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Transcription

1 EY

2 ISA ISA

3 5.2.1 NEST NEST (k)

4 // 4

5

6 ..// ISA Individual Savings Account TFSA Tax-free Savings Account PEA Plan d'epargne en Actions 6

7 2.2 Federal Reserve, Financial Accounts of the United States Flow of Funds, Balance Sheets, and Integrated Macroeconomic Accounts BEA, National Accounts, GDP & Personal Income Office for National Statistics(ONS), UK Flow of Funds Project: total financial account, UK National Accounts, the Blue Book ONS, United Kingdom National Accounts Banque de France, Financial accounts and financial balance sheet, Insee (National Institute of Statistics and Economic Studies), National accounts Deutsche Bundesbank, National self-assessment report on the quality of financial accounts for Germany Statistics Bundesamt, National Accounts Statistics Canada, National economic accounts: Financial and Wealth Statistics Canada, National Economic Accounts Survey of Eurosystem Wealth and Household Survey of Consumer Household Assets Survey, wealth and Financial Finances Finance and finances in Security Consumption Germany Survey Federal European Office for Bundesbank Statistics Reserve Central Bank National Canada Statistics 1989, 92, 95, First wave First survey , 1, 4, () (-11) , 9, 13 Second (14) 6 6, , 2 1(6-8) 2(8-) 3(-12) 4(12-14),247 Wave 4 4,461 9, , ,656 4,696 7

8 1 ICI,"Release Quarterly Retirement Market Data, First Quarter 16" ICI, "The IRA Investors Profile: Traditional IRA Investors' Activity 7-14" ICI, "The Role of IRAs in U.S. Households Saving for Retirement, 15" ICI, "16 Investment Company Fact Book" ICI, "Profile of Mutual Fund Shareholders, 15" National Center for Employee Ownership, "A Statistical Profile of Employee Ownership", Updated December 15 HM Revenue & Customs, "Individual Savings Account (ISA) Statistics" Office for the National Statistics, "Occupational Pension Schemes Survey" Banque de France, Les comportements patrimoniaux des ménages en France Évolutions et déterminants entre 4 et Banque de France, "BULLETIN DE LA BANQUE DE FRANCE" Association Française de la Gestion financièr, "Communiqué de presse - Les PERCO en nette progression en 14" Entwicklung der Riester-Verträge - Bestand in Tsd. - Canada Revenue Agency, "Tax-Free Savings Account statistics" Statistics Canada, "National Balance Sheet Accounts Pension satellite account" Canada Education Savings Program, "13 CESP Annual Statistical Review" EY The $5 trillion prize - A customer-centric vision for the global pension and retirement market Pan-European Pension Funds in a Future World 8

9 IT FRB, "Financial Accounts" Non-profit Organization NPO 9

10 FRB, "Survey of Consumer Finance" 1974 ERISA Employee Retirement Income Security Act DC 1(k) (k) 1974 IRA Individual Retirement Account IRA 7.3 DC (k) 199 DB (k) 4.7 DC

11 3.1.3 IRA, 9, 8, 7, 6, 5, 4, 3, 2, 1, DB DC IRA Department of Labor, "Private Pension Plan Bulletin Historical Tables and Graphs ", Investment Company Institute, "The Role of IRAs in U.S. Households Saving for Retirement, 15," "The U.S. Retirement Market, First Quarter 16" EY Investment Company Institute, "The U.S. Retirement Market, First Quarter 16" EY 11

12 3.1.5 DC Investment Company Institute, "The U.S. Retirement Market, First Quarter 16" EY DC IRA (k) DC MMF Investment Company Institute, "The U.S. Retirement Market, First Quarter 16" EY 12

13 3.1.7 IRA MMF Investment Company Institute, "The U.S. Retirement Market, First Quarter 16" EY (k)14 6% 4% 6% 9% 7% 43% 18% 7% Investment Company Institute "1(k) Plan Asset Allocation Account Balances and Loan Activityin 14" EY DC IRA 13

