Posted by: Jag Mistry, Corporate Relations, Visa Inc. on February 6, 2013 at 2:59 pm
Feb 6, 2013
Feb 1, 2013
If you are like me, you’ve spent the better part of the week preparing for the big game this Sunday. Whether you are from Baltimore, San Francisco or somewhere in between, Americans love the Super Bowl (even if they just watch for the commercials). The week leading up to Super Bowl Sunday provides the perfect backdrop to tackle the issue of financial literacy among teens.
We were lucky enough to have Seattle Seahawks Quarterback Russell Wilson and New Orleans Saints Quarterback Drew Brees talk to students from McMain High School and McDonogh No. 35 High School, both in New Orleans, about Visa’s Financial Football program and the importance of money management .
Posted by: Jason Alderman, Visa Corporate Relations on February 1, 2013 at 3:07 pm
Dec 17, 2012
At the recent Citi FT Financial Education Summit in Manila, Visa announced that the company was one full year ahead of schedule in achieving its goal of bringing financial literacy to 20M people in developing economies. In its ninth year, the Summit attracted 300 delegates from non-profits to NGOs to global financial institutions. Attendees were able to compare best practices for building financial literacy programs and network with colleagues from throughout the region.
We had a chat at the conference with Hope Ewing, head of Visa’s financial literacy program in the Asia Pacific region, Eastern Europe, Africa and the Middle East. When we met up with her, she re-emphasized points from her summit presentation entitled “Exploring the Challenge of Financial Education Across Emerging Economies.” Her speech underscored the points that:
- The health of local economies depends to a large degree on financial education.
- Financial literacy programs and measurement tools must be customized to reflect the habits, customs and value systems of particular countries.
- There is no single problem, which means there is no one single solution.
What are some other challenges you see in addressing Financial Education within your local market?
Posted by: Jason Alderman, Visa Corporate Relations on December 17, 2012 at 9:17 am
Dec 6, 2012
The volatile economic environment and its impact on the most vulnerable communities have underlined the increasingly important role of financial literacy as key skill that can help assure personal financial security, wealth-building, and financial inclusion for those still outside the banking system. Financial education can be the difference between surviving and thriving.
But what is the best way to provide this form of education, taking into consideration the different cultural and market development needs? Which channels are most productive and what policies should regulators put in place to support financial literacy initiatives? What types of partnerships are needed between the public sector, private financial institutions, academia and civil society to ensure that financial education programmes achieve their desired outcome? How are programmes customised for different financial levels, age groups, life cycles and specific financial challenges?
Through a series of lunch forums, Visa and the Financial Times have gathered policy-makers, educators, financial service providers and other experts and thought leaders to discuss how to optimise the provision of financial education in different emerging economies – the basic foundations that have to be in place, and the regional characteristics that need to be addressed, both in terms of programme development and the channels used to maximise reach and impact.
The series will culminate this week in the Philippines at the ninth Citi-FT Financial Education Summit, the most established annual international conference on financial capability, co-sponsored by Visa.
Posted by: Jason Alderman, Visa Corporate Relations on December 6, 2012 at 5:15 pm
Nov 13, 2012
As you know, last December, Visa and the Government of Rwanda announced a groundbreaking partnership to ‘electronify’ the Rwandan economy. The partnership aims to connect 11 million Rwandans to the formal financial sector. To do this, we have been focused on key areas including: developing the basic infrastructure needed to enable country-wide use of electronic payments, promoting electronic payments innovation by taking advantage of rapidly developing technologies like mobile payments, and building capacity and infrastructure through financial literacy and job training programs.
It is the clear vision and strategy for growth in Rwanda that Andrea Redmond and Patricia Crisafulli chronicle in their new book, Rwanda, Inc., which launched today. We are proud to be in the company of such qualified individuals who also see Rwanda as the “ultimate turnaround” story. The book describes how, in two decades, Rwanda went from complete devastation after the genocide 18 years ago to impressive economic development and GDP growth that has lifted one million people out of poverty in the past five years alone. Through direct access to the Rwandan government, the authors take the reader through Rwanda’s complicated past, from civil war and genocide to the promising present.
Like Andrea, we believe in the opportunity that exists in the region, and have focused our financial inclusion strategy to target a very important customer base, both for Visa and the Rwandan government, to help build a model for other appropriate economies. Enabling individuals opportunities to better manage their financial lives is a significant step towards advancing economic expansion.
We are honored to support Andrea in the launch of her insightful book, and believe in its message. Rwanda is open for business, and we are proud to be there.
NOTE: Andrea Redmond is a consultant who works with corporate boards, CEOs, Fortune 500 companies, and private investors. She sits on several boards of directors, including The Allstate Corporation, Children’s Memorial Hospital, Northwestern University Hospital, and the Robert H. Lurie Cancer Center.
Posted by: Doug Michelman, Global Head, Corporate Relations, Visa Inc. on November 13, 2012 at 3:11 pm
Oct 19, 2012
A lucky group of Pittsburgh area students from Allderdice High School got the chance to meet local luminaries from sports and politics–and get a head start on learning money management skills that will stick with them for life.
As part of Visa’s “Financial Football” program, Pittsburgh Steeler wide receiver Mike Wallace and Pennsylvania State Treasurer Rob McCord dropped by to share their personal experiences on the importance of money management with students.
The centerpiece of Visa’s nationwide educational initiative with the NFL and NFL PLAYERS, Financial Football helps students and adults tackle their financial futures. This free game is accompanied by a classroom curriculum and is available to every public middle and high school in the state of Pennsylvania.
So we know who the students in Pittsburgh will be rooting for this weekend. Who is YOUR favorite football team? Tell us who you will be rooting for in the comments!
