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1. Good Practices for Financial Consumer Protection

Author

World Bank

Subjects
FINANCIAL LITERACY PROGRAM, FINANCIAL MARKETPLACE, FEDERAL DEPOSIT INSURANCE CORPORATION, CURRENT ACCOUNTS, DEPOSIT, ATMS, FINANCIAL ARRANGEMENTS, BANKING PRODUCT, CREDIT CARD, DEPOSIT INSURANCE, FINANCIAL INFRASTRUCTURE, FEDERAL RESERVE, CREDIT PRODUCT, FINANCIAL INTERMEDIARIES, COLLATERAL, PENSION, RATE OF INTEREST, FINANCIAL MARKET, CONSUMER INFORMATION, MEDIUM ENTERPRISES, SMALL ENTERPRISE, WITHDRAWAL, EXCHANGE COMMISSION, MORTGAGE, DEBT COLLECTOR, FINANCIAL MARKETS, INTEREST CHARGE, RESPONSIBILITIES, INFORMED CHOICES, PENSIONS, CONSUMER UNDERSTANDING, DEPOSITS, INVESTMENT PRODUCTS, CREDITORS, VALUABLE, INTERNATIONAL FINANCE, CERTIFICATE OF DEPOSIT, RETIREMENT, BANKING INDUSTRY, CONSUMER NEEDS, FINANCIAL INDUSTRY, INDEBTEDNESS, OCCUPATIONAL PENSIONS, ECONOMIC COOPERATION, RETAIL FINANCIAL SERVICES, CREDIT LIMITS, INTEREST RATES, MORTGAGES, TRADITIONAL BANKING, GUARANTEE SCHEMES, FINANCIAL REGULATORS, HARMFUL PRACTICES, CONSUMER COMPLAINTS, INVESTMENT MANAGERS, FINANCIAL SERVICES, ACCOUNT HOLDERS, DEFAULTED LOANS, FINANCIAL LITERACY, LEGAL REMEDIES, FINANCIAL ACTION, FINANCIAL SERVICE PROVIDERS, CONSUMERS, EMPOWERMENT, LOW-INCOME, EMPLOYEE, FINANCIAL LOSS, HOME LOANS, FINANCIAL PRODUCT, TRANSACTION FEES, INFORMATION TO CONSUMERS, INTEREST COST, BANKRUPTCY, WORTH, RETAIL FINANCIAL MARKETS, CONSUMER GROUP, LENDERS, LENDER, FINANCIAL CONSEQUENCES, INTEREST CHARGES, BANK FUNDING, LOAN SHARKING, FINANCIAL SYSTEM, RETIRED, LIABILITY, FINANCIAL INSTITUTIONS, CREDIT BUREAUS, MONTHLY PAYMENTS, CREDIT TRANSACTIONS, CURRENCY, FINANCIAL EDUCATION FOR CONSUMERS, BANKING SERVICES, INFORMED DECISIONS, BANKS, FINANCIAL SECURITY, UNION, BORROWING, LOAN, BANK CREDIT, INSURANCE COMMISSIONERS, SECURITIES, SENIOR, CONSUMER COMPLAINT, MICROFINANCE, CREDIT REGISTRIES, MINIMUM PAYMENT, SALES, DEVELOPMENT BANK, SECURITIES DEALERS, ADVERTISEMENTS, PRIVATE PENSIONS, FINANCIAL CONSUMER, FINANCIAL CONSUMERS, FINANCIAL NEEDS, FINANCIAL LITERACY PROGRAMS, MASS MEDIA, DEBTORS, HOUSING FINANCE, FINANCIAL INSTRUMENTS, TRANSACTION, FINANCIAL SERVICES AUTHORITY, GENERAL PUBLIC, PENSION FUND, CREDIT REPORTS, EXCHANGE RATES, SAVINGS BANKS, LOAN AGREEMENT, CREDIT CARDS, CONSUMER ORGANIZATIONS, EDUCATION TRUST, TECHNICAL ASSISTANCE, BEST PRACTICE, YOUNG ADULTS, FINANCIAL SECTOR, FINANCIAL EDUCATION, SALE, FINANCIAL CRISIS, FINANCIAL TRANSACTIONS, CONSUMER EDUCATION, ANTI-MONEY LAUNDERING, FINANCIAL LITERACY INITIATIVES, INFORMED DECISION, DEBTOR, CONSUMER PROTECTION, OUTSTANDING DEBTS, CHECKING ACCOUNT, DISCLOSURE REQUIREMENTS, TYPES OF LOANS, CREDIT INSTITUTIONS, CREDIT LIMIT, BAD CREDIT, BENEFICIARY, BORROWER, FINANCIAL REGULATION, FINANCIAL DISTRESS, FDIC, CONSUMER BEHAVIOR, FINANCIAL EDUCATION PROGRAMS, RETAIL BANKING, INTEREST COSTS, FINANCIAL REGULATOR, CREDIT BUREAU, CREDIT CARD PURCHASES, DEBT, PENALTY FEES, REGULATORY AUTHORITY, PROVISION OF CREDIT, CONTRIBUTIONS, FINANCIAL SECTOR REFORM, CREDITS, MARKETING, FINANCIAL PRODUCTS, INVESTMENT ADVICE, FINANCIAL ISSUES, FINANCIAL SERVICE, FREE ACCESS, PURCHASES, INSURANCE POLICY, SAVINGS ACCOUNT, HOMEOWNERS, RETIREMENT INCOME, PERSONAL BANKRUPTCY, OFFICE OF FAIR TRADING, INVESTMENT POLICY, LOAN AGREEMENTS, DECEPTIVE PRACTICES, CONSUMER RIGHTS, FINANCIAL ADVISERS, REMITTANCES, PROMOTION NETWORK, CREDIT INFORMATION, LOW COST, BANKING PRODUCTS, BEST PRACTICES, FINANCIAL STABILITY, INSURANCE, CREDIT REPORTING, CONSUMER FINANCE, CURRENT ACCOUNT, LIFE INSURANCE, FINANCIAL INSTITUTION, MONTHLY PAYMENT, LONG-TERM SAVINGS, ACCESS TO CREDIT, FINANCIAL ACCESS, CONSUMER CREDIT, COMMERCIAL BANKS, INTERNATIONAL BANK, CREDIT PRODUCTS, INFORMATION ON CUSTOMERS, UNIONS, DEBT COLLECTION, ADVERTISEMENT, FINANCIAL SUPPORT, SAVINGS, LOWER INTEREST RATE, CHECKS, LEVELS OF RISKS, FINANCIAL DISCLOSURE, INTEREST RATE, STATE UNIVERSITY
Abstract