14 IT 15 7,9 9 6,7 58 ISA Individual Savings Account ONS, "National Balance Sheet" , 25,, 15,, 5, / ISA ONS, "Wealth and Asset Survey" 14

15 DB NEST National Employment Savings Trust12 18 NEST NEST s golden rules of communication NEST 77 8 NEST DC DB Office for National Statistics, "Occupational Pension Schemes Survey: 14" EY ISA 1987 PEP Personal Equity Plan 1991 TESSA Tax-exempt Special Savings Accounts 15

16 1999 ISA ,7 2, ISA Office for National Statistics, "Occupational Pension Schemes Survey: 14" EY FSA 15 The Financial Capability Strategy for the UK 3.2.5financial capacity 18 16

17 The Money Advice Service, "Financial Capability in the UK 15 Financial Capability Survey" EY Initial results from the 15 UK Financial Capability Week 3.2.6Financial Capability Strategy for the UK Money Advice Service 17

18 3.2.6 Financial Capability Week Financial Capability Strategy for UK Money Advice Service The Pensions Advisory Service Citizens Advice Royal London Young Enterprise Consumer Affairs for Experian money.co.uk the Money Advice Trust MyBnk Money for Life Money Advice Service, "Press release: Financial Capability Week 16 announced" EY announced Financial Capability Week Financial Capability Week Children, Young People and Money Financial Capability in the Workplace The Financial Capability Conference Money Advice Service 5 Financial Capability Strategy 18

19 IT 3 PERCO Plans d'epargne retraite collectif ,, 8, 6, 4, 2, Insee, "Comptes financiers", "Comptes de patrimoine" Insee, "Comptes financiers", "Comptes de patrimoine" 19

20 3 PERCO PEE Plans d'epargne enterprise PERCO PERCO 25 3 PERCO PERCO PERCO AFG Association Française de la Gestion financièr, "Communiqué de presse - Les PERCO en nette progression en 14" EY

21 1992 PEA Plan d'epargne en Actions ISA PEP Personal Equity Plan 3 EU PEA PEA PEA PEA Banque de France, "Les comportements patrimoniaux des ménages en France Évolutions et déterminants entre 4 et " EY PEA 21

22 IT 1.2 Riester Rente , 5, 4, 3, 2, 1, Deutsche Bundesbank, "Macroeconomic accounts systems, Balance sheets" , 7, 6, 5,, 3,,, Deutsche Bundesbank, "Monthly Report, Panel on Household Finance (PHF)" June 13, March

23 BMAS "Statistik zur privaten Altersvorsorge" EY Altersvorsorge macht Schule 23

24 3.4.4 Altersvorsorge macht Schule 3 45 SchulBank-Wirtschaft für den Unterricht Bundesverband deutscher Banken NPO Sparkassen Schulservice Deutscher Sparkassenverlag Stuttgart NPO Web 6 12 Web CD-ROM e- TV UNESCO 6 12 "Survey of Financial Literacy Schemes in the EU27" EY 24

25 EPP Employer-sponsored Registered Pension PlanRRSP Registered Retirement Savings Plan Statistics Canada, "National Economic Accounts: Financial and wealth" TFSA EPP RRSP 8 6 TFSA EPP RRSP Statistics Canada, "Survey of Financial Security" 25

26 IRA RRSP Registered Retirement Savings Plans Statistics Canada, "Registered retirement savings plan contributors Canada, provinces and territories" RRSP 12,, 8, 6, 4, 2, Statistics Canada, "National Balance Sheet Accounts Pension satellite account" EY ISA TFSA Tax-free Savings Account , 5 45 ISA TFSA Canada Revenue Agency, "Tax-Free Savings Account statistics" 26

27 3.5.5 TFSA Canada Revenue Agency, "Tax-Free Savings Account statistics" FCAC Financial Consumer Agency of Canada Financial Literacy Leader Financial Literacy Month Financial Literacy Leader FCAC