Pittsburgh Steeler Mike Wallace on the importance of money management:
Pennsylvania State Treasurer Rob McCord on the value of teaching kids financial literacy:
Posted by: Jason Alderman, Visa Corporate Relations on October 19, 2012 at 2:08 pm
Sep 6, 2012
Proving that even politics can occasionally be fun, Visa teamed up this week with North Carolina Senator Kay Hagan, State Treasure Janet Cowell and Business Forward to host a demonstration of Financial Football at the Democratic National Convention in Charlotte.
With the help of Washington Redskin linebacker London Fletcher, local students and Convention delegates heard about the importance of promoting financial literacy and then got down to business, playing a spirited game of Financial Football.
A few kind-hearted souls asked me something to the effect of: “Why wade into the circus-like environment of a political convention to talk about financial literacy?”
The answer is straight-forward: We strongly believe that a component to a vibrant and growing economy is a well-informed, financially literate population. The government leaders gathered at the party conventions are, by virtue of the offices they hold, ideally positioned to advance the issue of financial literacy and help ensure that all teenagers leave high school with a foundational understanding of money management.
We tried to bring Financial Football to the Republican Convention last week in Tampa, but Hurricane Isaac interfered, causing us to postpone. We’re looking at rescheduling with Governor Rick Scott later this fall.
For the uninitiated, Financial Football is our educational video game that helps players learn about personal finance. Instead of using thumbs to advance your team down the field, you answer personal finance questions. Give it a try
Posted by: Jason Alderman, Visa Corporate Relations on September 6, 2012 at 3:32 pm
Sep 4, 2012
This is a great time to be a kid with a loose tooth.
The Tooth Fairy has rebounded from her economic dole drums and she’s returned to her free spending ways. So says the data from our most recent survey of 2,000 Americans. The Tooth Fairy’s largess plummeted in 2011, falling to an average of $2.60 left per tooth. But the cusped collector has picked herself up, dusted herself off, and in 2012 is leaving $3.00 – a 15% increase.
And with every first lost tooth comes the parental dilemma of how much money to leave under the pillow. No one wants to be an outlier and leave their child too much or too little. There is also the concern about children comparing notes on the school playground and finding out that the Fairy has been leaving different amounts.
To help answer this perennial question, we’ve developed the free Tooth Fairy Calculator which you can download as an app from iTunes or use on Facebook. The calculator recommends an appropriate amount to leave for each tooth based on what other families are leaving in comparable households.
While the topic of the Tooth Fairy is intentionally light-hearted, it looms incredibly large for a child with a wiggly tooth – especially if it’s your child. So harness the passion and fascination your child has with the Tooth Fairy and the cash she leaves behind and turn it into a conversation starter about money management.
Ask them how they plan to spend it and encourage them to save a portion. Help them understand the rudimentary concepts of budgeting and explain that’s what you do with your money. It’s a life lesson that will last longer than those baby teeth.
Posted by: Jason Alderman, Visa Corporate Relations on September 4, 2012 at 6:39 am
Aug 22, 2012
I am very happy to announce an unprecedented partnership between Visa and the Inter-American Development Bank (IDB) to promote financial inclusion for the residents of Complexo do Alemão, a cluster of favelas with a population of nearly 90,000 people.
Why have we entered into this partnership and what is it all about?
At Visa, we believe that everyone has the right to basic financial and payment services. Our partnership establishes the development of local solutions to allow the community to have access to the formal financial system and its benefits, as well as providing information and education needed for sustainable inclusion.
Below is an overview of the activities planned under this partnership:
Financial Literacy – Implementation of classes in financial literacy, a topic that Visa promotes around the world. A customized course for this project, prepared by Visa and IDB, will offer classes to 13 to 17 year olds as well as adults. Community teachers will also be trained by both institutions.
Financial Consultancy – Free financial consultancy services provided at a dedicated site, directed specifically at the needs of local individuals and businesses. A financial consultant from the community trained by Visa and the IDB will provide all the necessary information on how residents can legally register a company or open their own business in Complexo do Alemão, as well as helping community members to open bank accounts, understand the financial system or enroll in government social welfare programs.
Facilitating Access to Financial Inclusion – Studies commissioned by Visa and IDB to map habits, usage and penetration of the financial system in Complexo do Alemão.
Based on this data, Visa, in partnership with Bradesco, one of its financial institution partners, will study and assess opportunities for effectively meeting the needs of this population, seeking financial tools that make citizens’ daily lives easier, allowing them to make payments and receive payments in a much more secure and innovative way.
Most of the activities will be held at the Espaço Comunitário Carlos Castilho facilities in Complexo do Alemão and will be a part of the development project implemented by the municipal government of Rio de Janeiro through its Sports and Leisure Secretariat. The IDB provides financial support for the project through partnerships like this, with Visa.
With this project, Visa is helping the community in Complexo do Alemão take a few steps forward in building their own future.
Posted by: Ruben Osta, Country Manager, Brazil on August 22, 2012 at 12:15 pm
Aug 14, 2012
Financial literacy is a topic a great importance to those of us who work at Visa. We take great pride in the resources that we have created for educators, parents and students to address important financial questions and topics as people reach various milestones in their lives through our “Practical Money Skills for Life” program. Whether it is creating lesson plans for elementary school teachers or developing “Financial Football” to use sports to promote financial literacy, we are constantly thinking about ways to innovate around the topic.
And while Visa has strong voice to contribute to the conversation, we partner closely with educators on our advisory council to continually update our curriculum and offerings to make sure that the message we are helping to communicate resonates with students.
See what Chauncey Veatch, Advisory Council member and National Teacher of the Year from Coachella Valley (California) has to say about the importance of educating students about financial literacy:
Posted by: Jason Alderman, Visa Corporate Relations on August 14, 2012 at 6:08 pm