-the-trainer programs? 5 Pier 7-8
When it comes to delivering financial education, government agencies and community based organisations often rely on train-the-trainer programs to maximise their capacity to reach individuals. In order to be successful, these programs must be delivered by high quality trainers at the local and/or regional levels. In this session, panellists will discuss the main challenges they faced when building capacity among local financial education providers – in terms of recruitment, training, and motivation, the methods they have used to address these difficulties, as well as the successes they have achieved. Moderator: Mr. Steve Stillwell, Manager, Money Advice Service, United Kingdom Speakers: Mr. Casey Cosgrove, Director, Canadian Centre for Financial Literacy, Canada
Ms. Christine Colbert, Director of Projects and Research, Canadian Association of Family Resource Programs
Mr. Prashant Saran, Whole Time Member, Securities and Exchange Board of India
19 Workshop Financial education in schools: 6 How do we bring financial education programs into the classroom? Pier 4-5
Countries around the world are working towards increasing the place of financial education in their school systems. OECD will present the Guidelines on Financial Education in Schools developed by its International Network on Financial Education (INFE). Panellists in this session will sketch out the pros and cons of different options for integrating financial education in school curricula that have been considered around the world. They will also address important challenges such as the training of teachers and the development of appropriate resources.
Moderator: Mr. David Agnew, President, Seneca College, Canada Speakers: Ms. Flore-Anne Messy, Principal Administrator, Financial Education, OECD
Ms. Delia Rickard, Director, Office of Consumer Protection, Australian Securities and Investments Commission, Australia
Ms. Jane Rooney, Director, Financial Literacy and Consumer Education, Financial Consumer Agency of Canada
Mr. Mitch Murphy, Education Consultant with the Western School Board in Prince Edward Island and member of Canada’s Task Force on Financial Literacy
15:00- Networking Break (Exhibition Space) and room change 15:30
15:30- PLENARY: 16:15 GENDER AND FINANCIAL EDUCATION: AN OVERLOOKED ISSUE
Keynote National surveys conducted around the world often reveal that, on average, women display a lower level of financial knowledge. Increased attention to this vulnerable segment of the population is made even more compelling because of their importance in society and the economy. This plenary session will address how to best target women in the light of emerging international best practices. It will also investigate how further resources can be employed internationally to increase women's financial literacy.
Introduction by: Mr. Philip Howell, CEO and Superintendent of Financial Services, Financial Services Commission of Ontario, Canada
Presenters: Ms. Annamaria Lusardi, Professor of Economics at Dartmouth College, United Sates of America
Dr. Angela Hung, Economist, Rand Corporation, United States of America
1
20 16:15- PLENARY: SHOWCASE IN THE MEDIA 16:45 Harbour Ballroom
Keynote Alison Griffiths, Toronto Star journalist, financial author, and TV host of Maxed Out (W Network) and Dollars & Sense (Viva) will talk about what she learned throughout her career while helping financially stressed individuals, couples and families turn their situation around, sharing her thoughts as to why people make the financial decisions they do and what are some of the most common mistakes they make. She will draw on her experience to portray the main causes of over- indebtedness that she has witnessed and the remedies that she has found to be more effective in tackling these situations.
16:45- DAY 1 - WRAP UP 17:00 Closing remarks from master of ceremony Harbour Ballroom
17:00- NETWORKING RECEPTION (Exhibition Space) 19:00
21 Day 2 – Friday, May 27, 2010
8:30-9:00 Breakfast (Exhibition Space) Harbour Ballroom Foyer
9:00-9:45 PLENARY: Harbour Ballroom IMPORTANCE OF EVALUATION OF FINANCIAL EDUCATION PROGRAMS: CHALLENGES AND EXISTING INTERNATIONAL BEST PRACTICES AND TOOLS
Keynote All over the world, people responsible for implementing financial education projects are asking themselves: "How do we know we are making a difference?" There is increasing recognition of the importance of undertaking high quality evaluation in order to answer this question. Our experts will share with you the principles and guidelines they have developed to build evaluation strategies tailored for financial education programs.