28 3.5.6 Financial Literacy Leader Financial Consumer Agency of Canada 13 Consolidated Credit Counseling Services of Canada Credit Counselling Society ABC Life Literacy Canada 6 Bow Valley College Carleton University NorQuest College 186 RBC Royal Bank BDO Canada Limited Desire Financial Solutions Inc. BuyHerself Ignov8 Finances d'or 3 2 Financial Consumer Agency of Canada, "Canadian Financial Literacy Database" EY Financial Consumer Agency of Canada, "Canadian Financial Literacy Database" EY 28

29 FRB, "Financial Accounts of the United States", ONS, "National Accounts, The Blue Book 16",OECD, "National Accounts",Statistics Canada, "National Economic Accounts, Financial and wealth",

30 FRB, "Financial Accounts of the United States" ONS, "National Balance Sheet" Deutsche Bundesbank, "Macroeconomic accounting systems, Balance sheets" Insee, "Comptes de patrimoine" "Comptes financiers" Statistics Canada, "Survey of Financial Security" 3

31 4.1.2 GDP GDP GDP GDP 5 3 GDP OECD, "National Accounts", "Tax Revenue" OECD, "Social Expenditure Database"

32 Tier1 Tier OECD, "Pension at glance 15" OECD, "Pension at glance 15" 1 2Tier1 Tier2 DB DCTier3 32

33 OECD % FRB, "Survey of Consumer Finances" 13 ONS, "Wealth and Assets Survey" Deutsche Bundesbank, Monthly report, Panel on household finances" 14, ECB, "Eurosystem Household Finance and Consumption Survey" ECB, "Eurosystem Household Finance and Consumption Survey" Statistics Canada, "Survey of Financial Security" ( , 14 1, 33

34 IT IT

35 IRA 1(k) FRB, "Survey of Consumer Finances" 1 Percentage of families holding assets Mean value of families holding assets 2 ISA Individual Savings Accounts ISA 11 Junior ISA 12 DC NEST NEST DC

36 , 25,, 15,, 5, / ISA , 5, 12,5 12,5 25, 25, 5, 5,,, , 5, 12,5 12,5 25, 25, 5, 5,,, ONS, "Wealth in Great Britain Wave 4, 12 to 14" DB DC ONS, "Wealth in Great Britain Wave 4, 12 to 14"

37 4.1. / , 8, 8, 7, 6, 7, 6, 6, 5,, 5,,,, 3, 3,,,,, Deutsche Bundesbank, "Monthly Report, Panel on Household Finance (PHF)" June 13, March RRSP EPP (k) RRSP RRSP TFSA Tax-free Savings Account 37

38 RRSP EPP TFSA Statistics Canada, "Survey of Financial Security"

39 FRB, "Financial Accounts of the United States" ONS, "National Accounts, The Blue Book 16" OECD, "National Accounts" Statistics Canada, "National Economic Accounts, Financial and wealth" FRB, "Financial Accounts of the United States" ONS, "National Accounts, The Blue Book 16" OECD, "National Accounts" Statistics Canada, "National Economic Accounts, Financial and wealth" 39

40 4.2.3IT ECB % Value Search 4.2.2

41 BEA, "GDP & Personal Income" ONS, "United Kingdom National Accounts" Statistics Bundesamt, "National Accounts" Insee, "National Accounts" Statistics Canada, "National Economic Accounts" 41

42 (k) RPP 1974 ERISA Employee Retirement Income Security Act DC 1(k) (k) 1(k) 1(k)Traditional 1(k) Roth 1(k) Traditional 1(k) 59 Roth 1(k) 6 Traditional 1(k) Roth 1(k) 59 Roth 1(k) 5 RPP Registered Pension Plan DB DC DC Traditional 1(k) 42

43 (k) RPP Traditional 1(k) Roth 1(k) RPP DC 18, / 26, 18 / (k) Pension Protection Act1(k) Regulation Relating to Qualified Default Investment Alternatives in Participant-Directed Individual Account Plans 6 ERISA 43

