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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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Introduction

Definition and Scope of the Report

The importance of insurance products is undoubtedly expanding. In OECD countries1, they feature at all stages in the lives of individuals, their immediate families and relatives (e.g. birth, education, healthcare, income replacement, incapacity, invalidity, risk of dependency, third party liability, major risks, property damage, pensions, savings, annuities, and so on).

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