Financial Education

Financial Capability for Europe's Youth and Retirees

Project manager: Daniel Morrison (CSR Europe)

Project leaders: Citi Foundation, Money Advice Service

Challenge

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.

Objectives

This collaborative projects follows three main objectives:

  1. 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,
  2. Explore opportunities for enhanced business collaboration towards financial education programs, service offers and inclusive socio-economic impacts,
  3. 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.

Main activities

  • 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*).

*social innovation project potential based on outcomes of CV meeting # 4

Deliverables

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 bridging document, summarising the two deliverables with recommendations for policymakers, financial institutions and employers will be published in Q1 2012. 

Key dates for your diaries

  • Project Webinar on Financial Capability, March 2012
  • CSR Europe General Assembly, 26-27 April 2012

To understand how to get further engaged and for more information, contact Daniel Morrison (dm@csreurope.org).