Former SEC and Online Trading Academy Chief Economic Expert Discusses the poor State of Retail education
In the article by PRNewswire former head economist of Sec Dr. Jeffrey Harris express his views on retail financial education. Speaking during the US House Committee on Financial Services hearings the former head economist highlighted his disappointment with the market’s lack of experiential financial education. Harris insists that many people only acquire basic financial education which is inadequate in developing proficiency and confidence.
Dr. Harris acknowledges the fact that there is an abundance of theoretical and informational education but adds that this type of education is inadequate. It does not help financial practitioners gain confidence or improve their proficiency. The former chief economist also discussed the value of investor and trader education. Some of the noted in the article include the challenge posed by uninformed retail traders and conflicting information. Because anyone can contribute to the online financial markets via trading platforms and mobile applications, discerning the validity of the available information is more challenging than in previous decades.
Overall, the article by PRNewswire does an excellent job of capturing Dr. Harris’ passion for the financial industry. One thing that clearly stands out is the fact that effective education is the key to expanding equality in the public financial market. With the growing realization of the importance of financial literacy, the use of technology-based educational resources is gaining prominence, notes Dr. Harris. This means that the retail industry should embrace more financial technology to remain competitive. Giving the example of Online Trading Academy, Clik, Harris adds that financial technology can also be used as a risk management tool.
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