Kraska says their company focuses on now is consumer protection.
Kraska: we need to have everybody engaged in this process. we;re not completely altrusitic on financial capability. this is in the best interest of our industry. if we have financial savvy customers, they buy more products, etc.
Kraska: we have that as a common goal. there's strength in partnerships
Kraska says they they want to make sure customers are top of mind in product devt...they must be easy to understand and explain.
Kraska says customers can't deal with 'pages and pages' of docs. keep things simple.
Kraska says advertising must be clear. it has the elements of financial education.
Kraska says, however, it has to have an element of education and make sure customers understand everything about those products - transparency from point of sale onward.
Kraska says they can measure impact. they learned a lot about what works for customers, their customers are not shy. their customers are using their products in the way they envisioned it.
Kraska says innovation can spur financial education...govt's role is embedding financial education in the curriculum.
Kraska says NGO partners helps them a lot, they know their clients.
Kraska: we partnered with the City of San Francisco on children's savings accounts. San Francisco has also embedded financial education in the Math curriculum.
JC Parrenas, Coordinator of the Advisory Group of APEC Financial System Capacity Building talks about PPPs
Parrenas: the public sector alone cannot absorb these costs.
Parrenas: cannot take financial ed as one element alone. models alone cannoty bridge the gap.
Parrenas: we need a roadmap. efforts can succeed through a roadmap.
Parrenas: we need to combine financial education with financial access. need to create products for the unbanked.
Parrenas: govts roles including developing strategies, raising awareness on potential needs, consumer protection awareness, etc.
Parrenas says what's important is disclosure of financial products, providing advice, delivery of financial products, appropriate to the needs of people, among others.
Parrenas says collaboration among various institutions is also important as well as focus on financial ed of children.
Parrenas: financial ed should be included in school curricula.
Parrenas says challenges - making topics relevant, teaching teachers, and others.
Next speaker is Richard Hinz.
Hinz talks about what it takes to build financial capability.
Hinz: absence of self control, procrastination and inertia affects decisionmaking.
Hinz says the degree of trust in institution affects the number of interests on an institution.
Hinz says biology matters.
Hinz: behavior is the result if the interaction of these two - reflective and cognitive - but they they are often in conflict and it is not always obvious which dominates.
Hinz says in the 998,000 years of evolution there has been a selection bias in favor of impulsive present orientation of people.
Hinz says peer group effects are important in financial decision.
Hinz: farmers purchase more crop insurance when there is a higher density of training in the community.
Hinz: how do you stop people from smoking? don't put messages in packs.
Hinz says that in France, they say smoking can cause impotence, they can kill you and your friend.
Hinz: mass media could be more influential that norms.
Hinz: money has strong cultural implications. financial capability depends on the setting - urban vs rural, etc.
Hinz quotes Mark Twain. I've never let my schooling interfere with my education.
Floor opens for questions.
Sicat: the main focus of our capital market ed is to be part of any portfolio of investment. not just current working adults - but students.
Sicat: the educ efforts focus on basic saving strategies. it is a challenge. we are working with Banking Association of the Phils. the nation is 'over-banked'
Kraska: its about finding the right product, not just the point of sale but value over time. you have to build in other components.
Closing remarks will be delivered by Sanjiv Vohra, Citi Country Officer, Philippines.
Vohra thanks all participants who are still here. most tables are still full at this hour.
Vohra said Citi has helped make banking available to all
Vohra: we are confident that if you all work together, financial ed will improve to reach those who need them the most.
Vohra: financial ed is a life skill... we remain comitted to empowering communities through financial community programs. Maraming salamat at mabuhay tayong lahat.