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Developing Sophisticated Financial Consumers

Developing Sophisticated Financial Consumers. Karen Murrell Senior Research Fellow, Asset Building Program Murrell@newamerica.net National League of Cities Bank on and Beyond: A Roundtable for City Leaders September 10, 2008. Session Overview. The Case for Financial Education

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Developing Sophisticated Financial Consumers

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  1. Developing Sophisticated Financial Consumers Karen Murrell Senior Research Fellow, Asset Building Program Murrell@newamerica.net National League of Cities Bank on and Beyond: A Roundtable for City Leaders September 10, 2008

  2. Session Overview • The Case for Financial Education • Financial Education Challenges • Developing Sophisticated Consumers by Addressing Financial Life Stages • Examples: Cities Addressing Financial Life Stages New America Foundation ♦ Asset Building Program

  3. The Case for Financial Education • Complex, Consumer-Driven Financial Marketplace • Changing Demographics • Market Innovation • The Subsequent Impact on Consumers

  4. Financial Education Challenges • Low demand from consumers • Lack of evidence about best practices and effectiveness • No national infrastructure to coordinate and ensure effective practices • Weak financial education distribution system for children and adults New America Foundation ♦ Asset Building Program

  5. Financial Life Stages • Youth—Under 18, still in school, may have a job • Student—Attending college/university • Starting Out—Entering the workforce • Builder—Getting married, starting a family, building a career New America Foundation ♦ Asset Building Program

  6. Financial Life Stages • Starting Again—Divorced, widowed • Retired—Living on a fixed income • Care Giver—Caring for an elder New America Foundation ♦ Asset Building Program

  7. Youth New America Foundation ♦ Asset Building Program

  8. Student New America Foundation ♦ Asset Building Program

  9. Starting Out New America Foundation ♦ Asset Building Program

  10. Builder New America Foundation ♦ Asset Building Program

  11. Starting Again New America Foundation ♦ Asset Building Program

  12. Retired New America Foundation ♦ Asset Building Program

  13. Care Giver New America Foundation ♦ Asset Building Program

  14. Examples • Youth—Babybank accounts/Youth savings accounts (San Francisco) • Student—Matched529 college savings fund (San Antonio) • Starting Out—Coordinatedaccess to benefits and services (San Francisco) • Builder—Saving incentives at tax time (New York) • Starting Again—Alternative RAL product (San Antonio) • Retired—Assist seniors to avoid predatory and wealth stripping services (San Antonio) • Care Giver—Financial Education Network Directory and 311 (New York) New America Foundation ♦ Asset Building Program

  15. Developing Sophisticated Financial Consumers Karen Murrell Senior Research Fellow, Asset Building Program Murrell@newamerica.net National League of Cities Bank on and Beyond: A Roundtable for City Leaders September 10, 2008

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