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"MONEY" launched by Austrian, French members

"MONEY" launched by Austrian, French members

​​Austria​'s Erste Bank Group, Caisses d’ Epargne in France worked together to launch MONEY.

ESBG-WSBI's Fiona Joyce shares the new "MONEY" programme by Erste Bank in Austria and the Caisses d’ Epargne in France. Launched last autumn, it is designed to encourage people to take their first steps on the road to financial health. 

MONEY is an example of putting to use WSBI-ESBG’s Financial Health Initiative, which uses customers’ assessments of their financial health to build on the wide range of financial education and financial inclusion programmes carried out by members.



​​​​​​​BRUSSELS, 17 August 2015 – ​Erste Bank Group in Austria and the Caisses d’ Epargne in France have launched MONEY, a financial health check quiz to raise awareness of attitudes to money and encourage people to take their first steps on the road to financial health. 

Erste Group Bank launched MONEY in October 2014. Annunziata Schmidt-Chiari, Erste Group’s financial literacy expert, stated: "Erste Group wants to develop new products and services that further financial awareness. MONEY is such a tool, supporting people in managing their finances better. We have adapted it for young people and put it on www.geldundso.at, a website that supports young people who want to stand on their own feet financially. The site provides them with tools and covers everyday money issues. It also connects the dots between one’s personal life and the broader economic environment."

In January 2015, all seventeen of the French savings banks, Caisses d’ Epargne, launched MONEY. The tool can be found under the "banque au quotidien" and the "épargner" sections of their websites and can be accessed directly on www.money-quizz.caisse-epargne.fr​

Natacha Schreiber, deputy director for distribution at the Caisses d’Epargne, stated that the launch of MONEY was the first step in a comprehensive implementation of the whole concept of financial health by French savings banks. She added: "There is a real interest on the part of our customers to evaluate their relationship with money. Around 6,700 of them have already clicked on the MONEY quiz app and 72% of these have continued until the end. This is a very good score! The next step is to propose a first approach in their financial health self-assessment. We will continue the project with our colleagues at BPCE, the Fédération Nationale des Caisses d’Epargne, Finance et Pedagogie (created by the French savings banks in 1957 to raise public awareness of money, budgets, and banks), and our European colleagues."

 

​What is financial health?


WSBI-ESBG defines financial health as being in a good financial position and being on track through financial planning and personal risk coverage to maintain this in the future. Like physical health, financial health must be maintained by a healthy lifestyle, and it is often influenced by external or unanticipated events. A regular financial check-up or assessment is therefore essential. 

Research by the Fairbanking Foundation in the UK has determined that financial health or financial well-being is a state in which an individual or household does not worry because they exercise sufficient control over their financies and have enough money to:
  • pay for essentials
  • afford some luxuries 
  • service debt
  • save for the unexpected
  • save regularly
  • have personal risk cover.
WSBI-ESBG’s Financial Health Initiative aims to ensure that financial health becomes a way of life for the many. It uses customers’ assessments of their financial health to build on the wide range of financial education and financial inclusion programmes carried out by WSBI-ESBG members, and complements the principles outlined in the WSBI-ESBG Charter for Responsible Business. 

Advantages of WSBI-ESBG’s Financial Health Initiative


The financial health concept will:
  • Differentiate WSBI-ESBG members in the market – Through the tailor-made financial advice they can offer to customers based on a financial health check.
  • Increase customer loyalty – Thanks to tools and an approach that inspires confidence and increases customer satisfaction.
  • Generate new sources of revenue – Though a strong concept that promotes customer contact and satisfaction.
  • Enhance existing financial education and literacy programmes – Through raising awareness of financial issues and attitudes to money.
  • Promote WSBI-ESBG members’ responsible approach to business – Through communication with European and national authorities.
  • Improve the image of WSBI-ESBG members – By enhancing their CSR activities.



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Financial education; Financial inclusion; Responsible Business; Consumer protection