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Enhancing Financial Literacy: Strategies for Effective Saving Programs

This session will explore effective ways to increase financial skills among consumers with a focus on both short-term and long-term saving strategies. We will discuss methods to target specific audiences using advertising and face-to-face communication, considering how people assimilate information. The session includes a review of the Save Xmas education program, the impact of the Farepak collapse, and the government's response. Key objectives include helping consumers understand their options, building relationships with partners, and enabling informed decisions about their financial future.

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Enhancing Financial Literacy: Strategies for Effective Saving Programs

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Presentation Transcript

  1. Today’s session — what will cover • Discuss how to increase skills • Are the principles the same for short and long term saving? • Think about how to reach specific audience • Advertising or face-to-face • How people assimilate information • Go through approach and play out for Save Xmas education programme

  2. Education programme background • Farepak collapse • Government response included £1m to OFT • Using to run education programme • Advertising not appropriate • Financial inclusion — small sector

  3. Objectives • Help consumers understand options • Short term savings • Features and risks • Enabling to make decisions that work for them • Longer term benefits

  4. Objectives 2 • Build OFT’s relationships with partners • Longer term benefits for consumers, skills that can transfer to other situations

  5. How does it work? • OFT as a wholesaler • Delivered by those who have trust and face-to-face contact • Sessions to groups of consumers (standalone or as part) • Supported by toolkit • Also through one-to one advice • Roll out in stages across UK

  6. How are we doing it? • Building contacts with organisations who want to work with us • In each region/nation a workshop to test materials and customise • Followed by launch, event, PR • Support and evaluation • National advertising and PR Jan 08 • Scheme with Citizens’ Advice

  7. Options • banks and building societies • credit unions • Christmas clubs with local shops • supermarket stamp schemes for Christmas • hamper and voucher schemes

  8. Toolkit • Film • Leaflet • Research • Pomeroy Report • Facilitator notes • Decision tree • Questions and answers • PowerPoint Available free either online or 0800 089 3158

  9. Questions / discussion Sue Cook 020 7211 8308 sue.cook@oft.gov.uk

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