How does the financial sector contribute to social projects?

The financial sector supports many social projects at various levels: sports, culture, education, support of underprivileged groups, etc. Because the involvement of their employees is important, many financial institutions also promote the idea that every employee be involved in a social project on a voluntary basis.

Part of what is now called Corporate Social Responsibility used to be done by patrons (sponsors who provide financial support without any benefit for themselves), the foundations and the charity work of the financial institutions. General figures of how important these were for society do not exist.

Recently the patrons, the foundations and the charity work of the financial institutions were centralised within a professional CSR policy, as we know it today, that coordinates all financial support and contributions in kind, but also volunteer work.

Volunteer work

97% of the sector (14 out of the 19 institutions surveyed) allow their employees to do volunteer work during working hours. That figure is much higher than the average of all companies in Belgium (55%)[1].

In addition, some institutions also actively promote specific volunteer work. Employees are encouraged, for example, to set up fundraising campaigns, the institutions double the amount that their employees have donated to a charity, or a solidarity prize is created to support the favourite charities of the employees.

One of the Febelfin members has also set up a coaching plan in which Febelfin employees act voluntarily as coaches for female entrepreneurs from Africa, Asia, Latin America and the Middle East. The idea is that they help these women with advice on how to draw up their business plan.

One of the Febelfin members has also set up a coaching plan in which Febelfin employees act voluntarily as coaches for female entrepreneurs from Africa, Asia, Latin America and the Middle East. The idea is that they help these women with advice on how to draw up their business plan.

Art and sports

Among all social projects, art projects are most often supported by financial institutions, for instance by supporting or facilitating an exhibition. In addition, many financial institutions also practice sponsoring (for example of sports matches or cultural projects).  

Financial education

Financial institutions that wish to support financial literacy do so in various manners: a well-organised website with information that is explained in a clear manner, study packages for children, financial workshops for older and young people, information sessions, etc.

The FSMA is legally qualified for financial education. Febelfin maintains close contacts with the financial supervisor in the development of a portal site where the consumer can obtain all kinds of financial information. Meanwhile, the Federation is also developing its consumer-oriented financial pages “My money and I” further. Consumers will receive an explanation there in language they can understand about payments, loans, investments and saving products.

All surveyed institutions also work for better accessibility of their products and services for a vulnerable public. Attention is above all paid in this respect to older people, persons with a handicap or persons that are visually challenged. The larger institutions make the most efforts in this area. A few examples:

  • installation of wider door entrances for wheelchair users
  • printing statement of accounts in Braille
  • installation of ATMs in self banks where the text on the screens can be enlarged
  • etc.

Various financial institutions also focus on a vulnerable public (ill people, handicapped persons, children, etc.) within a broad social framework. A few examples:

  • provision of a temporary call centre staffed by employees who take care of donations for Kom op Tegen Kanker (Stand up to Cancer)
  • setting up savings campaigns where money is donated to projects in the field of foster care, caregiving and care networks
  • the sponsoring of a restaurant where long-term unemployed people can find a job
  • setting up an emergency aid fund that provides financial support when a disaster occurs
  • the organisation of a Christmas donation campaign for the benefit of UNICEF
  • etc.

For the future, the financial sector aims to offer its permanent support to education, innovative projects and social economy. This can only be realised if there is also room to finance projects that will not necessarily succeed.




[1] Barometre 2011 on Social Responsability, produced by Business & Society Belgium.