Improving financial skills for prosperity
Financial education aims to enhance citizens, consumers and employees knowledge and understanding of financial concepts and products. Discover why it is key to facing financial instability and decreasing risk, and how Deloitte can help you face this challenge.
Financial education: key to facing financial instability and decreasing risk
Financial education is the process of imparting information and instruction to citizens, consumers and employees to enhance their knowledge and understanding of financial concepts and financial products.
The recent global economic crises – and particularly the subprime crisis – have demonstrated the low level of knowledge of basic and complex financial concepts among the greater public as well as the vulnerability of the less financially literate during financial turmoil.
More generally, the crises have shaken confidence and trust in financial products, services, and service providers. Financial education may play an important role in addressing the knowledge gaps which contributed to the crisis and still impede sound financial decision-making.
It may also help to restore consumer trust, reduce stress related to financial issues, and educate a generation of more confident consumers. Through smart information campaigns and instruction on financial principles and services, financially literate citizens and employees are better armed to prevent and cope with the consequences of economic downturns and financial crises and make more informed investments.
Financial education is important in a dynamic global economy because of:
- A complex financial services landscape
- An ageing population in developed economies shaping a new pension landscape
- Emerging and developing economies enabling first-time users
- The impact of financial integration and redistributive social policies
Our tailor-made solutions in financial education
Drawing on the expertise acquired in serving the financial services industry in Luxembourg as well as on its established education consulting practice, Deloitte has developed a wide range of financial education programmes. This combination of expertise places us in a unique position to provide targeted solutions to clients interested in improving the financial literacy levels of citizens, customers, and employees.
We endeavour to provide the educational, financial, and specific context expertise required to successfully design and implement financial education strategies and programmes for all types of target populations.
Our financial education services include:
- Financial literacy surveys and needs assessments
- Development of national financial education strategies
- Evaluation of financial education programmes
- Design of financial education programmes for dissemination by the financial services industry
- Development of training modules and support material on financial education for educational establishments, public institutions, and corporations
- Design, evaluation and monitoring of PPPs in financial education
- Curriculum reform (integration of financial education in curricula)
- e-Learning platform design and implementation to support financial education