Financial consumer protection sets clear rules of conduct for financial firms regarding their retail customers. It aims to ensure that consumers: 1) receive information to allow them to make informed decisions, 2) are not subject to unfair or deceptive practices, and 3) have access to recourse mechanisms to resolve disputes. Complementary financial literacy initiatives are aimed at giving consumers the knowledge and skills to understand the risks and rewards of using financial products and services-and their legal rights and obligations in using them. Clear rules of conduct for financial institutions, combined with programs of financial education for consumers, will increase consumer trust in financial markets and will support the development of these markets. International and regional non-government organizations are also playing an increasingly important role in financial consumer protection. The responsible finance forum lists financial consumer protection regulation and financial capability as two of the three pillars of the framework for responsible finance. This summary is not exhaustive but helps illustrate the many ongoing international initiatives that support financial consumer protection. All the initiatives are helpful in strengthening the global response to weaknesses in financial consumer protection. Nevertheless, still more could be done by civil society organizations, particularly those operating at a global level. The World Bank is also supporting the international dialogue on financial consumer protection through development of good practices based on country-level experience and ongoing technical assistance. The good practices provide a comprehensive diagnostic tool to help identify the consumer protection issues in all parts of the financial sector.

Published
2012

2. Bringing Financial Literacy and Education to Low and Middle Income Countries : The Need to Review, Adjust, and Extend Current Wisdom

Author

Holzmann, Robert

Subjects
ADVISORY SERVICE, FINANCIAL LITERACY PROGRAM, CULTURAL NORMS, MONEY MANAGEMENT, PENSION FUNDS, SOCIAL RISK MANAGEMENT, SCHOOL CHILDREN, SAVINGS BANK, CLASSROOM, C93, ACCOUNT MANAGEMENT, SEVERANCE PAY, LITERACY IMPROVEMENT, EDUCATION STRATEGIES, FINANCIAL INTERMEDIATION, BUSINESS EDUCATION, UNEMPLOYMENT, INCOME, OCCUPATIONS, FINANCIAL MARKET, FINANCIAL KNOWLEDGE, EARNINGS, G29, FINANCIAL MARKETS, INFORMED CHOICES, PENSIONS, QUESTIONNAIRE, INFORMATION SYSTEMS, VALUABLE, BUSINESS CYCLE, PEOPLE WITH DISABILITIES, COGNITIVE SKILLS, TEACHER, EXPLOITATION, RETIREMENT, HOUSEHOLD ACCESS, INDEBTEDNESS, ACCESS TO FINANCIAL SERVICES, DISABILITY, INCOME INEQUALITY, MONITORING & EVALUATION, INCOME TAXES, INCOME LEVELS, QUESTIONNAIRES, LOW-INCOME CONSUMERS, PENSION PLANS, FINANCIAL SERVICES, MINIMUM WAGE, FINANCIAL DECISION, SKILLS DEVELOPMENT, FINANCIAL LITERACY, PROGRAM EVALUATION, PUBLIC GOOD, RURAL