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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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Main Stakeholders' Roles and Governments' Involvement

Surveys conducted in OECD countries reveal that governments and the public are gradually becoming more aware of the need to improve individuals’ assumptions about their responsibility for the coverage and protection for a range of risks – including through insurance policies – as well as their, knowledge and skills relevant to insurance issues. This trend is reflected in a large number of mostly separate initiatives undertaken by different stakeholders, both public (e.g. governments, various public agencies and bodies) and private, whether insurance undertakings (e.g. companies, mutual or provident societies, etc.), industry and consumers associations, intermediaries, businesses, rating agencies, consumers and policyholders. These different players endeavour in various ways to improve consumer education on risks and insurance issues. Respective roles of this wide range of stakeholders largely depend on jurisdictions’ circumstances and assessments of the particular needs, if any, of households and individuals.

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