Improving Financial Education and Awareness on Insurance and Private Pensions

image of Improving Financial Education and Awareness on Insurance and Private Pensions

Individuals face an increasing variety of financial risks, including those linked to their retirement. At the same time, public funding has been reduced or is strictly limited in most countries. Private insurance and pensions products therefore play an essential role in social and financial protection. Yet the public might have a low level of awareness of the risks they are exposed to, and lack literacy, knowledge and skills in insurance and private pensions questions and products.

This volume addresses these topical and unexplored issues as part of the ongoing OECD project on financial education. After a comprehensive analysis of the main challenges and presentation of practical solutions, the book highlights good practices, endorsed by OECD governments, to enhance awareness and education on risk, insurance and private pensions issues.



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Evaluation of Individuals' Risks and Insurance Awareness, Education and Capability

National evaluation surveys to assess consumer level of literacy about insurance products or financial products at large have been carried out in a limited number of OECD countries. In this respect, results of the few studies that have been conducted reveal that even though households increasingly need and are responsible for their own protection against a wide range of risks, at the same time, they are relatively unaware of their most significant risk-exposure and the way to address these needs through insurance solutions.

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