Impact of financial health on physical health and social well-being

Among some of the digital financial education solutions that produce good results, participants highlighted initiatives such as The Deloitte program for start-ups and Money talks, a financial education initiative for children focused on games. However, the value of human communication should never be lost.

Future challenges

The panel referred to developing greater financial resilience as one of the future challenges in dealing with future financial shocks. “There is no magic formula for building resilience that works for everyone. What we can do is customize solutions and tools to help us make better financial decisions, explained Manuel Morales.

With this in mind, Dagmar van der Plas shared an interesting experience with the participants, “around 25% of our customers do not have enough savings to face unforeseen financial expenses”. “This lack of savings, in addition to being a risk for society, is also a risk for the bank itself, this is why we are working to help these people save and keep their savings, ”said the ING expert.

The bank with a purpose

Nigel Moden, Director of Financial Services, Banking and Capital Markets at EMEIA, EY, also spoke about the importance for banks to have a goal and link it to the pursuit of financial health and well-being of people. “Customers and society are now at the center of banks’ mission”, Moden assured. In his opinion, this objective must “are reflected in the strategic choices of the company, in the way in which employees are treated, motivated and animated at the level of the product and the customer experience. “

Nigel Moden called for the change in mentality to take into account the financial well-being of individuals. “Customers want to stay in control of their finances and expect their banks to provide them with the tools and knowledge to do so.” The benefits of this support are paying off in favor of the industry.

“EY research indicates financially savvy customers are more likely to be more loyal to their bank.”

In the post-COVID world, experts have agreed that financial well-being must go beyond making good financial decisions at important times, like buying a home or planning for retirement.

Pia roman tayag, Director of the United Nations Secretary-General’s Advocacy Office for Inclusive Finance for Development (UNSGSA), highlighted the role of technology in addressing financial vulnerability. “More than 200 countries have extended their social protection measures during the pandemic, many of which are using digital payments to make transfers directly to bank accounts or mobile wallets”, she noted.

This expert closed the summit by summarizing some of the remaining challenges, including public-private sector collaboration, regulation that promotes responsible behavior, investment in public goods that break down barriers, design products that have positive effects and make financial education part of people’s lives. “We need to make sure that everyone takes advantage of the opportunities offered by financial services.” In conclusion, he said that the pandemic has brought us uncertainty, but also clarity for a more inclusive and resilient world ”.

And so ended the EduFin 2021 Summit, a global benchmark event in which experts from around the world shared their knowledge and experiences in financial education in the context of the situation left by the pandemic. The online sessions have taken place over the past three weeks.

Pending the next edition in 2022, the BBVA Center for Financial Education and Skills will continue to work, in the words of José Manuel González-Páramo, with the aim of “raise awareness of financial education, as a key element in improving people’s financial health and resilience, improving people’s well-being and helping the transition to a sustainable future. “

Click here for coverage of each session:

May 12: Opening day of the EduFin 2021 Summit. Financial education for inclusive growth.

May 13: The digital divide and access to financial services

May 19: Financial vulnerability and how to reduce it

May 20: Collaborative frameworks to improve financial literacy

All the sessions of the EduFin 2021 Summit are available via this link

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