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Symposium 2012

Solution for Improving Financial Education and Literacy

The Challenge

As governments face increasing debt burdens and companies too face significant cost burdens, there is a clear movement towards individual responsibility for financial planning for retirement. This mov ...

As governments face increasing debt burdens and companies too face significant cost burdens, there is a clear movement towards individual responsibility for financial planning for retirement. This movement is happening at precisely the time that individuals themselves are feeling more insecure about the future in the face of declining job security and the increased reluctance of financial institutions to provide credit.

Adopt group counseling for social networks to improve credit scores.

Social networks play an important role in diffusing good practice. For example, Project HOPE (http://www.operationhope.org) has developed the 700 Credit Score Communities program, which allows participants to join a community of like-minded individuals. They take part in one-on-one and group credit counseling sessions to improve their credit scores by applying knowledge gained from financial education.

    Related Solutions

    Solution
    Symposium 2012

    Make visualizations central to the acquisition of financial literacy.

    Make visualizations central to the acquisition of financial literacy.

    Make visualizations central to the acquisition of financial literacy.

    Polity, Academia, Business, Civil Society
    Solution
    Symposium 2012

    Promote financial and entrepreneurship education combined with business idea competitions and start-up funding for young people.

    Promote financial and entrepreneurship education combined with business idea competitions and start-up funding for young people.

    Promote financial and entrepreneurship education combined with business idea competitions and start-up funding for young people.

    Polity, Academia, Business, Civil Society
    Solution
    Symposium 2012

    Develop minimum standards for financial education covering savings, credit, investment, and financial fraud.

    Develop minimum standards for financial education covering savings, credit, investment, and financial fraud.

    Develop minimum standards for financial education covering savings, credit, investment, and financial fraud.

    Polity, Academia, Business, Civil Society
    Solution
    Symposium 2012

    Use educational games to impart financial education and network effects to spread the knowledge.

    Use educational games to impart financial education and network effects to spread the knowledge.

    Use educational games to impart financial education and network effects to spread the knowledge.

    Polity, Academia, Business, Civil Society
    Solution
    Symposium 2012

    Add a government-approved, simple "plain vanilla product" for each product category.

    Add a government-approved, simple "plain vanilla product" for each product category.

    Add a government-approved, simple "plain vanilla product" for each product category.

    Polity, Business
    Solution
    Symposium 2012

    Use smartphone technology to help consumers make better choices at point of sale.

    Use smartphone technology to help consumers make better choices at point of sale.

    Use smartphone technology to help consumers make better choices at point of sale.

    Polity, Business