Introduction by: Ms. Diana Crossan, Commissioner, Retirement Commission, New Zealand Presenters:
Ms. Adele Atkinson, Policy Analyst, Financial Affairs Division, OECD
Mrs. Janet M. Murray, Financial Literacy Evaluator, Social Enterprise Development Innovations, Canada
9:45-10:15 PLENARY: Harbour Ballroom BEHAVIOURAL ECONOMICS: WHY AND HOW PEOPLE MAKE THE FINANCIAL DECISIONS THEY DO?
Keynote Jonah Lehrer, author of How We Decide, will discuss how the human mind makes decisions. He will demonstrate how our emotional impulses influence our judgment, and how our need for immediate gratification often leads us to make apparently irrational decisions. Mr. Lehrer will explain that if we better understand how we make decisions and recognize the decision-making mistakes to which we are vulnerable, we can learn to make better decisions. Mr. Lehrer will discuss in particular how we can apply these principles to help people make better financial decisions.
22 10:15- PLENARY: 11:15 Harbour NUDGING OR EDUCATING CONSUMERS ON FINANCIAL ISSUES: Ballroom OPPOSING OR COMPLEMENTARY INTERVENTIONS? HOW CAN WE INFLUENCE FINANCIAL BEHAVIOURS IN THE LONG TERM?
Panel Many financial literacy practitioners say that financial education alone is just discussion not enough. Even when people have the information needed and know the right thing to do, they will not necessarily engage in an informed financial behaviour. Our panel of academics will discuss how a judicious balance of financial education and choice architecture initiatives can support governments’ efforts at influencing financial behaviours through public policy while respecting the freedom of choice of consumers.
Moderator: Mr. Marc-André Pigeon, Director, Financial Sector Policy, Credit Union Central of Canada Panellists:
Professor Dilip Soman, Rotman School of Management, University of Toronto, Canada
Dr. Paul Cox, Senior Lecturer of Finance, Business School of the University of Birmingham, United Kingdom
Discussants:
Dr. Angela Hung, Economist, Rand Corporation, United States of America
Ms. Delia Rickard, Director, Office of Consumer Protection, Australian Securities and Investments Commission, Australia
11:15- Networking Break (Exhibition Space) 11:45 Harbour Ballroom Foyer
23 11:45- PLENARY: 12:30 Harbour NATIONAL STRATEGIES ON FINANCIAL EDUCATION: INTERNATIONAL Ballroom GUIDELINES AND HIGHLIGHTS OF THE NEW CANADIAN STRATEGY
Special Many countries are currently working towards implementing a national financial Session literacy strategy. With this in mind, the OECD has developed guidelines through their International Network on Financial Education (INFE) to help national governments work towards establishing short and long term plans. Canada will share an overview of the next steps in rolling out its new national strategy.
Moderator: Mr. André Laboul, Head of the Financial Affairs Division, OECD Panellists:
Ms. Flore-Anne Messy, Principal Administrator, Financial Education, OECD
Mrs. Ursula Menke, Commissioner, Financial Consumer Agency of Canada
12:30- CLOSING REMARKS 13:00 Master of ceremony and conference hosts Harbour Ballroom
24 LIST OF PARTICIPANST
Angola Nilza Muafumba National Institute of Consumer Protection
Suzana Tshika National Institute of Consumer Protection
Armenia Tatevik Avetisyan The Office of Financial System Mediator
Armenak Darbinyan Central Bank of Armenia
Ashot Ghochikyan The Office of Financial System Mediator
Sevak Mikayelyan Central Bank of Armenia
Australia Ross Jones Australian Prudential Regulation Authority
Delia Rickard Australian Securities and Investments Commission (ASIC) Anne Southwell New South Wales Department of Education and Training Azerbaijan Natavan Mammadova Central Bank of Azerbaijan Republic
Brazil Juliana Barral Central Bank of Brazil
British Virgin Elise Donovan Financial Services Commission Islands
25 Canada Michelle Ackland The Candora Society of Edmonton
David Agnew Seneca College
André-Marc Allain Financial Consumer Agancy of Canada
Suzanne Allen Human Resources and Skills Development Canada
Christine Allum Investor Education Fund
Anita Anand University of Toronto/Investor Advisory Panel
Ross Anderson Scotiabank
Jennifer Anderson Saskatchewan Financial Services Commission
Al Antle Credit Counselling Service of Newfoundland and Labrador Stephen Arrowsmith Special Surveys
Patricia Ashie Canadian Literacy and Learning Network
Seth Asimakos Saint John Community Loan Fund
Mathieu Audet Government of Canada
Anne Babcock WoodGreen Community Services
Jeff Balch Thames Valley DSB
Richard Banner Polestar Communications Inc.