44 (k) QDIA QDIA QDIA QDIA QDIA 2 QDIA 4 1 U.S. Department of Labor, "Regulation Relating to Qualified Default Investment Alternatives in Participant-Directed Individual Account Plans", April 8 /fact-sheets/fsqdia.pdf 6 Employee Benefit Research Institute, "The Impact of PPA on Retirement Savings for 1(k) Participants" 8 1(k) 199 DB DB 6 1(k) 1(k) 44

45 IRA RRSP IRA Individual Retirement Account 1974 ERISA IRA IRA 5.1.3IRA 1(k) Roth IRA 5 myra 15 RRSP Registered Retirement Savings Plans Traditional IRA 1991 RPP RRSP IRA RRSP Traditional IRA Roth IRA RRSP ,5 5 6,5 Traditional IRA Roth IRA 25,37 18 RPP

46 ERISA Investment Company Institute, "The U.S. Retirement Market, First Quarter 16" EY DC IRA 1974 IRA IRA, 9, 8, 7, 6, 5, 4, 3, 2, 1, DB DC IRA US Department of Labor, "Private Pension Plan Bulletin Historical Tables and Graphs " Investment Company Institute, "The Role of IRAs in U.S. Households Saving for Retirement, 15" 46

47 IRA 7.3 DC (k) 199 DB 6.7 1(k) 4.7 DC Investment Company Institute, "The U.S. Retirement Market, First Quarter 16" EY DC Investment Company Institute, "The U.S. Retirement Market, First Quarter 16" EY 47

48 DC 52 46MMF (k) DC Investment Company Institute, "The U.S. Retirement Market, First Quarter 16" EY (k)14 GIC Investment Company Institute, "1(k) Plan Asset Allocation Account Balances and Loan Activityin 14" 48

49 IRA DC IRA Investment Company Institute, "The U.S. Retirement Market, First Quarter 16" EY 49

50 RPP Registered Pension Plan DB DC 1 DB DC RPP 32 38Statistics Canada, "Percentage of Labour force and employees covered by a registered pension plan (RPP)" RPP DB DC Statistics Canada, "Registered pension plan (RPP) members, by area of employment, sector, type of plan and contributory status, annual" EY RPP DB DC Statistics Canada, "Registered pension plan (RPP) members, by area of employment, sector, type of plan and contributory status, annual" EY 5

51 RPP RPP DB RRSP Registered Retirement Savings Plans Statistics Canada, "Registered retirement savings plan contributors Canada, provinces and territories" RRSP Statistics Canada, "Registered Retirement Savings Plan (RRSP) contributions, by contributor characteristics annual" EY RRSP 12,, 8, 6, 4, 2, Statistics Canada, "National Balance Sheet Accounts Pension satellite account" EY 51

52 DB , Office for National Statistics, "Occupational Pension Schemes Survey: 14" Table 1 /pensionssavingsandinvestments/bulletins/occupationalpensionschemessurvey/ DC DB Office for National Statistics, "Occupational Pension Schemes Survey: 14" Table 3 /pensionssavingsandinvestments/datasets/occupationalpensionschemessurvey 52

53 Stakeholder Pension 8 empty shells NEST National Employment Savings Trust 18 NEST NEST's golden rules of communication 53

54 PERCO Plans d'epargne retraite collectif PEE Plans d'epargne enterprise PERCO PERCO 25 3 PERCO PERCO PERCO AFG Association Française de la Gestion financièr (AFG) "Communiqué de presse - Les PERCO en nette progression en 14" EY

55 PERCO AFG Association Française de la Gestion financièr (AFG) "Chiffres clés - Les PERCO en nette progression en 15 : 12,2 milliards d euros d encours (+ 18 %) " EY Association Française de la Gestion financièr (AFG) "Gestion pilotée du Plan d Épargne pour la Retraite Collectif Guide de bonnes pratiques" 12 5 PERCO Profil Prudent Profil EquilibreProfil Dynamique 3 3 Profil Equilibre 5:5 PERCO PERCO % 27% 46% AFG Association Française de la Gestion financièr (AFG), "Communiqué de presse - Le PERCO confirme son succès" September, 7 EY 55

