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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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Foreword

According to most surveys, individuals lack the awareness, literacy and skills to adequately assess their needs for financial and social protection and to choose appropriate insurance and pensions services. Raising awareness and educating individuals on insurance and pensions issues are both critical and challenging priorities for OECD and non-OECD countries. Critical, because of trends towards increased responsibility of individuals for the management of risks and their coverage, as well as the consequences of wrong or inappropriate decisions. Challenging, because of the complexity and sophistication of insurance and private pensions products, providers and markets.

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