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Developing Sophisticated Financial Consumers

Explore the challenges and strategies in developing financially savvy consumers across different life stages, with examples from leading cities. Learn about the importance of financial education, changing market dynamics, and ways to address the evolving financial needs of individuals in a consumer-driven marketplace.

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Developing Sophisticated Financial Consumers

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  1. Developing Sophisticated Financial Consumers Karen Murrell Senior Research Fellow, Asset Building Program Murrell@newamerica.net National League of Cities Bank on and Beyond: A Roundtable for City Leaders September 10, 2008

  2. Session Overview • The Case for Financial Education • Financial Education Challenges • Developing Sophisticated Consumers by Addressing Financial Life Stages • Examples: Cities Addressing Financial Life Stages New America Foundation ♦ Asset Building Program

  3. The Case for Financial Education • Complex, Consumer-Driven Financial Marketplace • Changing Demographics • Market Innovation • The Subsequent Impact on Consumers

  4. Financial Education Challenges • Low demand from consumers • Lack of evidence about best practices and effectiveness • No national infrastructure to coordinate and ensure effective practices • Weak financial education distribution system for children and adults New America Foundation ♦ Asset Building Program

  5. Financial Life Stages • Youth—Under 18, still in school, may have a job • Student—Attending college/university • Starting Out—Entering the workforce • Builder—Getting married, starting a family, building a career New America Foundation ♦ Asset Building Program

  6. Financial Life Stages • Starting Again—Divorced, widowed • Retired—Living on a fixed income • Care Giver—Caring for an elder New America Foundation ♦ Asset Building Program

  7. Youth New America Foundation ♦ Asset Building Program

  8. Student New America Foundation ♦ Asset Building Program

  9. Starting Out New America Foundation ♦ Asset Building Program

  10. Builder New America Foundation ♦ Asset Building Program

  11. Starting Again New America Foundation ♦ Asset Building Program

  12. Retired New America Foundation ♦ Asset Building Program

  13. Care Giver New America Foundation ♦ Asset Building Program

  14. Examples • Youth—Babybank accounts/Youth savings accounts (San Francisco) • Student—Matched529 college savings fund (San Antonio) • Starting Out—Coordinatedaccess to benefits and services (San Francisco) • Builder—Saving incentives at tax time (New York) • Starting Again—Alternative RAL product (San Antonio) • Retired—Assist seniors to avoid predatory and wealth stripping services (San Antonio) • Care Giver—Financial Education Network Directory and 311 (New York) New America Foundation ♦ Asset Building Program

  15. Developing Sophisticated Financial Consumers Karen Murrell Senior Research Fellow, Asset Building Program Murrell@newamerica.net National League of Cities Bank on and Beyond: A Roundtable for City Leaders September 10, 2008

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