Washington, D.C., August 29, 2008
— Financial regulators, policy makers, and private sector financiers will join the World Bank Group to examine consumer protection and financial education initiatives. The seminar will include a discussion of a related World Bank research in Europe and Central Asia.
What:
World Bank Global Seminar on Financial Literacy and Consumer Protection
Who:
-Martin Gruenberg, Vice Chairman, US Federal Deposit Insurance Corporation
-Sue Rutledge, Regional Coordinator, Consumer Protection and Financial Literacy, Europe and Central Asia Region, World Bank
When:
Wednesday, September 3, 2008, 8:30am-5:00pm
Agenda
:
Where:
The World Bank Main Complex Building
Executive Board Room, MC13-121, 13
th
floor
1818 H Street, NW, Washingon DC
RSVP & Interviews:
For registration and interviews, contact: Maria Alexandra Velez Henao. Phone: (202) 458-8789;
About the World Bank Group’s Financial Literacy and Consumer Protection Initiative
Each year the global economy adds an estimated 150 million new consumers in financial services, mostly from developing countries. This offers a fantastic opportunity for savings and credit, but it also highlights the urgent need for financial literacy and consumer protection in the area of financial services. Survey data from countries around the world indicate that most consumers lack understanding of basic financial concepts. On the other hand, retail financial institutions generally operate in an environment where information, resources and power are on their side. This can exacerbate consumer protection problems and hinder the development of healthy, competitive financial markets.
Responding to these challenges, the World Bank Group and CGAP are working with partners to support consumer protection and financial education initiatives. The World Bank is also investing in new research on financial literacy in developing countries including impact assessments of program effectiveness.
