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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.

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

Solving the problem of financial literacy demands looking more broadly at business literacy. For example, the Hope “Business in a Box” project encourages young people aged 8 to 18 to start small businesses, funded and initiated with capital levels between US$50 and US$500. It is presently operational in more than 3,500 schools in South Africa and the United States, with success tracked by the Gallup-HOPE index measurement instrument. More details are at http://www.operationhope.org/ business-in-a-box.

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

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

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