Citi-FT Financial Education Summit 2008 reinforces importance of financial literacy in volatile economic times

25 November 2008

More than 200 delegates from around the world participate in the largest Summit of its kind ever held in China

Beijing, China - November 25 - At the Citi-FT Financial Education Summit 2008 held in Beijing, China today, more than 200 delegates from around the world gathered to discuss the increasing need for financial literacy and the role it can and should play in reducing financial vulnerability especially in turbulent times. Keynote speakers at the event include Madam Wu Xiaoling, Vice Chairwoman, Financial and Economics Affairs Committee, National People’s Congress and Chairwoman of China Foundation for the Development of Financial Education; Li Fu’an, Director General of Financial Innovation Department of China Banking Regulatory Commission (CBRC) and Zhu Limin, Director General of Investor Education Office and Head of Regional Bureau Coordination Department, China Securities Regulatory Commission (CSRC).

Attendees at the Summit comprise representatives from the private, government, academic and non-profit sectors, who will share examples of programmes that teach people about the fundamentals of good money management such as credit, saving, investing, insurance, household budgeting and financial planning. Target group under discussion will include youth, mainstream consumers, investors, and marginalized communities.

“The unfolding of the current global financial crisis highlights more than ever the critical role of financial literacy in wise decision-making, protecting wealth and achieving financial well-being, especially for disadvantaged and low-income groups. It is imperative that corporations, policy makers, practitioners and advocates collaborate closely to enhance the economic security of individuals across all age groups, backgrounds and income levels. Leading this financial education summit for the fifth consecutive year underscores Citi’s commitment to financial education regionally and globally.” said Andrew Au, CEO of Citi China and Chairman of Citibank (China) Co., Ltd.

“Financial literacy is increasingly recognised as a life skill that is needed in every region, at all levels of society and at all times, good or bad,” said Mark Nieker, President of the Pearson Foundation. “Education is a core issue for Pearson and our goal for this Summit, in collaboration with Citi and the Financial Times, is to realize the potential and reinforce the impact of financial education to alleviate poverty, stimulate entrepreneurship, and boost wealth creation.”

The conference will also include a look at China, and highlight the roadmap for financial literacy among Chinese consumers.  It will discuss how financial education efforts should be prioritized in China given the size and scale of the country and its vast need for financial education. Experts will recommend the types of strategies, collaborations and core initiatives that are needed to raise China’s financial literacy levels and support its economic growth in the coming decades.

Madam Wu Xiaoling, Vice Chairwoman, Financial and Economics Affairs Committee, National People’s Congress and Chairwoman of the China Foundation for the Development of Financial Education noted, “Several financial education initiatives are underway in China, but they are relatively new and are not reaching enough people. We need to work closely to design the best possible financial literacy framework, make this accessible and practical for everybody, and hence help Chinese consumers to make more informed financial decisions, and increase their financial independence and well-being.”

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Citi
Citi, the leading global financial services company, has some 200 million customer accounts and does business in more than 100 countries, providing consumers, corporations, governments and institutions with a broad range of financial products and services, including consumer banking and credit, corporate and investment banking, securities brokerage, and wealth management. Citi’s major brand names include Citibank, CitiFinancial, Primerica, Smith Barney, Banamex, and Nikko. Additional information may be found at www.citigroup.com or www.citi.com.

Citi Foundation
The Citi Foundation is committed to enhancing economic opportunities for underserved individuals and families in the communities where we work throughout the world. Globally, the Citi Foundation is focusing its giving on Microfinance and Microentrepreneurship, which helps individuals become economically self-sufficient; Small and Growing Businesses, leading to economic expansion and job creation; Education, which prepares young people for personal and professional success; Financial Education, which helps individuals make informed financial decisions; and the Environment with a focus on sustainable enterprises that generate jobs and stimulate economic growth while preserving the environment. Additional information can be found at www.citigroupfoundation.com/

Citi Financial Education Program
Based on the belief that knowledge is your greatest asset, the Citi Financial Education Program is a global, company-wide effort to identify, support and implement initiatives that help give individuals, families and communities the tools needed to make sound financial decisions. Citi‘s ten-year, $200 million global commitment is focused in three areas: Personal, Small Business and Institutional Financial Education. Additional information about Citi Financial Education Program, including Citi Foundation guidelines, links and resources and the Citi Financial Education Program Curriculum and Facilitator's Guide may be found at http://financialeducation.citigroup.com.

About the Pearson Foundation

The Pearson Foundation extends Pearson‘s commitment to education by partnering with leading non-profit, civic, and business organizations to provide financial, organizational, and publishing assistance across the globe. The foundation aims to make a difference by sponsoring innovative educational programs and extending its educational expertise to help in classrooms and in local communities. More information on the Pearson Foundation can be found at www.pearsonfoundation.org.

About the Financial Times

The Financial Times, one of the world’s leading business newspapers, is recognised internationally for its authority, integrity and accuracy. Providing extensive news, comment and analysis, the newspaper is printed at 24 print sites across the globe, has a daily circulation of 417,570 (ABC figures, August 2008) and a readership of 1.4 million people worldwide. FT.com is the definitive home for business intelligence on the web, providing an essential source of news, comment, data and analysis for the global business community. FT.com attracts 7.1 million unique users, generating 72 million page views (ABCe figures, March 2008).

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Media Contacts:

Alphae Chen
Corporate Affairs
Citi China
Tel: (86 21 2896 6365)
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Paula Bennett
Corporate Citizenship
Citi Asia Pacific
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Azmar Sukandar
Regional Communications, Asia Pacific
Financial Times
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