56 Riester Rente BMAS "Statistik zur privaten Altersvorsorge" 56

57 5.1.3 ISA ISA 1987 PEP Personal Equity Plan 1991 TESSA Tax-exempt Special Savings Account 1999 ISA Individual Savings Accounts ISA ,5 15, 7, ISA TFSA ISA PEA 57

58 ISA ISA PEA TFSA NISA , , Junior ISA NISA Help to Buy ISA PEA-PMA Innovative Finance ISA Lifetime ISA EY 16 3 NISA 1,

59 ISA ISA HM Revenue & Customs, "Individual Savings Account (ISA) tatistics" August 16, Table 9.12" ,7 2, ISA 2, 1,5 1, 5 HM Revenue & Customs,"Individual Savings Account (ISA) Statistics" August 16 /Full_Statistics_Release_August_16.pdf ISA HM Revenue & Customs,"Individual Savings Account (ISA) Statistics" August 16 /Full_Statistics_Release_August_16.pdf 59

60 Junior ISA The Child Trust Funds Act 4 5 Child Trust Fund Junior ISA Junior ISA ISA Junior ISA HM Revenue & Customs,"Individual Savings Account (ISA) Statistics" August 16, EY Statistics_ Release_August_16.pdf Junior ISA Junior ISA Junior ISA HM Revenue & Customs,"Individual Savings Account (ISA) Statistics" August 16, EY Release_August_16.pdf 6

61 ISA 13 Help to Buy: ISA 15 1,6 12, 25 3, 16 4 Innovative Finance ISA P2P 17 4 Lifetime ISA ISA PEA 1992 ISA PEP Personal Equity Plan PEA Plan d'epargne en Actions 3 EU PEA PEA PEA PEA Banque de France "Les comportements patrimoniaux des ménages en France Évolutions et déterminants entre 4 et " Tableau 6, p96 EY PEA TFSA TFSA Tax-free Savings Account , 1,

62 TFSA Canada Revenue Agency, "Tax-Free Savings Account statistics" TFSA Canada Revenue Agency, "Tax-Free Savings Account statistics" 62

63 Prepaid tuition program Savings plan , , 1, 1, 8 6 Investment Company Institute, "529 Plan Data" EY 63

64 , 2,5 2, 1,5 1, 5 Investment Company Institute, "529 Plan Data" EY RESP 196 ESP Education Savings Plan 1972 CRA Canada Revenue Agency RESP Registered Education Savings Plan RESP 3 Individual Plan Family Plan Group Plan RESP 2,5 77,664 CESG Canada Education Savings Grant 64

65 RESP RESP 5, 4,5 4, 3,5 3, 2,5 2, 1,5 1, 5 15 CESP Annual Statistical Review 65

66 NEST 12 DC NEST NEST DC DC DB Office for National Statistics, "Occupational Pension Schemes Survey: 14 ", Table 3 /pensionssavingsandinvestments/datasets/occupationalpensionschemessurvey NEST NEST, "NEST insight 14, " "NEST insight 15"

67 5.2.2 NEST NEST Retirement Date Fund Retirement Date Fund NEST 99Retirement Date Fund NEST, "NEST pension scheme annual report and accounts For the year ended 31 March 14", p32, NEST Retirement Date Fund NEST, "Looking after members' money" /looking-after-members-money,pdf.pdf 67

68 (k) Investment Company Institute, "Frequently Asked Questions About Target Date or Lifecycle Funds" Investment Company Institute, "Frequently Asked Questions About Target Date or Lifecycle Funds" 68

69 DC , 8, 7, 6, 5, 4, 3, 2, 1, DC IRA DC IRA Investment Company Institute, "The U.S. Retirement Market, First Quarter 16" 69