Michael Barr Ficanex Services
Michael Barrett Consumers Council of Canada
Tricia Barry Money School Canada
Camille Beaudoin Autorité des marchés financiers (AMF)
André Beaudry Association of Canadian Community Colleges
26 Canada Pauline Beggs Curriculum Services Canada
Martine Bélanger FCAC
Marie Bélanger CanNor
Donald Booth Learning Branch
Jennifer Braid CMHC
Joan Braun BC Centre for Elder Advocacy and Support
Anne-Marie Brinsmead The G. Raymond Chang School
Lorinda Brinton Alberta Securities Commission
Beth Brown Ministry of Education
Melanie Buffel BC Asset Building Collaborative and The Canadian Centre for Financial Literacy Eloï Bureau ACEF de l'Outaouais
Jean-Paul Bureaud Ontario Securities Commission
Emma J. Butt Canadian Centre for Elder Law
Leslie Byrnes Cdn Life & Health Insurance Assn
James Callon Office of the Superintendent of Bankruptcy
Patricia Callon The Canadian Securities Transition Office
Laurie Campbell Credit Canada
Adam Cardwell Credit Counselling Services of Newfoundland and Labrador Michelle Carlyle RBC
Sam Carnovale CMHC
Saveria Caruso Ministère de l'Éducation de l'Ontario
27 Canada Melissa Cassar Visa
Myriam Chagnon Option consommateurs
Daniel Chometa Consolidated Credit Counseling Services of Canada Inc. Debbie Clark The Candora Society of Edmonton
Christine Colbert Canadian Association of Family Resource Programs
Casey Cosgrove canadian centre for financial literacy (sedi)
Micheline Côté Association coopérative d'économie familiale de l'Ile- Jésus Amy Coupal Curriculum Services Canada
Ainsley Cunningham Manitoba Securities Commission
Joanne Currie United Way of the Alberta Capital Region
Ilana Dadds Government of Manitoba
Judith David-Wilson Investor Education Fund
Bryan P. Davies Canada Deposit Insurance Corporation
Lee Anne Davies RBC Royal Bank
Joseph de Pencier Financial Consumer Agency of Canada
Fiona Deller Higher Education Quality Council of Ontario
Brian Denysuik Canadian Association of Independent Credit Counselling Agencies Pierre Dery Canada Mortgage and Housing Corporation (CMHC)
Guylaine Despatis business event solutions
Eileen Dooley Canadian Literacy and Learning Network (CLLN)
28 Canada Roger Dowdall FCAC
Maura Drew-Lytle Canadian Bankers Association
Chris D'Souza Bank of Canada
Pascale Dugré- Department of Finance Canada Sasseville Karen Duncan University of Manitoba
Pat Dunphy FCAC
Patricia Dunwoody Private
Steven Ehrlich Canada Mortgage & Housing Corporation
Adam Fair SEDI/Canadian Centre for Financial Literacy
Karen Fetterly Alberta Education
Ivyline Fleming Jamaican Canadian Community Women`s League of Montreal Inc. Tyler Fleming Ombudsman for Banking Services and Investments
Faye Forbes- Self employed mostly retired Anderson Don Forgeron Insurance Bureau of Canada
Estelle Forget Credit Counselling Service of Simcoe County
Lissa Foster Citibank Canada
Serge Fournier business event solutions
Stephen Frank CLHIA
Carol Fraser Ont. Association of Credit Counselling Services
Eduarda Freitas ACEF de l'île- Jésus
29 Canada Ralph Frustaglio RJF Communications
Lyne Gagné-Renwick City of Hamilton
Claude Gagnon BMO Groupe financier
Steven Gallacher A.Y. Jackson S.S.
