Financial Literacy for Everyone

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Consumer Privacy

Why is privacy an important issue in the information age? Financial companies share information for many reasons: to offer you more services, to introduce new products and to profit from the information they have about you. In fact, you've probably received privacy notices from banks and other financial companies. These notices explain:

  1. What personal financial information the company collects
  2. Whether the company intends to share your personal financial information with other companies
  3. What you can do if the company intends to share your personal financial information, to limit some of that sharing
  4. How the company protects your personal financial information

Why is information privacy a sensitive issue?
  • Information is a very valuable resource
  • Access to information in our society today offers many benefits to consumers, but also poses a potential threat to our privacy

Make sure you understand how financial organisations collect information about you. You can ask the business not to share your personal information if that’s your preference.