70 NPO Towers Watson, 12 US Defined Contribution Sponser Survey Report Department of Labor, "Fact Sheet: Department of Labor Finalizes Rule to Address Conflicts of Interest in Retirement Advice, Saving Middle Class Families Billions of Dollars Every Year" EY /dol-final-rule-to-address-conflicts-of-interest Summary Plan Description (SPD) Automatic Enrollment Notice Individual Benefit Statement Annual Funding Notice Plan and Investment Information for Participant - Directed Plans Summary of Material Modifications Summary Annual Report Notice of Significant Reduction in Future Benefit Accruals Blackout Notice Notice to Participants of Underfunded Plan Plan Documents 55 Annual Report (Form 55) Department of Labor, "WHAT YOU SHOLULD KNOW ABOUT YOUR RETIREMENT", August 13 EY /publications/wyskgreenbook.pdf 7

71 Participant Investment Education Plan Information General Financial and Investment Information Asset Allocation Models (i) (ii) (iii) (iv) (v) (vi) (i) (ii) (iii) (iv) IRA Interactive Investment Materials (i) (ii) (iii) (iv) (v) IRA US Department of Labor, "Interpretive Bulletin 96 1; Participant Investment Education; Final Rule", June 1999 EY

72 DC DC DC 72 DC Investment Company Institute, "Ownership of Mutual Funds Through Investment Professionals 12" EY 72

73 5.3.2 NEST 8 NEST s golden rules of communication NEST s golden rules of communication NEST NEST NEST's golden rules of communication Keep it real practical examples Rights not responsibility Out with the old One for all Tell it like it is Give people control (even if they don t use it) Take people as you find them Be constructive NEST, "NEST's golden rules of communication" 16 EY /golden-rules-of-communication,pdf.pdf 73

74 OECD INFE International Network on Financial Education 12 6 (well being) , Financial Literacy and Education Improvement Act of 3Financial Literacy and Education Commission My Money EARNSAVE & INVESTPROTECT SPEND BORROW

75 5.4.1 My Money EARN SAVE & INVEST PROTECT ID SPEND BORROW My Money EY 75

76 The Financial Capability Strategy for the UK financial capacity The Money Advice Service, "Financial Capability in the UK 15 Financial Capability Survey" EY Initial results from the 15 UK Financial Capability Week Financial Capability Strategy for UK Money Advice Service

77 5.4.3 Financial Capability Week Financial Capability Strategy for UK Money Advice Service The Pensions Advisory Service Citizens Advice Royal London Young Enterprise Consumer Affairs for Experian money.co.uk the Money Advice Trust MyBnk Money for Life Money Advice Service, "Press release: Financial Capability Week 16 announced" EY announced Financial Capability Week Financial Capability Week Children, Young People and Money Financial Capability in the Workplace The Financial Capability Conference Money Advice Service 5 Financial Capability Strategy 77

78 5.4.4 NPO Finances & Pédagogie La finance pour tous Les Clés de la Banque Finances & Pédagogie NPO CD-ROM Web TV Institut pour l'education financière du public (IEFP) NPO Web CD-ROM Web TV IEFP IEFP IEFP us.com/ 78 NPO Web TV URL ogie.fr/ "Survey of Financial Literacy Schemes in the EU27" EY que.com/

79 5.4.5 NPO face to face Altersvorsorge macht Schule SchulBank-Wirtschaft für den Unterricht Sparkassen Schulservice Bundesverband Banken deutscher Deutscher Sparkassenverlag Stuttgart NPO NPO 3 45 Web 6 12 Web CD-ROM e- TV UNESCO 6 12 "Survey of Financial Literacy Schemes in the EU27" EY 79

80 5.4.7 Altersvorsorge macht Schule Modul 1: Drei Säulen der Altersvorsorge, Vorsorgebedarf und Absicherung Erläuterung der Grundbegriffe der Altersvorsorge und Informationen zur Ermittlung des Bedarfs und der Planung der eigenen Altersvorsorge. 2 Modul 2: Riester: Wer, was und wieviel wird gefördert? Erläuterung der vielfältigen Riesterprodukte und der Förderung durch den Staat. 3 Modul 3: Betriebs- und Basis-/Rürup-Rente Erläuterungen zur Förderung weiterer Produkte und Gegenüberstellung aller Fördermöglichkeiten /1_Kontakt_und_Beratung/2_Beratung/3_VortrAFGe%und%Seminare/1_Altersvorsorge /Altersvorsorge-SicherPlanen_node.html EY 8