Sophie Garon Autorité des marchés financiers
Patricia Gass self-employed
Elisabeth Geller Vancity Credit Union
Laurie Gillett Investment Funds Institute of Canada
John Gogan InCharge Canada
Ashleigh Goodbody Visa Canada
Edward (Ted) Gordon Task Force on Financial Literacy
Tamara Griffith St. Christopher House
Alison Griffiths Alison Griffiths
Michael Grist Financial Institutions Commission
Maryse Guénette Option consommateurs
Richard Haggins InCharge Canada
Malcolm Hamilton Mercer
Tom Hamza Investor Education Fund
Rick Hancox New Brunswick Securities Commission
Amy Hanen TD Bank Group
30 Canada Julie Hauser FCAC
Francine Hebert Sudbury Credit Counselling
Carla Hindman Visa Canada
Zahra Hirji TD Bank
Aly Hirji Toronto District School Board
Colleen Hochhausen Money Mentors
Jill Homenuk Ontario Securities Commission
Manon Houde Coalition des Associations de consommateurs du Québec Philip Howell Financial Services Commission of Ontario
Julie Jaggernath Credit Counselling Society
Elena Jara Credit Canada
Janice Jeffs Industry Canada
Michael Jenkin Industry Canada
Nurez Jiwani Financial Services Commission of Ontario
Janelle John The Office of the Superintendent of Bankruptcy Canada Margaret Johnson Canadian Association of Independent Credit Counselling Agencies Tamara Kelly Credit Counselling Services of Atlantic Canada
Carla Kendall YMCA
Paulette Kennedy Ontario Securities Commission
31 Canada Lindsay Kennedy Canadian Literacy and Learning Network
Robert Kerton University of Waterloo
Rina Khosla ABC Life Literacy Canada
Nigel Kidd Edmonton Financial Literacy Society (EFLS)
Andrea Knight Canada Student Loans Program
Marie J. Lachance Université Laval
Chris Laquerre FCAC
Jarrett Laughlin Canadian Council on Learning
Benoit LeBlond business event solutions inc.
Isabelle Lefebvre FCAC
Jonah Lehrer The Lavin Agency
Gordon Lenjosek Strategic Policy & Research Branch
Mary Catharine Lennon Higher Education Quality Council of Ontario
Raymond Lepage sosdettes.ca
Bruno Levesque Finance Canada
Mélanie L'Heureux ACEF de l'Outaouais
Yael Lipman Royal Bank
Cary List Financial Planning Standards Council
Chanda Loll Government of Ontario
Anne Loosen Department of Finance Canada
32 Canada Alan Lysaght The ABC Guys
Kenneth MacAulay St. Francis Xavier University
Morag MacGougan Canadian Securities Transition Office
Cameron MacKay Devon Group
Natalie MacLellan Nova Scotia Securities Commission
Elaine Magil WoodGreen Community Services
Tom Mahaffey St. Francis Xavier University
Sharmin Mallick HRSDC-ISSD-CDPD- HIP
Brian Maltman General Insurance OmbudService
Kathryn Martin Credit Union Central of Canada
Monica Masciantonio Scotiabank
Christopher May Ontario Payday Lendign Education Fund Corporation
Donna McBride Momentum
Rowena McDougall Ministry of Finance
Lois McGrath Canada Mortgage and Housing Corp
Paul McKeague HRSDC
David Melia Curriculum Services Canada
Douglas Melville Ombudsman for Banking Services & Investments
Jacques L. Ménard, O.C., BMO Groupe financier et BMO Nesbitt Burns O.Q., Ursula Menke Financial Consumer Agency of Canada
33 Canada Michael Meth University of Toronto Mississauga
Véronique Milot FCAC
Melanie Minos Canadian Bankers Association
Jack Mintz University of Calgary
Monique Miron business event solutions inc.
