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.
55:41
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Quick takeaways
- Financial literacy is critically low among UK citizens, particularly affecting women, leading to missed opportunities and misunderstandings about finance.
- Family dynamics play a crucial role in financial literacy, with many parents seeking assistance to improve their financial knowledge for their children.
Deep dives
Understanding Financial Literacy Challenges
Financial literacy is a pressing issue, with approximately 50% of individuals in the UK unable to pass a basic financial literacy test. This problem is particularly acute among women, who often receive less financial education than men, leading to significant gaps in understanding and confidence regarding finance. The lack of financial literacy can result in missed opportunities, such as ineffective budgeting, poor investment choices, and misunderstandings about credit. The conversation highlights the importance of addressing this crisis, as comprehending financial concepts is crucial in today's economically challenging environment.
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