Does financial education work?

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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…

Visa’s free financial literacy programme for…• Educators• Students (K-12)• Parents• Consumers

Practical Money Skills for Life

What’s My Score

www.practicalmoneyskills.com

www.whatsmyscore.org

• 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

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

• Quizzes

• Interactive games

Complete Financial Literacy Education Offerings

• Online• Print or download• CD/DVD

How you need it, when you need it

• English• Spanish• Chinese

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Financial Football rollout began in September 2009 in U.S., Brazil and Mexico …

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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

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Robust educational modules included for classroom settings

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Financial Education Works

Wells Fargo Study

Programme Impact

• 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

• 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 launch.

• 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 …