Financial Education and Fair Trading
The need for financial education is well documented. It’s not just technical knowledge; it’s good habits like budgeting and saving.
The FairLife Charity’s model is simple and creates a virtuous circle:
- Firms commit to fair trading and pay fees for the FairLife Mark
- The FairLife Charity gives the money to support financial education
- Everyone benefits from better products and a more educated population
Our goal in financial education
We want the next generation of children to understand finance, like this generation understands technology.
What is a FairLife School?
A FairLife school is simply one that is committed to teaching financial education. The school may also appreciate that fair trading and financial education are intrinsically linked and support our goal of improving financial wellbeing for all.
The link between fair trading and financial education.
Finance can be difficult to understand, but if all companies follow the spirit of the law it will make the task considerably easier (one goal of the FairLife Charity is to introduce standardised terminology for charging customers). Other ways that fair trading and financial education are intrinsically linked are listed below:
a) Fair traded products should be easier to understand, but a customer’s understanding reflects their financial education.
b) A fair trading mark does not imply suitability. Suitability can only be determined through financial education.
c) FairLife Schools, teaching industry-agreed terms, solves two key problems:
I. Companies will struggle promote benefits that consumers don’t understand.
II. Schools will struggle to teach financial education if industry makes it more complex.
d) If industry embraces fair trading, consumers should be taught to trust it. If industry shuns fair trading, consumers should be taught how to avoid or deal with it.
e) The FairLife Mark helps children to see that financial education is a real-World topic. It is something their school and parents have to deal with every day. That makes it easier to learn and easier to remember.
f) To have an impact on the finance industry, the initiative needs scale. Spanning all areas of finance and financial education with the same FairLife Mark will create a household name capable of delivering this much needed change.
The FairLife Mark is on your side