Moderated by Janet Bodnar, editor of Kiplinger's Personal Finance Magazine, one of the most trusted personal finance publications in the U.S., and featured U.S. Consumer Financial Protection Bureau, Governor Jos Daro Uribe of the Colombian Central Bank and Canadian Parliamentary Finance Committee Chair James Rajotte. It also hosted a special panel presentation of original financial education research that explored ways financial knowledge and behavior can be improved.
"The public-private partnership between the Federal Reserve Bank of Chicago and Visa in hosting this Summit is a model on how we can improve financial literacy in the United States and around the world," said Charles Evans, President and Chief Executive Officer, Federal Reserve Bank of Chicago.
As part of Visa's global commitment to achieving greater community engagement and youth education within the field of Corporate Social Responsibility (CSR), the agency's objective was to develop a locally designed campaign to launch the global Financial Literacy programme in the GCC and help drive visitors to its Middle East financial literacy website: MyMoneySkills.me, Visa's aim is to reach 20 million people worldwide with financial literacy information by May 2013.
Global Financial Literacy Barometer: Key Findings
As part of the Summit, Visa and Kiplinger's Personal Finance Magazine released the results of the 2012 Global Financial Literacy Barometer that assessed and ranked the financial literacy levels of people in 28 nations.
Overall, the UAE ranked top of the countries surveyed in the MENA region, scoring just under ten points below the leading country Brazil. Brazil was followed by Mexico, Australia, the United States and Canada as having the most financially literate people.
The results show that parents in the UAE have a particularly positive approach to encouraging financial literacy among their children compared to most wealthy countries, with 78% believing it is important to speak to their children about their financial future on a regular basis.
Among the other key findings of the survey:
• 25% of respondents with a high income say they do not have enough funds to cover a personal economic emergency fall into high income categories. A high level of respondents in the UAE (70%) admitted that they do not have the funds necessary to survive a personal economic emergency lasting more than three months.
• Respondents in more than half of the 28 countries surveyed believe that overall, teenagers and young adults do not understand money management basics, such as budgeting, savings, debt and spending responsibly.
• Across the globe, the youngest and oldest citizens face the most personal economic risk in the sense that they have the smallest emergency reserves and they are least likely to follow a budget.
"The Barometer clearly demonstrates that while there have been great strides made in advancing financial education there is still much more to be done," said Oliver Jenkyn, Group Executive, North America, Visa Inc..
"That is why Visa and the Federal Reserve Bank of Chicago share a commitment to helping people of all ages gain the financial tools necessary to become better money managers. The annual Financial Literacy Summit is an important part of this effort."
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Asian stocks rebound ahead of G-7 meeting - Marketwatch
By Sarah Turner and V. Phani Kumar, MarketWatch
HONG KONG (MarketWatch) — Asian shares mostly advanced Tuesday, snapping out of a series of recent declines and reversing some of Monday’s steep losses, amid hopes that policy makers would step in to stem growing concerns about the global economy.
South Korea’s Kospi KR:SEU +1.05% climbed 1.1%, Japan’s Nikkei Stock Average /quotes/zigman/5986735 JP:100000018 +1.04% advanced 1% and Hong Kong’s Hang Seng Index /quotes/zigman/2622475 HK:HSI +0.40% climbed 0.4%. Australia’s S&P/ASX 200 index /quotes/zigman/1653884 AU:XJO +1.47% ranked among the day’s best performers, rallying 1.5%. Each of the four benchmarks ended a four-session losing streak.
The gains in Sydney came after the Reserve Bank of Australia cut its key cash rate by a quarter percentage point to 3.5%, citing modest domestic economic growth and an more uncertain international environment. Read more on Australian rate cut.
“This cut was almost solely driven by the recent deterioration in global growth/credit conditions. This suggests that further cuts are likely,” said Su-Lin Ong, strategist at RBC Capital Markets.
With rates this low, who needs QE3?
