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Tools & Programmes:
CentiQ’s scope is divided in three major programmes:
1. Finances in order
2. Learning to deal with money early on
3. Providing for the future
Each programme has its own projects.
The following projects have been or will be launched in 2009:
1. Finances in order
Consumers who have their finances in order get more out of their money and can save better. This applies for people with a low, average or above average income. Financial management is defined as ‘the degree to which a person deals with money in a well-organised fashion, refrains from expenditure he cannot afford, pays bills on time and prefers to save rather than incur debt.’ The consumer must also be able to have a view on the effects of his financial choices in the short and long term. This requires insight and an overview. Consumers must know when they need information, what information they need, and where it can be found. The information sought must also be reliable and comprehensible.
Projects for 2009:
• Debt prevention
- Workshops for immigrants
• Financial understanding and overview
- Create easy understandable and usable bookkeeping tools with internet banking for consumers
• Self-help
- Distribute special magazines for target groups (young families, women)
• Financial advice
- Financial health checks in the workplace.
2. Learning to deal with money early on
The CentiQ consumer survey and various other studies show that consumers who learn to deal with money at a young age (by holding part time jobs and receiving pocket money, for instance) exhibit stronger financial behaviour as adults and make better financial decisions. But this is not the only reason why attention to financial education is important. Young people, especially those with a lower level of education, emerge to be a high-risk group: just over one third of them are in debt. More insight into the financial behaviour and financial insight of young people in The Netherlands has been available since summer 2008 when the CentiQ study among school students aged 8 to 18 was concluded.
Projects for 2009:
- Expand financial education at school
- Create guides and tools to support parents in the financial education of their children
- Develop an online game ‘Multiple choices with money’
- Develop a ‘serious game’ for adolescents in order to create awareness and interest for money.
3. Providing for the future
Consumers in the Netherlands worry little about the future or future events, according to research. Financial or material gain in the short term prevails over considering the long term. People in the Netherlands also perceive a relatively high sense of (social) security, which results in low motivation to take action. The greater emphasis on the personal responsibility of citizens, the ageing of the population, and changes to (pension) legislation makes it necessary for consumers to start thinking more about the long term.
Projects for 2009:
• Prepare for life events
- Women and Money Cafe
- Special courses for low literate people in order to improve their financial situation
• Increase understanding and knowledge of pensions
- Organise ‘pension hours’ with students of colleges of higher education
- A web based pension calculator
Tools:
Financial help desk, web content, variety of tools (mortgage, loan and pension calculators, financial health checks), financial education at school, creating opportunities to learn more about money.
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Improving Financial Education and Awareness on Insurance and Private Pensions
