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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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Programmes and Tools to Enhance Risk Awareness and Education on Insurance Issues

Information designed to raise awareness on risks and on the importance of protection against severe risks – including through insurance – is often a matter for governments, at least for catastrophic risk and long-term risks (e.g. life insurance for retirement, long-term care and invalidity) that people are generally unable to understand and manage in a sensible and sustainable way. In Mexico, the National Natural Disaster Fund (FONDEN) organises disaster risk prevention and security campaigns. In Israel, some awareness campaigns on prevention measures and coverage against earthquakes and more importantly terrorism risks are encouraged. Recently, the Israeli government appointed a Committee to advise the government and the public on how to better cope with natural disasters. One of the core issues is the importance of appropriate insurance and how to achieve this goal. In Spain, the Consorcio de Compensacion de Seguros (CCS) is committed to providing compensation for losses incurred as a result of extraordinary risks. In this context, it is currently considering programmes aimed to better prevent and reduce losses. This project would include the launch of preventive measures and campaigns. In the US, especially after the last series of hurricanes and consecutive floods, media campaign and coverage has been intensive notably to enhance population awareness of the needs for an appropriate coverage against catastrophic risks including floods.

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