Financial Education Summit tackles needs of low-income households

India to host international forum on role of financial literacy in economic development

Singapore/Hong Kong - Policy-makers, practitioners and advocates from around 30 countries will gather in New Delhi, India next month for the Citi-FT Financial Education Summit 2007, the most significant international conference ever held to discuss ways to increase financial literacy levels, especially among disadvantaged and low-income groups.

Organised by Citi, the Pearson Foundation and the Financial Times, sponsored by the Citi Foundation and co-sponsored by IFC - the private sector arm of the World Bank - this year's Summit will be held on December 6-7 at the Taj Palace Hotel.

With the theme of Partnerships for Progress and Inclusion, the conference will examine why financial literacy plays such a critical role in promoting sustainable economic development. In addition, plenary sessions will explore the importance of multi-sector partnerships to ensure that financial education programmes have greater impact in local communities and at national levels.

"Financial education is one of Citi's highest priorities, and it is especially important for disadvantaged and low-income communities. Teaching people how to save, spend, invest, borrow and manage their finances wisely improves individual financial well-being and quality of life. Financially secure families are also better able to contribute to the economic development of their communities," said Stephen Bird, CEO, Global Consumer Group, Citi Asia Pacific.

"The Financial Times is delighted to be partnering with Citi and the Pearson Foundation in this important conference," said Victor Mallet, Asia editor of the Financial Times. "Advancing financial literacy is one of the most effective ways to bring people out of poverty, and it is crucial that governments, private enterprise, non-profit groups and academia work together to produce results."

Keynote speakers at the Citi-FT Financial Education Summit 2007 include:

 

  • Jairam Ramesh, Indian Minister of State for Commerce
  • Michael Klein, Vice President and Chief Economist, IFC
  • Rajat Nag, Managing Director General, Asian Development Bank.

Throughout the two-day conference, experts from Asia Pacific, Europe, North America, and Central/Latin America will share a wide range of best practice financial education programmes designed to benefit low-to-moderate income households in urban and rural contexts; in relation to credit, savings, insurance and remittances; and for youth, women, homeowners, investors, and small businesses.

Speakers will include representatives from: AnewAmerica, BASIX, Bank Indonesia, Dutch Ministry of Finance, Consumer Federation of America, Fair Finance, Freedom from Hunger, Friends of Women's World Banking (FWWB), Habitat for Humanity, Indian School of Business, Kenan Institute Asia, Microfinance Opportunities, National Academy Foundation, Neighborhood Housing Services of New York City, OECD, Pearson Education, Philippines Deposit Insurance Corporation, Reserve Bank of India, SEWA Bank, Society for the Promotion of Area Resource Centres (SPARC), Tata Institute of Social Sciences, University of Western Sydney, and University System of Taiwan.

This is the fourth annual Financial Education Summit organized by Citi. The first Summit in Hong Kong in 2004 focused on financial education for women; the 2005 Summit in Kuala Lumpur, Malaysia addressed the financial education needs of families in Asia Pacific; and last year's Summit in Seoul, Korea focused on youth.

More information about the Citi-FT Financial Education Summit 2007 can be found at: www.FinancialEducationSummit.org

About Citi

Citi

Citi, the leading global financial services company, has some 200 million customer accounts and does business in more than 100 countries, providing consumers, corporations, governments and institutions with a broad range of financial products and services, including consumer banking and credit, corporate and investment banking, securities brokerage, and wealth management. Citi's major brands include Citibank, CitiFinancial, Primerica, Smith Barney and Banamex. Additional information may be found at www.citigroup.com or www.citi.com

Citi Foundation

The Citi Foundation supports organizations that help people improve their lives, businesses to grow, and communities to prosper around the world. The Citi Foundation focuses its grants primarily in three areas: financial education, educating the next generation, and building communities and entrepreneurs. Additional information can be found at www.citigroupfoundation.com

Citi Financial Education

Program Based on the belief that knowledge is your greatest asset, the Citi Financial Education Program is a global, company-wide effort to identify, support and implement initiatives that help give individuals, families and communities the tools needed to make sound financial decisions. Citi's ten-year, $200 million global commitment is focused in three areas: Personal, Small Business and Institutional Financial Education. Additional information about Citi Financial Education Program, including Citi Foundation guidelines, links and resources and the Citi Financial Education Program Curriculum and Facilitator's Guide may be found at http://financialeducation.citigroup.com

The Pearson Foundation

The Pearson Foundation extends Pearson's commitment to education by partnering with leading non-profit, civic, and business organizations to provide financial, organizational, and publishing assistance across the globe. The foundation aims to make a difference by sponsoring innovative educational programs and extending its educational expertise to help in classrooms and in local communities. More information on the Pearson Foundation can be found at www.pearsonfoundation.org

The Financial Times

The Financial Times, one of the world's leading business newspapers, is recognised internationally for its authority, integrity and accuracy. Providing extensive news, comment and analysis, the newspaper is printed at 24 print sites across the globe, has a daily circulation of 441,219 (ABC figures, September 2007) and a readership of more than 1.3 million people worldwide. FT.com is one of the world's leading business information websites, and the internet partner of the FT newspaper. FT.com is the definitive home for business intelligence on the web, providing an essential source of news, comment, data and analysis for the global business community. FT.com attracts 5.35 million unique monthly generating 43 million page views users (ABC electronic figures, March 2007). FT.com has 101,000 subscribers.

Media Contacts

Paula Bennett,
Director, Corporate Citizenship,
Citi Asia Pacific
Tel: (65) 6328-7885
paula.bennett@citi.com

Azmar Sukandar
Regional Communications Manager, Asia Pacific
Financial Times
Tel: (852) 2905 5519
azmar.sukandar@ft.com