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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.

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

Games such as Countdown to Retirement, Financial Football, Financial Soccer, Money Metropolis, and Ed’s Bank are increasingly being used to teach people about basic financial concepts. Network effects can spread this financial literacy since people are usually influenced by their peer groups. Financial literacy materials are likely to have a larger positive impact when they are distributed to peer groups located closer together than more loosely connected peer groups.

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    Symposium 2012

    Make visualizations central to the acquisition of financial literacy.

    Make visualizations central to the acquisition of financial literacy.

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

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    Adopt group counseling for social networks to improve credit scores.

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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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