Last November saw the formation of the new Consumer Financial Education Body (CFEB). Independent of the Financial Services Authority (FSA), the remit of the CFEB is to focus on meeting consumer’s needs and be less bound up in regulation.
The FSA did a great job in starting to boost people's financially literacy and capability. Now it's up to the CFEB to keep this up and to roll out the Moneymadeclear money guidance service nationally. The challenge is to transform us into a nation of financially-savvy people who save for their future. Quite a tall order!
At CFEB’s conference recently I (Simonne) was impressed by the measures they've taken so far to improve people’s understanding of financial matters. It felt good to participate in talks and discussions that will help shape further developments to engage people in money matters.
While the financial services industry expect people to act rationally, at Sheconomics by default we assume most people don’t. Complex emotions often hijack rationality and people don’t always behave in the way that economists or experts would have us believe we should. A big thumbs up to the CFEB for recognising this too and for commissioning a report ‘Transforming Financial Behaviour’ which explores ways in which people can make better choices.
Visit CFEB's site to find out more. And you can download information on ‘Transforming Financial Behaviour’ from the following links: Read summary | Read full report
by Simonne Gnessen