Financial Education’s digital future attracts Royalty, Ministers and CEOs

By Nick Jones, Former Head of Digital Comms and CSR • Visa Europe

April 26, 2016

Amsterdam was the focal point for the world’s financial literacy community last week. Visa Europe contributed to two major events on that theme held in the city. The events also saw royalty and politicians join the debate on how to give people a financial education that makes them financially resilient.*

Nicolas Huss was formally appointed to the board of Junior Achievement Europe at its annual general meeting. Our CEO joins JA Europe, our strategic partner for financial and entrepreneur education, as it prepares for a digital world.

“I’m pleased to now be on the board,” said Nicolas. “I’ve participated in its programmes before. I’ve seen the benefits to students and volunteers. I look forward to helping it tackle the digital future.”

Nicolas also took part in a panel discussing young people and economic success. He explained why Visa Europe is sponsoring a study on what financial skills business and the economy needs young people to have. With JA Europe the company is surveying European businesses, including clients, so their views can inform the governments, regulators and educators. All of whom need to partner effectively to deliver financial education that is effective.

“We are asking three questions”, explained Nicolas. “What would you need ideally? .When you look at the people you are going to hire what financial skills do you need them to have? And, what is it to be ‘digital savvy’?”

Nicolas joins other new board members from ExxonMobil, GE Europe, MetLife and Jobbatical.

Across several canals, Visa Europe was also contributing to the prestigious OECD Global Symposium on Financial Resilience. The OECD, which helps policy makers around the world develop smarter government, revealed its latest report: Trends and Recent Developments in Financial Education in Europe. The report is sponsored by Visa Turkey and the 22 member banks who back its I Can Manage My Money programme. It’s the second OECD report Visa Turkey has supported.

“It is a great platform for us to showcase the commitment and contribution of our Turkish member banks to advance financial literacy in Turkey,” explains Alev Saman, who runs our CSR projects in Turkey. “In turn, it is also a tool for us to show our member banks that we are creating value for them. I Can Manage My Money is a unique sectoral mobilisation recognised by an international audience.”

The new OECD report highlights that many European countries now have national financial literacy strategies. However, it also noted that there are still low levels of financial literacy even in sophisticated markets. The symposium highlighted good ideas from around the word to boost that literacy level. It was addressed by the Head of the OECD and Queen Maxima of the Netherlands. She has a long record campaigning for better financial education. Both called for more digital games and apps to help young people learn in a way relevant to them.

Joining royalty were the Dutch finance minister and the central bank governor. The Netherlands holds the European Union presidency currently and financial literacy is a key policy for it. Minister Jeroen Dijsselbloem noted that while there some great awareness raising platforms for people “we need apps, games, MOOCs to get them into action.”

Visa Europe supports financial education in 11 countries and across Europe through its relationship with Junior Achievement Europe and other partners.

*Confused by the terminology ? Financial literacy academic Michael Collins, sums up the terms rather neatly:

  • Financial literacy = knowing what to do
  • Financial capability = skills to do
  • Financial inclusion = opportunity to do

To which we add:

  • Financial resilience = putting it all together to withstand events that impact income.

Share this post

Like this post

Related Articles

Processing payments: delivering speed, reliability and security

June 09, 2016

At its core, payments processing is all about speed, reliability and security. The payments ecosystem is becoming more global and driven by innovation. At Visa Europe, having established separated scheme and processing businesses ahead of today’s European regulatory deadline, we are positioned well to continue to deliver the core processing capabilities that meet our customers’ needs.

Tom Houghton Read More

Changing Fraud Landscape Leads to New Partners

April 25, 2016

Visa Europe has always had a strong relationship with traditional law enforcement agencies. Today, we are now exploring broader ways to engage with not only other public authorities but also with the private sector. All with the aim of helping everyone become more effective when dealing with criminals targeting Visa products.

Debbie GrantPiet Lakeman Read More

Apple Pay: A great leap forward in the mobile payments revolution

July 14, 2015

Today, Apple Pay officially arrives on UK shores. This is a major moment , not just because people in the UK can now buy their morning latte on their Visa card at the touch of an iPhone, but because of what this launch means for mobile payments more broadly.

Jeremy Nicholds Read More

Where’s your money going in the Future of Retail stakes?

July 20, 2016

Biometrics was a key topic in our ‘Secure Futures’ session at Visa Futures this year. To give you an alternative perspective from a start-up, Simon Binns, Commercial Director of Sthaler discusses it’s growing potential.

Simon Binns Read More

Purposeful Business: A Lesson from Greece

May 16, 2016

Visa has a corporate responsibility vision to equip young people across Europe to thrive in a digital economy. But what happens when one of our countries faces an existential economic crisis?

Nick Jones Read More

Enterprise for all through partnership

June 30, 2015

Being entrepreneurial is not for the elite. Digital technology and the right attitude allow all of us to create value. It contributes to all our well-being – social and economic. This is no pie in the sky vision of digital evangelists but the reality seen by Visa employees volunteering in start-up challenges. We are proud to back such entrepreneur education.

Nick Jones Read More