Insights on Consumer ProtectionFinancial Literacy: A Synthesis from Nine Middle Income Countries

Consumer Protection and Financial Literacy in Middle-income Countries: Insights from Nine Country Studies

World Bank Policy Research Working Paper No. 5326

Published on April 20, 2016

Abstract:

This Working Paper synthesize key lessons gleaned from the reviews of consumer protection and financial literacy across nine middle-income countries in Europe and Central Asia Azerbjan, Bulgaria, Croatia, Czech Republic, Latvia, Lithuania, Romania, Russian Federation, and Slovakia. A systematic approach was adopted based on a set of Good Practices for Consumer Protection and Financial Literacy developed by the World Bank's Europe and Central Asia Region. The primary goal is to contribute to the ongoing global conversation about enhancing financial consumer protection and education in emerging markets.

The essence of an effective consumer protection framework lies in three pillars:

1 Prior information provision: Consumers should receive clear, simple, comparable data on financial products or services prior to purchase.

2 Dispute resolution mechanisms: Consumers should have access to swift, affordable, and efficient means for resolving conflicts with financial institutions.

3 Financial education accessibility: Consumers should be able to obtn financial education when and how they prefer.

Among the nine countries under review, a common challenge is establishing an adequate institutional structure for consumer protection. Regardless of specific institutional frameworks, consumers require one centralized entity where complnts can be submitted and inquiries addressed. Financial institutions must adhere to fr, non-coercive, reasonable practices in marketing and selling financial products, as well as protect personal data.

Keywords: Financial Literacy, Access to Finance, Emerging Markets, Debt Markets, Bankruptcy and Resolution of Financial Distress

Suggested Citation:

Rutledge, Susan L., Consumer Protection and Financial Literacy: Lessons from Nine Country Studies June 1, 2010. World Bank Policy Research Working Paper No. 5326, Avlable at SSRN: https:ssrn.comabstract=1619168

Citations:

Angela Romagnoli Maurizio Trifilidis, Does Financial Education at School Work? Evidence from Italy, Bank of Italy Occasional Paper No. 155 May 4, 2013, avlable at SSRN: https:ssrn.comabstract=2286713

Cross References:

Canada:

• Report of the Task Force on the Future of the Canadian Financial Services Sector

• Measuring Access to Financial Services around the World

UK:

• Report of the Expert Group on Credit Histories, DG Internal Market and Services

These references might provide additional insights into financial literacy programs and consumer protection frameworks in different national contexts.

Citation Examples:

Lauren E. Willis 2014, Agnst Financial Literacy Education, Journal of Financial Economics, 1132:698-715

Lauren E. Willis 2014, Agnst Financial-Literacy Education Korean Edition, Journal of Economic Behavior and Organization, vol. 97: pp. 103-117

Lauren E. Willis 2012, Evidence and Ideology in Assessing the Effectiveness of Financial Literacy Education, Economics Letters, volume 115, issue 1, January 2012, pages 49-51.

Incorporate these citations throughout your paper to support arguments or provide comparative analysis.

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