Our latest press release digs into a hot topic in the media right now: financial literacy. Much has been said about people’s lack of financial knowledge being the cause of the current economic crisis. Now, with the “great recession” serving as a wake-up call for all of us, many people have found a new desire to learn more about their finances:
“three in four adults (75%) are trying to increase their financial know-how because of the current economic crisis. A third (32%) say they’ve already done so, while 43% say they plan to learn more about financial topics in the future.”
- Mintel Comperemedia Press Release
This is a good opportunity for financial services companies to move their focus away from product development and onto giving customers a better total package. Financial literacy initiatives would help banks develop long-term customer relationships based on trust and understanding. Additionally, companies looking at rebranding or brand-building could use financial education as a cornerstone of their business.
How much of a role should financial services companies play in educating the public about responsible money management? Also, do you think people will still want to learn more about their money after the economy is back on its feet?

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