81 Manage money and debt wisely Plan and save for the future Prevent and protect against fraud and financial abuse FCAC Financial Consumer Agency of Canada, "National Strategy for Financial Literacy Count me in, Canada" EY /home-accueil.aspx FCAC Financial Consumer Agency of Canada Financial Literacy Leader Financial Literacy Leader 81

82 Financial Literacy Leader Financial Literacy Month Financial Literacy Action Group, FLAG Financial Literacy Leader FCAC Financial Consumer Agency of Canada Financial Literacy Leader Financial Consumer Agency of Canada 13 Consolidated Credit Counseling Services of Canada Credit Counselling Society ABC Life Literacy Canada 6 Bow Valley College Carleton University NorQuest College 186 RBC Royal Bank BDO Canada Limited Desire Financial Solutions Inc. BuyHerself Ignov8 Finances d'or 3 2 Financial Consumer Agency of Canada, "Canadian Financial Literacy Database" EY

83 5.4. Financial Consumer Agency of Canada, "Canadian Financial Literacy Database" EY 11 nudge nudge Thaler Sunstein 83

84 12 12 RDR Retail Distribution Review6 FSA Financial Services Authority RDR IFA 1 1 RDR EY FSA Financial Conduct Agency FCA RDR Europa Economic "Retail Distribution Review - Post Implementation Review" 1 RDR 84

85 RDR RDR RDR RDR RDR RDR IFA 2 2 1,8 1,6 1, 1, 1, IFA Investment Association EY /press-release-statistics216.html HM Treasury FCA "Financial Advice Market Review Final report" March FCA 45 3 Advice Gap 85

86 ERISA ERISA 4 4 Duty of Loyalty 4 (a)(1)(a) Duty of Prudence 4 (a)(1)(b) Duty of Diversify Investment 4 (a)(1)(c) careskillprudence diligence ERISA Duty of Act in Accordance with Plan Document 4 (a)(1)(d) ERISA US Congress Research Service, "Summary of the Employee Retirement Income Security Act (ERISA)" EY :Financial Regulatory Reform: A NewFoundation Definition of the Term, "Fiduciary": Conflict of Interest Rule Retirement Investment Advice 4 86

87 4 - ERISA US Department of Labor, "Definition of the Term 'Fiduciary'; Conflict of Interest Rule Retirement Investment Advice" February 15 EY /definition-of-the-term-fiduciary-conflict-of-interest-rule-retirement-investment-advice Securities and Exchange Commission SEC 17 4 "Personalized Investment Advice Standard of Conduct" SEC SEC SEC 87

88 (k) PERCO PEE RPP NEST IRA PERP RRSP ISA PEA TFSA Junior ISA 529 RESP Lifetime ISA EY 6.1 ISA 14 NISA ISA TFSA 4 NISA 1 NISA NISA NISA 88

89 NISA 529 RESP Lifetime ISA 6.2 DB NEST NEST NEST 6.3 The Financial Capability Strategy for the UK 15 National Strategy for Financial Literacy Count me in, Canada 14 Financial Capability Week16 11 Financial Literacy Month

90 1 Non-profit organization NPO Non-profit institution serving households NPISH 4 NPO NPISH 5 1 NPO NPISH NPISH FRB, "Survey of Consumer Finances" "Financial Accounts of the United States" ONS, "Wealth and Assets Survey" "National Balance Sheet"Statistics Canada, "Survey of Financial Security" "National Economic Accounts: Financial and wealth" 9

