Responsible finance - Finance for all: Are we responsible bank customers?
The theme for this year’s Financial Education Day, which will be held on 5 October, is “Responsible finance - Finance for all”. But how is that idea expressed in the relationship between customers and banks? It is expressed in the need for all of us to manage our finances responsibly. When it comes to taking out a loan or applying for credit, that responsibility falls on all of us, both customers and banks.
In the first post of this series, we focused on the role played by banks in promoting responsible finance. In this post, we will turn our attention to the fundamental responsibility of customers in attaining this goal.
One the main aims of financial education is to raise awareness among citizens about the importance of sound financial planning to help us meet our life goals. Sometimes, to achieve them, we will have to rely on the financial support of others, that is, we will get into debt. For this to happen, we need others to trust us and see us as responsible individuals. It is not by accident that, in finance, trust goes by the name of credit.
Financial education must therefore provide you with knowledge that will help you make important decisions throughout your life. It is up to us, as bank customers, to be cautious and judicious when making such decisions...Have you ever wondered whether you are a responsible customer? Here are a few pointers to help you become one:
- In finance, it is better to be safe than sorry. Regularly draw up a realistic budget for your expenses and income, to avoid any surprises. For more details, go to this on how to prepare a budget, step-by-step.
- Forewarned is forearmed: before taking out a loan, do your research and compare. The Bank Customer Portal makes it easy for you. With this calculator you can compare different interest rates and fees and commissions on mortgages, personal loans, time deposits and other financial products commonly offered by banks. And always remember that the APR is there precisely to help us make these comparisons.
- Calculate carefully: don’t hesitate to use our simulators to obtain useful information about your borrowing possibilities.
- Provide your bank with full and accurate information about your financial situation and your needs, so that it can offer you the financial product most suited to your needs and adapt the terms accordingly, to enable you to meet all your payments on time.