Patricia Brolly: Does financial education work?

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Patricia Brolly: Does financial education work?
Does financial education work?
Write-offs and unemployment in the UK grew sharply following
the worsening of the economic situation
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Bankruptcy orders and IVAs have increased every quarter in the
UK since Q4 2007 …
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Visa has invested €7 million in financial education globally…
Practical Money Skills for Life
 Visa’s free financial literacy programme for…
Students (K-12)
What’s My Score
• Visa’s free resource for young adults
and college students
Credit scores
Budgeting and saving resources
Credit information & help
Money guides
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Practical Money Skills for Life
Complete Financial Literacy Education Offerings
 Award-winning program built by teachers,
for teachers
 Full curriculum mapped to state standards
 Completely free
 Curriculum includes:
Lesson plans
Presentation materials
In-class activities
Interactive games
How you need it, when you need it
• Online
• Print or download
• English
• Spanish
• Chinese
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Financial Football rollout began in September 2009 in U.S.,
Brazil and Mexico …
Players advance on the field based on answering
multiple choice personal finance questions correctly
Players can select easy, medium or hard questions –
the harder the question, the better the field position
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… and will continue in other key markets through World Cup in
June 2010
Robust educational modules included
for classroom settings
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Financial Education Works
Wells Fargo Study
• College cardholders were given a brief online
tutorial in basic financial literacy
• Participants did significantly better than a
control group:
– Late fee instances down 42.6%
– Over-limit charges down 42.6%
– Revolving balances 26.5% lower than any other group
– Past due events 55.9% less likely
Programme Impact
• Used in thousands of classrooms nationwide
• A million page views per month
• Five year goal to reach 20 million people globally by 2013
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In the UK, we have leveraged these learnings to build Better
Money Skills
• Launched in September 2008.
• Close collaboration with and support from the
Citizens Advice Bureau.
• 5 star rating from Webuser.co.uk.
• Doubled number of unique visitors to the site since
• Visitors spending on average 20 minutes on the
site, with the most popular pages being the
Financial Personality quiz and the Managing your
Money and All About Credit sections.
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Banks can use Better Money Skills to raise financial awareness
amongst their customers
• Launch of Nationwide version of Better Money
Skills in 2009.
• The Co-operative Bank and AIB are promoting
Better Money Skills on their websites.
• Visa is looking to launch more sites Europe-wide in
2010, ie. Greece, Romania.
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Better Money Skills is refreshed regularly to reflect consumer
spend patterns and behaviour
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Our aim is to educate consumers about Better Money Skills and
drive visitors to the site
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Thank you for listening …
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