Fintech Insider Podcast by 11:FS 950. Insights: Can fintech solve the financial illiteracy crisis?
Apr 3, 2025
Elisabeth Prager, Co-founder of Isla Money, Jenny Miller of Wise, and Tom Davies from Yonder share their insights on the pressing financial illiteracy crisis. They discuss the pivotal role of fintech in making financial education accessible, particularly for women. The conversation highlights the challenges of navigating financial choices today, the impact of social media on learning, and the need for transparency in financial services. Together, they emphasize innovative approaches to empower individuals and cultivate financial confidence in a complex economic landscape.
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Financial Literacy Crisis
- Half of UK adults cannot pass basic financial literacy tests.
- This is worse for women, impacting opportunities like saving and investing.
Gender Disparity in Financial Literacy
- Women may be less financially literate due to social norms.
- They are less likely to discuss finances within families.
Misunderstanding APR
- Tom Davies encountered many people complaining about APR without understanding it.
- This highlights a widespread lack of financial literacy across all demographics.