Guidance Note 800a
Access to financial services element - (Consumer Education)
Consumer Education is the process of transferring knowledge and skills to consumers, future consumers and potential consumers for individual well-being and the public good. The intended outcome of the process is the development of consumer’s knowledge and understanding of the financial sector and its products and services. Consumer Education will include programmes that are aimed at empowering consumers with knowledge to enable them to make more informed decisions about their finances and lifestyles. The purpose of this document is to detail the standards required for consumer education programmes as part of the Access to Financial services Element.
There is a huge need for quality consumer financial education, and a vast number of people who need such education are in the low income market. It is therefore imperative to reach as many people as possible with the available funding, while ensuring that quality education takes place which will make a real impact.
Consumer financial education standards in the Financial Sector Code should align (if possible and appropriate) with the proposed National Strategy for Consumer Financial Education initiative currently being driven by National Treasury, and should be re-aligned if necessary once the National Strategy is in place.
The objectives of this Guidance Note are to:
2.1 Specify the target market for Consumer Education initiatives.
2.2 Define the different types of programmes / initiatives.
2.3 Specify the measurement principles for qualifying initiatives
2.4 Specify the minimum Consumer Education standards
For further information you can download the full document.