Maryam Moadel Financial Services Commission
William Moores Canadian Association of Credit Counselling Services
Jhonel Morvan Ministère de l'Éducation de l'Ontario
Scott Mullin TD Bank Group
Susan Murray Task Force on Financial Literacy
Janet M. Murray Social and Enterprise Development Innovations (SEDI) Vijayanthi Naguleswaran St.Christopher House
Krista Nerland Government of Canada
Maria Luise Neuper ACEF du sud-ouest de Montréal
Holly Nicholson OmbudService for Life & Health Insurance
Leanne Nicolle Plan Canada
Nicole Nixon CMHC
Tanya Noel Strategic Policy and Research Branch
Christian Nordin CAPSA (Canadian Association of Pension Supervisors) Ken Norrie Higher Education Quality Council of Ontario
34 Canada Janique North Community Counselling Centre of Nipissing
Sunil Nouraly FCAC
Ben Nunez InCharge Canada
Emer O'Flynn- Toronto District School Board Wheeler, Emer Mary O'Reilly Insurance Bureau of Canada
Elizabeth (Betty) Owens CREDIT COUNSELLING CANADA
Angelo Pace FUNancial Education
Daniel Padro Ministry of Finance (Ontario)
Ralph Palumbo Insurance Bureau of Canada
Katherine Pancuska Grant Thornton LLP
Ermanno Pascutto FAIR Canada
Bill Paszek TD Bank Group
Leeanna Pendergast Government of Ontario
Susan Perry Ontario English Catholic Teachers Association
Marc-André Pigeon Credit Union Central of Canada
Eve Poirier Canadian Securities Administrators
Lise Poissant Office of the Superintendent of Bankruptcy
Gabriela Polanco Scotiabank Group
Andrew Poon BC Securities Commission
Ruth Potvin St. Christopher House
35 Canada Rebecca Price Central Neighbourhood House
Brenda Purschke Momentum
Perry Quinton Investor Education Fund
Gary Rabbior Canadian Foundation for Economic Education
Jessica Rackley FCAC
Kia Rassekh Investment Funds Institute of Canada
Tom Reid SunLife Financial
Tom Reid TransUnion
Émilie René ACFC
Jean Riddell Credit Counselling Services of Simcoe County
Marissa Rignanesi New Brunswick Securities Commission
Jennifer Robson Policy Research Initiative
Gabriele Roehl Coalition des associations de consommateurs du Québec Mack Rogers ABC Life Literacy Canada
Jane Rooney FCAC
Henrietta Ross Canadian Association of Credit Counselling Services
Stephen Rotstein FPSC
Dominique Rousseau business event solutions
Linda Routledge Canadian Bankers Association
Julie Rubin Momentum
36 Canada Kimberly Ryan Government of Newfoundland and Labrador
Jeremie Ryan FCAC
Lynne Santerre Office of the Superintendent of Bankruptcy
Kevin Schachter SEED Winnipeg Inc.
Jeffrey Schwartz Consolidated Credit Counseling Services of Canada, Inc. Ellen Schwartz Polestar Communications
William Schwartz Polestar Communications
Mijanou Serre BC Securities Commisson
Brenda Shanahan McGill University
Martin Ship Ministry of Finance
Michael Silicz Family Services and Consumer Affairs
John Silver Community Financial Counselling Services
Louise Simbandumwe SEED Winnipeg Inc.
