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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, , 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