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„<…> pažintinis sprendimų priėmimo procesas, kuris sukelia, skatina, nukreipia ir išlaiko elgesį, leidžiantį pasiekti tam tikrą tikslą.“
Buchanan ir Huczynski (2010)
Motyvacija - tai...
Whats out there already:
- Easily accessible credit
- No interest line of credit
- Gimmmick Cards
- Give always for taking debt
Navarro (2005) MARS modelis
Whats in it for us?
What about our customers?
Students often live for the now and get lost in a world of 'interest free overdrafts' and 'no fee credit cards' and often do not understand the future repercussions of not managing their debt correctly or saving for a rainy day.
How Can We Help
- Understand market reaction
Playing our part to create Financially Literate Kiwis
Financial Literacy is the combination of
Strong Financial Knowledge developed through Financial Education
Motivation to increase your financial well being
Fundamental skills to help you achieve better financial health
Root Of the Problem
Grows our brand
Be the bank that cares
-Promote Investments (property or finincal)
-Grow customer base
How does it all fit together?
Current Financial Literacy Focuses:
5 - 18 -> Large Focus
18 - 23 -> Nothing
24 - 30 -> First Home buyers - Fair Bit
30+ -> Lots (Saving retirement etc)
Who Does it Impact?
Gap in Financial Literacy
Students don't understand the long term
financial implications of their debt.
This can lead to struggles with financial independence, financial security, delays in purchasing a first home etc.
Why is there nothing in this space?
Often thought of as a market that doesn't provide much value.
They are future investors.
Eg, reducing debt while studing can equate to a mortgage earlier in life and someone becoming a high value customer.
Why should we invest in them?
Legend story from Chch.
Customers enjoy the truth and value honesty above a good sales pitch.
- Developing a understanding of financial products and concepts
- Becoming more aware of financial risks and opportunities.
- Learning key skills to improve financial well-being.
The ability to make informed decisions to better your financial position in the future
This is the end state that will allow Kiwis to achieve their financial goals
However, it has been recognised that evaluation of financial education is inherently difficult. There are still a number of programmes being developed and delivered without built-in evaluation. The need to have a clear consensus on a ‘robust’ evaluation model that allows impact to be measured and independent reporting of results has been widely recognised both in New Zealand and around the world.
The framework covers the following capabilities:
Setting goals and budgeting
Saving and investing
Creating and protecting assets and wealth
Because "Help is what we do"
Increase Customer Satification
Build Strong and long relationships
Grow Mybank advocay
Where to from here?
What about our bottom line?
Key money management skills
- Juggling Debt
- Saving for your future
What should we do about it
What's out there already?
In terms of financial education for this age group: Very Little
More specifically in regards to:
- The long term implications of debt
- Best practices for long term financial thinking
- Easy accessible education or advice
- Invest in comprehensive offering
- Tailored content for students
- Help understand options
- Provide foundation level information
- Tailored content for students-
- Review feedback from age group
- Review customer buy in
- Create next level offering
How can we achieve this?
- Our current Generation of Students-
There is a large flow on effect, students leave university with significant amounts of low / no interest debt and are then faced with the reality of interest. We then spend years gradually paying it off this is a big set back in relation to saving for your first home or other investments
Peter Clare and Simon Power have expressed the importance of financial literacy in New Zealand in recent media pieces.
It also backs our Core Values:
Experience that delights
A Seamless One bank approach
We are Working to better New Zealands Financial Literacy
Through work with the Fin-Ed Centre and Managing you money workshops
The result of Financial Education,
It is the ability to understand a series of facts about the use and management of money
We Held a Survey to get thoughts
from students past and present
and noted some common themes
"$2k interest free overdraft? too easy"
"Never had to pay overdraft interest though, just take advantage of the zero interest student deals."
32% were regularly in overdraft or living within their overdraft
57% said they learnt their money management skills from their parents
"Easily accessible advice of any kind on how to manage my money. Preferably it would take my current money managing habits into account and adjust any advice it gives me accordingly"
"I'd like to learn more about mortgages and buying property"
"strong advice not to borrow lots of money even if it IS interest free..."
Clayton Balle, Glenn Letts, Rron Prekazi, Roger McDonald