91 Private foreign deposit, checkable deposits and currency, total time and saving deposits Debt securitiescorporate equities, proprietors equity in non corporate business, money market mutual fund shares, mutual fund shareslife insurance reserves, pension entitlements Currency and depositsdebt securitiesequity and investment fund shares Insurance, pension & standardised guarantee schemes Currency and depositsdebt securitiesequity and investment fund shares/unitsinsurance pension and standardised guarantees Total currency and depositsdebt securitiesequity and investment fund shares Life insurance and pensions Nonprofit Organizations domestic hedge funds, private equity funds, personal trusts Non-profit institutions serving households (NPISH)non-profit institutions serving household (NPISH)non-profit institutions serving household (NPISH) 2 checkable deposits and currencymoney market mutual fund shares, corporate equities, mutual fund shares debt securitieslife insurance reserves, pension entitlements loans, proprietors equity in noncorporate business, total miscellaneous assets real estatenonfinancial assets real estate currency and depositsequity and investment fund shares/units debt securitiesinsurance, pension and standardised guarantees schemes loans, financial derivatives and employee stock options, other account receivable/payabledwellingsother buildings and structures, machinery and equipment, cultivated biological resources, intellectual property products inventories, permits to undertake specific activities currency and deposits securities (short- and long-term debt securities, financial derivatives, shares, and other equity and mutual funds shares) 91

92 insurance technical reserves, pension funds and other accounts receivabledwellings land cultivated assets, machinery and equipment, other buildings and structures intellectual property products Numéraire et dépôts (currency and deposits)actions (stocks) Parts de fonds d investissement (shares of investment funds) Titres de créance (debt securities) Systèmes d assurance, de pension et de garanties standard (insurance systems, pension and standardized guarantees) Or monétaire et droits de tirages spéciaux (money gold and SDR), Crédits (credit), Produits financiers dérivés et options sur titres des salariés (financial derivatives and employee stock options), Autres comptes à recevoir (other accounts receivable) Logements (housing)terrains (land) Autres bâtiments et ouvrages de génie civil (other civil engineering works and buildings),machines et équipements (machinery and equipment),ressources biologiques cultivées (cultivated biological resources), Droits de propriété intellectuelle (intellectual property rights), Stocks (inventory), Objets de valeur (valuables)achats moins ventes de fonds commerciaux et d'autres actifs commerciaux total currency and depositsequity and investment and shares mutual fund shares debt securities life insurance and pensions total financial assets residential structuresland non-financial assets Less than, or more, Transaction accounts, Certificates of depositsaving bonds, BondsStocks Pooled investment funds Retirement accounts Cash value life insurance Current accounts in credit /Savings accountsisa Individual Savings AccountsNational Savings certificates and bondsuk shares Insurance productsfixed term bonds 92

93 Employee shares and share options Unit/Investment trustsoverseas shares UK bonds/gils personal pension DC 4.1. participation rate conditional mean Current accounts Savings accounts(incl under building loan accounts, excl private retirement provision) Mutual fund sharessharesbonds Money owned to the householdother private retirement provision (including whole life insurance policies) Deposits in financial institutions Mutual funds, investment funds and income trusts StocksBonds (saving and other)tfsa Tax Free Saving Accounts EPP Employer-sponsored Registered Pension Plans RRSP Registered Retirement Savings Plans (RRSPs ), Registered Retirement Income Funds (RRIFs), Locked-in Retirement Accounts (LIRAs) and other NYSE composite FTSE share price indexcdax Index Paris Stock Exchange SBF 25 INDS&P/TSX Composite IndexTOPIX all shares index personal income receipts on assets property income, received Primary income property incomeproperty income received 2Non-Profit Institutions Serving Households NPISH 93

94 1 Transaction accountsstocks Pooled investment funds Saving bonds, BondsRetirement accounts, Cash value life insurance Other managed assets, OtherPrimary residence Vehicles, Other residential property, Equity in nonresidential property, Business equity, Other property wealth main residence for a household and the value of any additional property or properties owned by any adults within the household financial wealth physical wealth the contents of the main residence and any other property of a household, collectables and values private pension wealth deposits in financial institutionsstocks mutual funds, investment funds and income funds bonds (saving and other) private pension assets private pension assets financial assets, non pension principal residence non-financial assets principal residence equity in business 94