POPULATION, TARGETING, CONSUMERS, LOW-INCOME, DIVORCES, IMPACT EVALUATION, BANK ACCOUNT, FINANCIAL SUSTAINABILITY, EXCLUSION OF WOMEN, MONITORING & EVALUATION CAPACITY DEVELOPMENT, EXCLUSION, FINANCIAL LIVES, LENDERS, ASYLUM SEEKERS, DELIVERY MECHANISMS, SOCIAL SECURITY CONTRIBUTIONS, FINANCIAL ACCOUNT, FINANCIAL BEHAVIOR, FINANCIAL LITERACY EDUCATION, FINANCIAL INSTITUTIONS, PUBLIC PENSION, ALTERNATIVE INTERVENTIONS, HOUSEHOLDS, DIVERSIFICATION, ECONOMIC POLICIES, EDUCATION FUND, INCOME LEVEL, PENSION ENTITLEMENTS, PENSION SCHEMES, PUBLIC FINANCE, SECURITIES, MICRO-ENTERPRISE, PRECAUTIONARY SAVING, SENIOR, FINANCIAL RESOURCES, MICROFINANCE, LABOR MARKETS, VOCATIONAL EDUCATION, EVALUATION CAPACITY, DIVORCE, CORRUPTION, BIASES, LITERACY POLICIES, BUDGETING, LOSS AVERSION, FINANCIAL CONSUMER, SOCIAL INSURANCE, UNEMPLOYMENT INSURANCE, CASH TRANSFER, FINANCIAL NEEDS, FINANCIAL LITERACY PROGRAMS, CASH TRANSFERS, EMPLOYMENT SERVICES, WAGE GAP, DISABILITIES, ACADEMIC TRAINING, GENDER, ACCOUNTABILITY, BEHAVIORAL ECONOMICS, DELIVERY MECHANISM, INSURANCES, TRANSACTION, CURRENT INCOME, FAMILIES, DISABILITY INSURANCE, ETHNIC MINORITIES, INFORMAL LENDERS, FINANCIAL SECTOR, SAFETY NETS, INSURANCE POLICIES, PRODUCTIVITY, financial capability, FINANCIAL TRAINING, INVESTING, FINANCIAL EDUCATION, OUTCOME INDICATORS, MARKET TRENDS, FINANCIAL LITERACY INITIATIVES, CALCULATIONS, TECHNICAL SUPPORT, SAVINGS ACCOUNTS, CONSUMER CONFIDENCE, LOW INCOMES, CONSUMER PROTECTION, RISK MANAGEMENT, LIFE EVENTS, FINANCIAL MARKET DEVELOPMENT, WELL-BEING, INFORMAL ECONOMY, SCHOOLS, FINANCIAL EDUCATION PROGRAMS, ADVISORY GROUP, KEY CHALLENGE, EDUCATION PROVIDERS, LABOR MARKET, SAFETY NET, CONTRIBUTION, SCAMS, JOB TRAINING, LABOR MOBILITY, SOCIAL SECURITY, EVALUATORS, INEQUALITY, MARKETING, ECONOMIC DEVELOPMENT, FINANCIAL MANAGEMENT, ACCESS TO FINANCE, FINANCIAL ISSUES, FINANCIAL SERVICE, FINANCIAL LITERACY STRATEGY, ECONOMIC ACTIVITY, CAPITAL MARKET, EFFECTIVENESS OF EDUCATION, SAVING BEHAVIOR, CONSUMER RESEARCH, FINANCIAL SKILLS, FORMAL FINANCIAL SERVICES, ACCOUNTING, INCOME DISTRIBUTION, FINANCES, LONG-TERM PLANNING, I12, FINANCIAL DECISIONS, REMITTANCES, LEVEL OF DEBT, ACTIVE LABOR MARKET PROGRAMS, SERVICE TRAINING, EDUCATION PLANNING, PROBABILITY, BEST PRACTICES, HUMAN CAPITAL, INSURANCE, RANDOM SAMPLING, TECHNOLOGICAL INNOVATION, LOWER INCOME, SOCIAL FUND, PENSION SYSTEMS, PERSONAL FINANCE, FINANCIAL INSTITUTION, SOCIAL PROTECTION, ECONOMIC POLICY, PUBLIC POLICY, PENSION REFORMS, LEARNING, POLICY DESIGN, FINANCIAL ACCESS, INTERNATIONAL BANK, ddc:330, INFORMATION CAMPAIGN, COMPARISON GROUPS, SOCIAL FUNDS, LIMITED ACCESS, GENDER ISSUES, RETIREMENT SECURITY, EDUCATION ACTIVITIES, RADIO, FINANCIAL OPPORTUNITIES, ACADEMIC STUDIES, PENSION RIGHTS, EARNINGS-RELATED PENSION, FINANCIAL SUPPORT, RETIREMENT SAVING, SAVINGS, CAPACITY BUILDING, OUTREACH, MUTUAL LEARNING, REFUGEES, FINANCING NEEDS, HEALTH INTERVENTIONS
Abstract

