The financial market fulfils an important function for both society at large and individual consumers and households. The financial system makes it possible for consumers like you to borrow money to buy a home, purchase insurance for your home and your family, save for your pension and pay your bills.
Many financial decisions have a major impact on an individual's economic circumstances, but they are also difficult to evaluate. Financial products can be complex, but the period of time between decision and outcome can also be long.
Financial firms thus have an information and knowledge advantage over consumers. As a whole, this means that consumers on the financial market need special protection, and rules have therefore been established to govern the behaviour of firms in their interaction with their customers. These rules cover, for example, the information that must be provided, the handling of conflicts of interest and that firms in other respects shall consider the interests of consumers.
FI has been commissioned by the Government to strengthen consumers' position on the financial market by educating them in financial matters. Through education, FI should improve consumers' knowledge and thus help them make better financial decisions. Most of FI's work with educational programmes in personal finances is conducted in close cooperation with other authorities, firms and organisations. The aim is to improve consumers' awareness and knowledge of personal finances so that they may assimilate the information they receive. In order to be able to reach out to a broad target group, FI focuses on training Certified Personal Finance Instructors. The educational initiatives target specific groups, such as high school pupils, new arrivals and unemployed youths.