New Zealand’s Retirement Commission to host Financial Literacy summit on June 26th, 2009

New Zealand’s Retirement Commission is hosting a summit, Financial Literacy 09, in Wellington on June 26th, 2009. The basis for discussion will be the findings from the 2009 ANZ-Retirement Commission Financial Knowledge Survey. International speakers include Wendy van den Hende, Chief Executive of the UK’s Personal Finance Education Group (pfeg) and Annamaria Lusardi, professor of economics at Dartmouth College in the US, an expert in financial literacy. MORE>>

The Knowledge Channel Foundation, the Department of Education and Citi Philippines have developed a pioneering financial literacy program entitled “Estudyantipid” (combining “Estudyante,” meaning student, and “Tipid,” meaning frugal) to teach young Filipinos simple economic and financial concepts and proper money management. The seven episode series in Filipino airs daily over the Knowledge Channel (KCh) on cable television and is broadcast in all public schools with access to KCh. Teachers have also been provided with a guide to help them reinforce learning points covered in each episode. Program viewership to date is over 1.3 million public school students in the country, with a potential reach of 3 million households. MORE>>

National Alliance for Financial Literacy expands in India

The Indian School of Microfinance for Women (ISMW), through its Citi Center for Financial Literacy, launched the National Alliance for Financial Literacy (NAFiL) last year in Mumbai with the goal of spreading knowledge about financial literacy among 1 million poor women all over India by March 2010. As of the first few months of 2009, 29 members in 23 of India’s 35 states and union territories have joined NAFiL. MORE>>

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MasterCard launches financial education site in Korea

MasterCard Worldwide has launched its Financial Know-How consumer education programme in Korea to provide personal financial tools that help consumers assess their finances, set financial goals, create a financial plan, and track spending. Advice is provided on how to curb spending, prioritize which debts to repay, and understand interest rates and late fees. MasterCard offers similar financial education sites in Australia, China, India, Japan, New Zealand and Taiwan. MORE>>

Aflatoun partners with India’s Tata Consultancy Services to track impact

Tata Consultancy Services has completed a six-month project with Aflatoun to develop a partner database that tracks Alatoun’s global programmes and their impacts. The multi-lingual tool captures the results of all Aflatoun Programmes and is expected to improve Aflatoun’s ability to analyse the results of its quality and impact system more accurately. MORE>>

Monetary Authority of Singapore identifies need for more investor education

In a January 16th, 2009 update on its ongoing investigation of complaints surrounding the sales of Lehman Brothers-linked structured products, the Monetary Authority of Singapore has also identified a need for greater investor education. It signalled a need to step up the work done by Singapore’s MoneySENSE programme, which has been supported by government agencies and financial industry associations. MORE>>

New Zealand’s financial education organization, Sorted.org.nz, has released a new online tool called “Spendometer” to allow consumers to compare how much they would pay for purchases if they paid for them by hire purchase, personal loan, or with a credit card or store card. The tool adds to the organization’s 32 financial calculators that look at budgeting, managing debt, saving and investing.

Citi Australia has released its sixth retirement index of financial research on Australian retirees of age 55 or older. With volatile stock markets, the 2008 index showed a decline in confidence levels among its targets. Citi’s accompanying wealth index of Australians aged 30-54 showed a greater propensity to seek professional advice for charting a course for personal wealth. MORE>>

The 16-member of the President’s Advisory Council on Financial Literacy on January 16th, 2009 approved its first Annual Report to the President, containing 16 recommendations for improving the financial literacy of Americans. Among the recommendations is one that suggests financial education be mandated in the first 13 years of schooling, from kindergarten to grade 12, and better access to banking services provided for “the tens of millions” of Americans who are unbanked or underserved in their financial needs. MORE>>

Interview with Kuo How Nam - President, Credit Counselling Singapore (CCS)

Credit Counselling Singapore provides an arbitration service between banks and borrowers that helps to provide information about debt and debt resolution. Borrowers who have become overwhelmed by debt can learn about their options, while banks can learn about the issues that their clients face with multiple financial institutions and find solutions that help avoid personal bankruptcy. The organisation sees financial education as a goal in helping Singaporeans understand their debt better, or to avoid excessive debt in the first place. MORE>>

Hatton National Bank and school outreach programmes

Sri Lanka's Hatton National Bank has been running financial education programmes for young Sri Lankans since 1989 in order to introduce them to financial concepts, how banks work, and to initiate their own savings.  In a country where banks are not well-understood, Hatton National Bank has undertaken various social programmes to de-mystify financial services and encourage young people to save for themselves. MORE>>