Morning Plenary Session II

Financial Literacy and Making Lending Work
Video (1 of 2)
11:15AM - 12:30PM

Over the course of the last 50 years the nature of lending and the provision of credit has changed, moving in the direction of greater complexity.  Growing concurrently is the economy's reliance on the consumer as the principal driver of the economy. Today, approximately 70% of the U.S. economy is driven by the consumer, which also means that the U.S. consumer is approximately 25% of the world economy, which in turn means that when we stop buying in America, manufacturers stop producing in China and around the world.  The global economic crisis has sent the message that we are all in this together, and furthermore, that on almost every level, there is a relationship gap in knowledge, tools and confidence between lender and consumer.  This gap must be eliminated in order for our economy here, and around the world to be strong and resilient again.  Underneath weakening consumer confidence is massive levels of borrower financial illiteracy, and fear. Fear is the ultimate prosperity killer.

Building upon the successful May 28th, 2008 meeting of the U.S. President's Advisory Council on Financial Literacy, Committee on the Under-Served (chaired by HOPE founder John Hope Bryant), which focused on the link between responsible mortgage subprime lending and financial literacy, this summit plenary will explore innovative and potentially first-ever concepts and approaches that bridge and bring lending and financial literacy together in ways both practical and aspirationally relevant.

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