Financial Capability for Europe's Youth and Retirees
Project manager: Daniel Karlsson (CSR Europe)
Project leaders: Citi Foundation, Money Advice Service
Across Europe people are unable to save enough money for their retirement as countries face an unprecedented pension’s gap. Two financially vulnerable groups that stand out are young adults and pre-retirees. In several European countries, state retirement ages are being increased while provisions of defined benefit pensions are being decreased. This is also leading to more individualized pension decisions.
This collaborative projects follows three main objectives:
- Equip companies and policy makers in UK, PL, FR, ES and at EU level with insight on how to better educate and inform the youth (aged 16-30) and pre-retiree citizens (2-10 years from retirement) and employees on planning their future investments and pensions,
- Explore opportunities for enhanced business collaboration towards financial education programs, service offers and inclusive socio-economic impacts,
- Define policy recommendations to and awareness-raising with policy makers and key influencers regarding financial capability for the two populations (Q1 2012).
More information in the attached project plan. (members-only)
- An active partnership is ongoing and necessary to address long term challenges towards improving financial literacy, fostering a savings culture and bolstering consumer confidence in the financial services industry.
- In addition, a series of collaborative project meetings involving project leaders and interested participants took place throughout the year (October, 2010; February, 2011; May, 2011; November, 2011*).
- Finally, the results of the project will be leveraged at the next CSR Europe financial sector meeting (November 2011)
*social innovation project potential based on outcomes of CV meeting # 4
The collaborative project has come out with a study and a survey:
- A comparative study on how pre-retirees currently receive information in planning their pensions and highlighting key issues where policy decisions and company initiatives are needed to improve access and knowledge
- A comparative survey on how youth access information to financial planning and what barriers they face in obtaining better advice on saving towards their futures
- A report outlining recommendations on how to improve the financial capability of youth and pre-retirees in Europe and how governments, financial services providers and employers can address this challenge.
All reports are available to view here.
Key dates for your diaries
- Enterprise 2020 Summit, 29th or 30th November 2012 (Brussels)
To understand how to get further engaged and for more information, contact Daniel Karlsson (firstname.lastname@example.org).