The financial services sector emphases initiatives that empower consumers in an increasingly and diverse financial system. One of the areas of initiative is that of consumer education, which includes the provision of numerous financial education programmes by many stakeholders. Financial education can benefit any age person and irrespective of their income level (OECD, 2005). The changing nature of financial products and their increasing complexity are among the many reasons for financial education becoming increasingly important (FCSA, 2020). In South Africa educating financial consumers and potential financial consumers is legislated in terms of the Financial Sector Regulation Act, 2017 (Act No. 9 of 2017) (FSR Act). In terms of this Act the Financial Sector Conduct Authority (FSCA) is responsible for this education. A project is currently underway to develop a South African financial education portal. The aim of the South African financial education portal project is to encourage the financial services industry to work collaboratively to identify opportunities to consolidate existing resources into a sustainable programme. The South African financial education portal is planned to consist of four segments, a repository of financial education content, accreditation of financial education resources (a Quality Mark), certification of financial education providers and an evidence hub. The proposed online platform will be designed through the application of a living lab integrative approach (Mastelic, 2019), underpinned by design thinking. As per the integrative approach, the first step of the research project is in the ‘Problem space phase’ following a sequential multi-method research approach. Empathise is the first stage in design thinking and in living lab research researchers try to gain a deep understanding of the problems and motivations of the end user. The context is researched, to gain an understanding of user behaviours, perceptions, and social practices.
Ramsunder & Mathiva (2020) found in a desk top study, that most programmes offered by institutions are generic in nature, in South Africa. This research aims to answer two questions How can educational resources be shared amongst institutions and how then can a culture of collaboration of financial education materials be encouraged so that potentially limited budgets are utilised more efficiently? This paper will present the exploration of the relationship between corporate social responsibility and open educational resources in the financial service sector and how to encourage a culture of collaboration to enhance the efficiency and quality of the provision of consumer financial education.
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[Session 6A]: Practice and Policy in OEReferencesFCSA (2020). Discussion Document: Ensuring Appropriate Financial Consumer Education Initiatives. https://www.moonstone.co.za/upmedia/uploads/library/Moonstone%20Library/MS%20Industry%20News/1.%20Discussion%20Document%20-%20Ensuring%20Appropriate%20Financial%20Education%20Initiatives_June2020.pdf Mastelic, J. (2019). Stakeholders’ engagement in the co-design of energy conservation interventions: The case of the Energy Living Lab. OECD (2005). Improving Financial Literacy. Analysis of Issues and Policies. https://read.oecd-ilibrary.org/finance-and-investment/improving-financial-literacy_9789264012578-en#page6 Ramsunder, J. and Mthivha, F.(2020). Trends in consumer financial education in South Africa. https://dnaeconomics.com/trends-in-consumer-financial-education-in-south-africa/
Author KeywordsOpen educational resources, corporate social responsibility, financial consumer education
