FinLit Buzz: MasterCard, RBC & State Bank of India

by | 07/04/13 | Commentary

The financial literacy community is buzzing over the announcement by MasterCard regarding the results of their survey of financial literacy awareness. The MasterCard Index of Financial Literacy, as it is called, is a survey based on data collected between April 2013 and May 2013. The survey polled consumers on three aspects of financial literacy skills, including their basic money management skills, investment knowledge and financial planning ability. The survey ranked the nations of Asia and the Pacific Islands. New Zealand, Singapore and Taiwan placed the highest on the list, with Japan and India at the bottom of the poll. For a more in-depth look at the results as well as a deeper analysis of what this could mean, please click here.

Also making financial literacy headlines are the results of a recent poll conducted by the Royal Bank of Canada.  According to the poll, the majority of Canadian immigrants are not confident in their financial knowledge.  Among those who arrived in Canada in the past year, 60% say they lack financial knowledge, including how to establish and build credit during their first year living in Canada.  Director of multicultural markets at the RBC, Paul Sy, stated: “We have an opportunity to improve financial understanding for newcomers to Canada when they first arrive and we have a role to play in making sure that they are getting the right advice from day one… It is in Canada’s best interest for its consumers to be financially literate and practice good financial habits.”  Without proper education, these Canadian newcomers will be at a clear disadvantage financially. S kills such as building a strong credit score are necessary for success in today’s world. For more information on the poll, as well as its findings, please click here.

Financial literacy developments are also taking place in India, where the State Bank of India has unveiled a new financial literacy initiative. The SBI plans to roll out Sancheta, a financial literacy initiative in the East and West Singhbhum districts of Jharkhand. Under the program, student teams from the Xavier School of Management would visit public centers in remote villages to spread financial literacy awareness. Professor of Finance at the School, H K Pradhan, stated: “Financial Literacy is an irreducible need for everyone… With this initiative, we intend to spread awareness and make people conscious about their financial decisions.” For more information on the program, please click here.

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