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

Smartphones are powerful computers with visual recognition capacity, access to Internet data bases and instantaneous capability to utilize models to make optimal decisions. Consumers with smartphones who have been led to point of sale by agents for sellers can scan the product code with their smartphones which will access all relevant data bases concerning the legitimacy of the seller, the relative costs of the product, the product’s attributes and the match with the (preentered) needs of the consumer. Almost immediately, the consumer can be given a red light (stay away), a green light (product is acceptable) or a yellow light (consider carefully and look at other products).

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    Symposium 2012

    Make visualizations central to the acquisition of financial literacy.

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    Make visualizations central to the acquisition of financial literacy.

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    Symposium 2012

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

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    Symposium 2012

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

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    Adopt group counseling for social networks to improve credit scores.

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

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    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