Consumer Protection and Financial Literacy : Lessons from Nine Country Studies

Rutledge, Susan L.

关键词: ABILITY OF CONSUMERS;    ACCESS TO CREDIT;    ACCURATE INFORMATION;    ADULT FINANCIAL LITERACY;    ANNUAL PERCENTAGE RATE;   

DOI  :  10.1596/1813-9450-5326
RP-ID  :  WPS5326

学科分类：社会科学、人文和艺术（综合）

来源: World Bank Open Knowledge Repository

【 摘 要 】

The recent turmoil in financial marketsworldwide has emphasized the need for adequate consumerprotection and financial literacy for long-term stability ofthe financial sector. This Working Paper aims to summarizekey lessons from reviews of consumer protection andfinancial literacy in nine middle-income countries of Europeand Central Asia (Azerbaijan, Bulgaria, Croatia, the CzechRepublic, Latvia, Lithuania, Romania, the Russian Federationand Slovakia). All the country assessments used a systematiccommon approach, based on a set of Good Practices forConsumer Protection and Financial Literacy developed by theWorld Bank's Europe and Central Asia Region. Theobjective of the Working Paper is to contribute to theinternational dialog on strengthening financial consumerprotection and financial literacy in emerging markets.Afinancial consumer protection regime should meet threeobjectives. First, consumers should receive accurate,simple, comparable information of a financial service orproduct, before and after buying it. Second, consumersshould have access to expedient, inexpensive and efficientmechanisms for dispute resolution with financialinstitutions. Third, consumers should be able to receivefinancial education when and how they want it. A commonchallenge among the nine countries is the need of anadequate institutional structure for financial consumerprotection. However independent of the specificinstitutional structures, financial consumers should haveone single agency where to submit complaints and inquiries.Financial institutions should be required to apply fair,non-coercive and reasonable practices when selling andadvertising financial products and services to consumers.Personal data should also be carefully protected.