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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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Increasing Need for Awareness and Education on Risks and Insurance Issues

The growing and urgent need for awareness and education in the insurance area stem from two core social and economic evolutions: first, requirements to cover an increased diversity of severe risks by individuals/households are escalating; second, insurance markets tend to be ever more complex and sophisticated. In addition, increasing awareness and education on risk and insurance issues may also produce positive impacts on the market and the global economy and society.

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