This paper presents a World Bank led and Russia trust fund financed work program to measure financial capability and the effectiveness of financial education in low and middle income countries. The two activities and their staging have been motivated by the lessons of high income countries with financial literacy programs and the deviating characteristics of low and middle income countries. While progress has been made in high-income countries to measure financial capability, there is little robust empirical evidence that financial education can improve it. While applying the financial capability concept in low and middle-income countries looks promising it will need to be adjusted to their characteristic and supported by innovative interventions and rigorous impact evaluation to improve it.

Published
2010

3. Design And Implementation Plan For The "i Am Potential" Financial Literacy Education Program

Author

Louis, Tureka

Subjects
Financial literacy, financial illiteracy, adult education, personal finance, financial education, financial literacy education, working poor, poverty, social service, financial literacy program, program model, Education, Dissertations, Academic -- Education and Human Performance, Education and Human Performance -- Dissertations, Academic
Abstract

This Financial Literacy Program Model is a proposed solution to the problem of financial illiteracy among the working poor. Over 80 percent of adults in America are not financially literate, yet more than half believe themselves to be (OECD, 2005). No community is more adversely affected by this fallacy than the working poor. Earning income, yet living below the poverty line, this group is as deceived as any other by the misconception that increased income is their sole remedy rather than a small part of the complex equation greatly influenced by financial literacy. Drawing upon a review of related literature, observation of a successful program, and interviews, three barriers to financial literacy education are presented and addressed in this program’s design. 1) Overblown financial self-efficacy spawns the popular belief held by most financially illiterate individuals that they are financially literate (OECD, 2005). 2) Lack of differentiation is prevalent. Existing programs cover basic financial topics with a one size fits all approach. 3) Although attrition rates are high, there are few motivational interventions in place within currently existing programs. These obstacles combined with the unique set of circumstances faced by the working poor exacerbate financial illiteracy and its related issues. This program was designed as part of the I Am Potential, Inc initiative (IAP) – an effort to assist individuals who desire to enhance their lives. In particular, IAP targets underserved communities. The “I Am Potential” Financial Literacy Program Model and Implementation Plan addresses these issues through instructional design with pre- and post-treatment financial self efficacy and motivation assessments along with differential instructional delivery methods, including a variety of modes and durations available for a distinctive learner population. The iv model accommodates the subsequent addition of coursework for enhancement in other life domains.

Published
2014

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