The idea of the Federal Reserve instituting a new round of quantitative easing (referred by many as 'QE3') may be unnecessary with interest rates currently so low.
Elsewhere in the region, China’s Shanghai Composite index /quotes/zigman/1859015 CN:000001 +0.15% ended 0.2% and Taiwan’s Taiex /quotes/zigman/1565586 XX:Y9999 +1.53% climbed 1.5%.
The broad gains came amid optimism that European policy makers would act to help ease the region’s debt problems, amid news that finance ministers and central-bank governors from the Group of Seven major economies will hold an emergency conference call later Tuesday to discuss the euro-zone crisis.
Strategists at BNP Paribas said that “any hint of coordinated action to deal with Europe will keep risk supported.” See report on Europe and the G-7 conference.
Meanwhile, Olli Rehn, the European Commission chief for economic and monetary affairs, reportedly said officials have considered the idea of directly recapitalizing euro-zone banks, and that discussions were moving forward on creating a banking union. Read more on European market action.
Exporters were among the many beaten-down Asian stocks that rebounded during the session.
Tokyo-listed electronics and technology firms traded higher as well, with Fujitsu Ltd. /quotes/zigman/193012 JP:6702 +5.52% /quotes/zigman/192990/quotes/nls/fjtsy FJTSY +1.30% jumped 5.5%, and Sony Corp. /quotes/zigman/197500 JP:6758 +3.31% /quotes/zigman/197524/quotes/nls/sne SNE +1.11% rose 3.3%.
Canon Inc. /quotes/zigman/192200 JP:7751 +3.39% /quotes/zigman/192209/quotes/nls/cajff CAJFF -4.14% climbed 3.4% after the firm said that it would buy back up to 50 billion yen ($640 million) of its outstanding shares.
In South Korea, LG Electronics Inc. KR:066570 -3.75% climbed 4.7% and Samsung Electronics Co. /quotes/zigman/189458/quotes/nls/ssnlf SSNLF -0.30% gained 0.6% in Seoul, while Asustek Computer Inc. rose 3.6% and Nanya Technology Corp. climbed 6.8% in Taipei.
Some energy stocks also bounced back as Nymex crude-oil futures moved toward $85 a barrel in electronic trading.
Woodside Petroleum Ltd. /quotes/zigman/181325 AU:WPL +3.76% /quotes/zigman/181323/quotes/nls/wopef WOPEF -2.76% rose 3.8% and Beach Energy Ltd. /quotes/zigman/180848 AU:BPT +10.11% /quotes/zigman/180849/quotes/nls/beptf BEPTF -7.27% soared 10.1% in Sydney, and Inpex Corp. /quotes/zigman/396971 JP:1605 +2.48% /quotes/zigman/527550/quotes/nls/ipxhy IPXHY +0.66% added 2.5% in Tokyo.
Shares of Wharf Holdings Ltd. /quotes/zigman/14082 HK:4 +1.53% /quotes/zigman/14084/quotes/nls/warff WARFF -0.19% jumped 1.5% on news that the diversified conglomerate had accepted the Hong Kong government’s terms for renewal of a lease on a container terminal. Read more on Wharf’s lease terms.
Ranking among decliners, shares of Fast Retailing Co. /quotes/zigman/139215 JP:9983 -8.80% /quotes/zigman/139220/quotes/nls/frcof FRCOF +1.37% tumbled 8.8% in Tokyo after the firm reported that domestic same-store sales for its Uniqlo casual-clothes chain fell 10.3% compared to the year-ago period.
Qantas Airways Ltd. /quotes/zigman/154565 AU:QAN -18.66% /quotes/zigman/154564/quotes/nls/qubsf QUBSF -3.42% fell to an all-time low of 1.15 Australian dollars ($1.13) before recovering a cent to finish at A$1.16, down 18.7% from the previous day’s close. The slump came after the airline warned its annual pre-tax underlying profit could fall as much as 90% amid weakness at its international division. See report on Qantas profit warning.
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