As part of its
Corporate Social Responsibility effort, the Danske Bank Group has decided to work actively to improve the general knowledge of personal finance. This will be achieved through the Danske Bank Group’s special Financial Literacy Programme. Targeted at children, adolescents, students and young families, the programme aims at preparing the ground for a healthy financial start to adult life.
Help to self-help
“In co-operation with a number of organisations and institutions, we will use the programme to help children and adolescents in particular become better equipped to manage their own personal finances,” says Peter Straarup, Group CEO. “We are also developing products and advisory services targeted at people who are financially at risk and need a helping hand. By doing so, we hope to establish a better understanding of the need for financial insight and planning.”
Shared responsibility for next generation
Morten Albæk, First Vice President at Group Business Development, explains the background to the Danske Bank Group’s Financial Literacy Programme: “We assume a sector responsibility because we believe that we should share the responsibility of educating and enlightening the next generation of adults. At the same time, we believe that we will become a better and more profitable company if we have knowledgeable and critical consumers. They will challenge us to develop better, more effective and innovative solutions and products.”
Young people want to keep their finances sound
On behalf of the Danske Bank Group, the polling institute Zapera.com conducted a survey on financial literacy among 18-19 year-olds and their parents in the Group’s main markets. The survey (available below) confirms that young people generally want to keep their finances sound, but it also reveals that many of them lack the basic financial knowledge to do so. For example, most young people are unable to select the cheapest of three loans. Parents agree that advising their children on financial matters is of great importance. But the vast majority of parents also believe that the financial sector shares a responsibility for children’s and adolescents’ level of financial understanding.
More than EUR 6 million to financial literacy
The Danske Bank Group will spend more than EUR 6 million on financial literacy initiatives aimed at children, adolescents, students and young families. These initiatives will include developing surveys and analyses to provide more insight into the challenges and opportunities related to financial literacy among the target groups.
Moreover, the Danske Bank Group will develop new products, advisory service concepts, educational materials and events aimed at stimulating financial skills and knowledge through play. More specifically, the Danske Bank Group expects to launch a new product and advisory service concept in the course of 2008 for the most financially vulnerable groups of society.
Published on January 31, 2008