Michelle Smith United Way Toronto
Tamara Smith Financial Planning Standards Council
Brian Smith Carrefour Jeunesse Emploi de Cote des Neiges
Lee Smith-Preston Credit Counselling Service of Simcoe County
Dilip Soman University of Toronto
Allen Stern JVS Toronto
Susan Swayze Ontario Securities Commission
37 Canada Fiona Tam Sun Life Financial
Charles Tanguay Union des consommateurs
Lucie Tedesco FCAC
Ginette Trahan Bureau du surintendant des faillites
Meghan Trepanier SEDI
Luciana Tuzino SEDI/Canadian Centre for Financial Literacy
Christopher Usih Toronto District School Board
Tamera Van Brunt Alberta Securities Commission
Ianthi Vayid Financial Consumer Agency of Canada
Tricia Verreault Ministère de l'éducation Ontario
Maria Vranas FCAC
John Waldron CSI Global Education
Robin Walsh Canadian Bankers Association
Heather Walters Ministry of Education
Tracy Watson Money Mentors
Laura Watts SEDI/Canadian Centre for Financial Literacy
Edwin Weinstein The Brondesbury Group
Patricia White Credit Counselling Canada
Ken Whitehurst Consumers Council of Canada
Dave Wild Saskatchewan Financial Services Commission
38 Canada Terri Williams DundeeWealth
Cairine Wilson Canadian INstitute of CAs
Alexandra Wilson National Initiative for the Care of the Elderly (NICE)
Richard Wilson RBC Royal Bank
Warren Wood Canadian Association of Credit Counselling Services
Shauna-leigh Wright Government of Alberta
Miryam Zeballos St. Christopher House
Li Zhang Canadian Institute of Chartered Accountants
Colombia Oscar Anzola Colombian Deposit Insurance Fund
Monica Aparicio Colombian Deposit Insurance Fund
Maria del Pilar Esguerra Banco de la República Umaña Nidia García Banco de la República Bohórquez Mabel Gonzalez Asobancaria Pacheco Juan Carlos Lopez Colombian Deposit Insurance Fund
Congo Guy Serge Bakonda Ministry of Foreign Affairs
Czech Dusan Hradil Ministry of Finance of the Czech Republic Republic Helena Kolmanova Czech National Bank
Eva Zamrazilova Czech National bank
Denmark Louise Skjødsholm Danish Financial Supervisory Authority
Estonia Leonore Riitsalu Financial Supervision Authority
39 France Pascale Lacombrade Societe Generale
Bernard Marx IEFP - Institut pour l'Education Financière du Public
Germany Arne Huneke Bundesanstalt für Finanzdienstleistungsaufsicht
Michael Schiedermeier Deutsche Bundesbank
Ghana Benjamin Appiah-Kubi International Voluntary Organisation for Women,Education And Development Bernard Otabil The Financial Literacy Foundation, Ghana
Hungary Judit Pap Hungarian Financial Supervisory Auth.
György Szalay The Central Bank of Hungary
Iceland Breki Karlsson Institute for Financial Literacy
India Gyan Bhushan Ministry of Finance
K. C. Chakrabarty Reserve Bank of India
Sudhakar Kaza Reserve Bank of India
Ajay Kumar Misra Reserve Bank of India
Kumari Poonam Securities and Exchange Board of India
Madhu Sudan Sahoo Securities and Exchange Board of India
Prashant Saran Securities and Exchange Board of India
Indonesia Pungky Purnomo Wibowo Bank Indonesia
Ireland Bernard Sheridan Central Bank of Ireland
Italy Nicola Di Ponzio COVIP
Gaetano Chionsini Banca d'Italia
Vincenzo Nastasi Svi Finance - INVITALIA
Maurizio Trifilidis Banca d'Italia
40 Jamaica Cherryl Hanson Financially S.M.A.R.T. Services Simpson Carla Myrie Financial Services Commission
Nadene Newsome Financial Services Commission
Japan Okazaki Ryoko Bank of Japan
Kazakhstan Murat Baisynov Agency of the Republic of Kazakhstan on regulation and supervision of financial market Valikhan Gusmanov Agency of the Republic of Kazakhstan on regulation and supervision of financial market Kenya Matu Mugo Central Bank of Kenya
Francis Mwai Kenya Private Sector Alliance
Korea, South Sung Joon Chun Financial Supervisory Service
Honggi Em Ministry of Strategy and Finance
Yanghyun Lee Ministry of Strategy and Finance
