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Financial Capability for Europe’s Youth and Retirees

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The philosophy behind our change :Financial Education to Financial Capability

• Focus on more than financial knowledge and skill • Motivate positive changes to financial behavior• Help people learn how to select appropriate financial products and

services• Provide access to ongoing support and life event financial planning • Build and preserve assets – improve economic stability and opportunity .

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Why we chose youth and pre-retirees

• International Monetary Fund projected in September 2006 that the ratio of retirees to workers in Europe will double to 0.54 by 2050 (from four workers per retiree to two workers for per retiree).

– Europe’s youth will carry greater responsibility for the economy.– Pre-retirees are needing to quickly adjust to new economic realities

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The Austerity Zone

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About CFEB

Responsibility To help consumers understand financial matters and

manage their finances better.

Who we are We are an independent body, created in April 2010 by the

Financial Services Act 2010.

Delivery

We do this by providing impartial information, education and advice through a national financial advice service.

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National Financial Advice Service

Face to Face

• Appointments in priority areas across the UK• From Spring 2011, these will be available nationwide

Free ImpartialAdvice

On line www.moneymadeclear.org.uk On the phone

Partnerships

Life Stages

• With industry, government consumer groups, professional bodies, voluntary organisations, and the media

• Strategic programmes targeted at helping people through critical stages and events in their lives

7National Financial Advice Service

UNIVERSAL OFFER

Campaigns

REACHING THE UK POPULATION

YoungAdults Families RetirementWork

WellBeing

Life Stage Approach

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Youth

Young people aged 16 to 24 take positive action when making key, independent financial

decisions for the first time

Generation Z seeks information, advice and guidance in ways distinct from older generations

Behavioural economics

Channels

Employers Key workersDigitalFinancial sector

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Retirees

People approaching retirementplan their finances and take action.

Your Guide to Retirement helps with the transition from workto retirement and to improve financial security.

Behavioural economics

Channels

Employers Not for profitGovernmentFinancial sector

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The collaboration between Citi, CFEB, and partners through Enterprise 2020 offers opportunities to share knowledge and good practice of financial capability for youth and retirees across Europe.