Chung Sook Moon Financial Supervisory Service
Lebanon Suzanne Abou Chakra Institut des Finances Basil Fuleihan
Ghide Hage Sleiman Banque du Liban
Souraya Srage Institut des Finances Basil Fuleihan
Malaysia Koid Swee Lian Bank Negara Malaysia
Mexico René Curiel Institute for the Protection of Banking Savings
María del Díaz Institute for the Protection of Banking Savings Carmen Maria Del Diaz Rey Deposit Insurance Corporation Carmen Carbarcos Vanessa Rubio-Marquez National Commission for the Retirement Savings System (CONSAR) Juan Manuel Valle Ministry of Finance Mexico
41 Netherlands Fleur Hudig ING
Jared Penner ChildFinance
Lubna Shaban ChildFinance
New Zealand Diana Crossan Retirement Commission, New Zealand
David Kneebone Retirement Commission, New Zealand
Nigeria Joseph Abdul Attah Central bank of Nigeria Alih Norway Kjetil Karsrud The Financial Supervisory Authorithy of Norway (Finanstilsynet) Peru Erick Jesús Murillo Instituto de Educación Superior Tecnológico Privado Cuadros de Formación Bancaria Poland Karol Grzybowski Ministry of Finance
Krzysztof Kaczmar Leopold Kronenberg Foundation
Michal Nalepa Polish Financial Supervision Authority
Marcin Polak Think! Institute for Development of Communications and Education Foundation Aleksander Rychwalski Polish Financial Supervision Authority
Marcin Staniewicz National Bank of Poland
Piotr Zuzankiewicz National Bank of Poland
Portugal Maria Lúcia Leitão Banco de Portugal
Susana Narciso Banco de Portugal
Qatar Hamad Almannai Qatar Central Bank
Serbia and Jelena Popovic National Bank of Serbia Montenegro Singapore Tan Chee Khiang Monetary Authority of Singapore (MAS)
Ivy Liow Central Provident Fund Board
Jeffrey Png Central Provident Fund Board
42 Slovakia Vladimir Dvoracek National Bank of Slovakia
Gabriela Sedlakova National Bank of slovakia
South Africa Ginger Bester Financial Services Board
Lyndwill Clarke Financial Services Board
Olivia Davids Financial Services Board
Gabafetse Peter Setou National Credit Regulator
Spain Cristina Carrillo CNMV Comisión Nacional del Mercado de Valores
Gilbert Peffer CIMNE, Polytechnic University of Catalonia
Alicia Valencia Ministry of Economy and Finance
Tanzania Nangi Massawe Bank of Tanzania
Emmanuel Mng'ong'o Bank of Tanzania
Paul Sawaya Tanzania Institute of Education Dominick Thailand Simone DiMushi Castri Alliance for Financial Inclusion
Trinidad and Ronald Phillip Trinidad & Tobago Securities & Exchange Tobago Commission Arlene Stephen Trinidad & Tobago Securities & Exchange Commission Deborah Thomas-Felix Trinidad & Tobago Securities & Exchange Commission Turkey Cihan AKTAS Central Bank of Tthe Republic of Turkey
Ahmet Derdiyok Capital Markets Board of Turkey
Mustafa Gumus Capital Markets Board of Turkey
Halid Sirin Banking Regulation and Supervision Agency
Ayse Arzu Teymuroglu Capital Markets Board of Turkey
Zeynep Özge Yetkin Central Bank of the Republic of Turkey
43 United Arab Khalifa Almehairi Abu Dhabi Council For Economic Development Emirates Jennifer Green Abu Dhabi Council for Economic Development
United Paul Cox University of Birmingham Kingdom Debbie Harrison The Pensions Institute
Gerard Lemos Money Advice Service
Sue Lewis HM Treasury
Teresa Perchard Citizens Advice
Steve Stillwell Money Advice Service
United States Jason Alderman Visa Inc.
Denise Dias CGAP
Jeanne Hogarth Federal Reserve Board
Angela Hung RAND
Dan Iannicola The Financial Literacy Group
Annamaria Lusardi Financial Literacy Center
Lewis Mandell University of Washington
Lauren Martens The Financial Literacy Group
Sophie Paine A and B make 3 llc
Barbara Smith Social Security Administration
Mary Suiter Federal Reserve Bank of St. Louis
Beth Warn TD banknorth
44 The World Sue Rutledge Bank OECD Michael Chapman
André Laboul
Adele Atkinson
Andrea Grifoni
Flore-Anne Messy
45